At 11:30 IST, the barometer index, the S&P BSE Sensex, dropped 621.98 points or 0.82% to 76,241.91. The Nifty 50 index fell 182.60 points or 0.75% to 23,680.20.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index declined 0.67% and the BSE 250 SmallCap Index fell 0.62%.

The market breadth was weak. On the BSE, 1,419 shares rose and 2,457 shares fell. A total of 226 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3.38% to 21.78.

IPO Update:

The initial public offer (IPO) of Innovision received bids for 12,56,310 shares as against 61,32,433 shares on offer, according to stock exchange data at 11:30 IST on Thursday (12 March 2026). The issue was subscribed 0.20 times.

The issue opened for bidding on 10 March 2026 and it will close on 12 March 2026. The price band of the IPO is fixed between Rs 521 and 548 per share.

Buzzing Index:

The Nifty FMCG index fell 1.44% to 48,354.90. The index dropped 2.51% in two consecutive trading sessions.

Varun Beverages (down 3.46%), Godrej Consumer Products (down 3.25%), Radico Khaitan (down 2.40%), Colgate-Palmolive (India) (down 2.02%), Dabur India (down 1.92%), Britannia Industries (down 1.75%), United Spirits (down 1.53%), Hindustan Unilever (down 1.29%), Patanjali Foods (down 1.25%) and Tata Consumer Products (down 1.03%) declined.

Stocks in Spotlight:

VA TECH WABAG rose 0.83%. The company said that it has secured a 'mega' public-private partnership (PPP) contract from the Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB), for a 45 MLD TTRO Plant in Chennai.

ACME Solar Holdings (ACME Solar) rallied 3.93% after the company informed through its subsidiary ACME Greentech Seventh, has signed two power purchase agreements (PPAs) with SJVN for a total capacity of 450 MW/1,800 MWh.

Global Markets:

Most Asian markets fell on Thursday as investors grappled with volatile oil prices and escalating tensions in the Middle East, even after the U.S. and its allies announced an unprecedented emergency release of crude reserves to calm energy markets.

The International Energy Agency is looking to release 400 million barrels of oil following the supply disruption owed to the Iran war, the largest such action in the organization's history. The IEA did not set out a timeline for when the stocks would hit the market.

The U.S. will release 172 million barrels of oil from the Strategic Petroleum Reserve to help lower energy costs, Energy Secretary Chris Wright reportedly said Wednesday evening stateside.

The announcement from the Energy Secretary came after President Donald Trump said earlier in the day that he would tap the Strategic Petroleum Reserve to keep a lid on energy prices.

Overnight in the U.S., the Dow Jones Industrial Average fell as investors continued to eye developments in the U.S.-Iran war and oil prices.

The 30-stock index shed 289.24 points, or 0.61%, to close at 47,417.27. The S&P 500 inched down 0.08% to settle at 6,775.80, while the Nasdaq Composite ticked up 0.08% to end the session at 22,716.13.

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