Top Losers and Gainers in Indian Markets on March 27: Godfrey Phillips, Reliance Power, PG Electroplast, UCO Bank and Paytm Lead Declines

Indian Stock Market Resumes Losing Streak on March 27

The Indian stock market retreated on March 27, extending its weekly losing streak to five sessions as sentiment was dampened by a rebound in crude oil prices and a sharp rise in Indian 10-year bond yields.

Market Performance

• The Nifty 50 closed 2.09% lower at 22,819, erasing much of its recent gains.
• The S&P BSE Sensex ended at 73,580, down 2.25% from the previous close.
• The broader market also saw heavy selling, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices declining by up to 2.3%.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Sector Performance

• PSU banks led losses, with the Nifty PSU Bank index plunging 4% in response to the sharp rise in bond yields.
• The Indian 10-year bond yield surged to 6.9%, hitting its highest level since July 2024, driven by a mix of fiscal pressures, energy shocks, and heavy debt supply.

Economic Factors

• The recent excise duty cut on petrol and diesel has heightened concerns over the fiscal deficit and long-term fiscal sustainability.
• Crude oil prices remained elevated, with Brent crude topping $110 per barrel as traders grew increasingly sceptical about the prospects of a US-Iran ceasefire to end the month-long conflict.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Global Developments

• US President Donald Trump extended the pause on potential attacks on Iran’s energy infrastructure by 10 days, citing "very well" talks with Tehran.
• Hostilities persist, with Israel continuing missile strikes on Iran, while Tehran has intensified its attacks across the Gulf region and tightened its grip on the Strait of Hormuz.