The headline equity indices traded with sharp losses in morning trade as the escalating conflict between Iran, Israel and the US intensified over the weekend, pushing crude oil prices higher and raising concerns over India's rupee and macroeconomic stability. The Indian rupee also hit a record low of 92.3475 against the US dollar today, reflecting heightened pressure on emerging market currencies amid rising geopolitical tensions and a surge in global oil prices.

The Nifty traded below the 23,800 level. PSU bank extended losses for the second consecutive trading session.

At 10:26 IST, the barometer index, the S&P BSE Sensex, tanked 2,222 points or 2.81% to 76,701.20. The Nifty 50 index fell 672.15 points or 2.75% to 23,778.30.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index dropped 2.91% and the BSE 250 SmallCap Index slumped 3.20%.

The market breadth was weak. On the BSE, 650 shares rose and 3,240 shares fell. A total of 220 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 21.55% to 24.17.

Buzzing Index:

The Nifty PSU Bank index tanked 5.63% to 8,667. The index dropped 7.52% in two consecutive trading sessions.

Bank of India (down 6.08%), Bank of Maharashtra (down 6.07%), State Bank of India (down 6.04%), Union Bank of India (down 5.87%), Canara Bank (down 5.39%), Indian Bank (down 5.24%), Punjab National Bank (down 5.04%), UCO Bank (down 4.78%), Central Bank of India (down 4.71%) and Bank of Baroda (down 4.42%) declined.

Stocks in Spotlight:

Kwality Walls (India) dropped 5.10% after the company's standalone net loss widened to Rs 178.38 crore in Q3 FY26 compared with net loss of Rs 100.16 crore in Q2 FY26. Revenue from operations fell 30.23% YoY to Rs 222.34 crore in Q3 FY26.

Lupin declined 1.84% after the US Food and Drug Administration (US FDA) concluded an inspection of its manufacturing facility in Ankleshwar, India, issuing a Form 483 with two observations.

3C IT Solutions and Telecoms (India) added 1.08% after the company has announced that it has received a purchase order worth Rs 3.21 crore for the supply of Lenovo laptops from Credence Infotech.

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