Stock indices down 1.3% as oil prices keep investors anxious Benchmark stock indices fell 1.3% for the third consecutive session of the week, driven by rising oil prices and concerns over supply disruptions following Iran’s blockade of the Strait of Hormuz. The Nifty 50 opened steady at 24,656.40 points but later dropped to a day’s low of 24,415.75 before closing at 24,450.5 points. The Sensex 30 also declined by 1.4%, ending at 78,918.90 points. Of the 21 sectoral indices on Nifty, only three closed higher than the previous day, with most indices falling nearly 2% from their prior close. About 55% of actively traded stocks on the National Stock Exchange and Bombay Stock Exchange declined, reflecting broad-based negative sentiment. This is slightly better than the previous day’s performance, which saw a market meltdown after Iran’s actions. The week had only four trading sessions due to a holiday on March 3, 2026, marking Holi. Markets declined on three of the four days, with a brief relief on March 5. The primary driver of the market weakness remains elevated oil prices. Brent crude futures closed at $90.64 on March 6, 2026, as fears of supply shocks intensified. The Strait of Hormuz blockade has heightened anxieties, with experts warning that the cost of rerouting oil supplies, freight, and insurance will keep prices high. The Indian rupee also weakened, closing 6 paise lower at 91.70 against the U.S. dollar in range-bound trading amid regional tensions. Analysts noted that investors are shifting toward safe-haven assets and adopting a cautious stance, awaiting clarity on the situation in the Strait of Hormuz. Vinod Nair, Head of Research at Geojit Investments Limited, advised against panic selling and emphasized the importance of a long-term perspective.#iran #strait_of_hormuz #nifty_50 #geojit_investments_limited #vinod_nair
