The Indian benchmark indices, SENSEX and NIFTY50, continued their decline in the afternoon session on Wednesday, March 4, as the widening war in West Asia weighed on investor sentiment.
The SENSEX crashed as much as 1,795.65 points to touch an intraday low of 78,443.20, while the NIFTY50 touched the session’s low of 24,305.40, on the back of a broad-based selloff.
At 12:42 PM, the S&P BSE SENSEX tanked by 1,464.61 points, or 1.83%, to 78,774.24. NSE’s NIFTY50 was trading at 24,373.65, reflecting a 492.05 points, or 1.98% plunge.
Rupee slumped 69 paise to an all-time low of 92.18 against the US dollar in early trade on Wednesday, as a sharp spike in crude oil prices amid geopolitical tensions following the escalation of the US-Iran conflict.
On Monday, the foreign institutional investors (FIIs) sold shares worth ₹3,295.64 crore, while the domestic institutional investors (DIIs) bought equities worth ₹8,593.87 crore on a net basis, according to exchange data.
Buzzing stocks on March 4: Check list
Aluminium stocks
The stocks of aluminium-producing companies such as Hindalco Industries, Vedanta, and others were trading in the red on Wednesday, March 4.
This comes as Qatalum, a major aluminium smelter jointly owned by Hydro and Qatar Aluminium Manufacturing Co., started a controlled shutdown of its aluminium production after its gas supplier signalled a forthcoming halt in gas supply.
A full restart could take 6-12 months or more, and the company has issued a force majeure notice to customers. This development has direct implications for global supply levels.
As a result of the Qatalum disruption, aluminium supply expectations have tightened globally, helping push up prices on the London Metal Exchange.
Oil and gas stocks
Shares of oil and gas companies declined on the National Stock Exchange (NSE) on March 4, as Qatar, India’s largest supplier of imported natural gas, declared force majeure on deliveries following a halt in production in the wake of an Iranian drone strike.
Force majeure means an unforeseen event beyond someone’s control that prevents them from fulfilling a contract.
In simple terms, if something unexpected happens and makes it impossible to meet an agreement, a force majeure clause can protect the affected party from penalties.
Shares of Petronet LNG tanked as much as 11.96%, GAIL was down by 6.34% and Gujarat Gas slipped 5.29%
Larsen &Toubro
Larsen &Toubro (L&T) stock fell as much as 7.54% to an intraday low of ₹3,760 per equity share, as it came under selling pressure after geopolitical tensions in the Middle East flared up after the United States and Israel attacked Iran, prompting Iranian retaliatory strikes around the Gulf.
Global investment bank Macquarie, in a note, said that 37% of L&T’s order book came directly from the Middle East region at the end of the third quarter, along with 33% order intake in the first nine months of the current financial year.
CLSA’s analysis suggests that a potential blockade of the Strait of Hormuz for the entire month of March could shave about 1.8% off L&T’s consolidated earnings per share (EPS). The estimate highlights the sensitivity of the company’s Middle East exposure to regional instability.
InterGlobe Aviation
Shares of InterGlobe Aviation, the parent company of IndiGo, slumped as much as 5.03% to the session’s low of ₹4,293 apiece on the NSE on Wednesday, as it cancelled more than 500 flights to the Middle East and select international destinations between February 28 and March 3 due to the war in West Asia.
“In view of the evolving airspace restrictions over Iran and the Middle East, more than 500 flights to the Middle East and select international destinations have been cancelled between February 28, 2026, and March 3, 2026. We continue to closely monitor the revenue environment arising from this situation,” it said in a regulatory filing.
It added that its operational teams will continuously assess the evolving regional developments, recalibrate flight schedules, and plan repatriation operations in coordination with relevant authorities in India and the respective international jurisdictions, “with the objective of minimising disruption to passengers.”
Ola Electric Mobility
Ola Electric Mobility’s stock advanced as much as 8.39% to an intraday high of ₹26.10 apiece, as the company announced that its Roadster range now starts at just ₹79,999.
This brings electric motorcycles directly at par with popular entry-segment ICE motorcycles, the company said in a statement.
The company’s Roadster X portfolio comes in 2.5 kWh, 3.5 kWh, and 4.5 kWh configurations, now priced at ₹79,999, ₹92,999, and ₹99,999, respectively, it added.
Balrampur Chini Mills
Shares of sugar producer Balrampur Chini Mills surged as much as 9.11% to hit the day’s peak of ₹500 on the NSE, as trading volume in the stock jumped by nine times to 27,54,051 shares compared with an average trading volume of 3.06 lakh shares.
Last month, Balrampur Chini Mills informed exchanges that its Poly Lactic Acid (PLA) vertical, Balrampur Bioyug, secured its first official institutional order from the Lucknow Cantonment Board (LCB).