India's Nifty 50 index fell 3.8% in early trading, marking its steepest daily drop since November 2023, as a surge in global crude oil prices triggered inflation fears and growth concerns. The sell-off extended to energy and defense sectors, with volatility spikes amplifying investor anxiety.
- Nifty 50 dropped 3.8% on March 12, 2026, closing at 23,142
- Brent crude reached $98.60 per barrel, up 12% over two weeks
- India’s inflation expectations rose to 6.5% in March, above RBI target
- Defense sector stocks declined 4.2% on supply chain and cost concerns
- India VIX climbed to 27.4, signaling heightened market anxiety
- Oil import bill projected to exceed $220 billion in FY2026
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