Index Update: The NIFTY 50 closed near 23,151.10, declining 488.05 points (2.06%) in the session. The index remained under pressure and continued to trade well below its 50-day Simple Moving Average near 25,358.11, reflecting a weak technical structure on the daily chart. Momentum indicators also remained subdued, with the RSI around 24.15, indicating oversold conditions after the sharp decline. On the downside, 23,000.00–22,700.00 may act as a near-term support zone, while 23,900.00–24,500.00 could act as resistance in the short term.

Macro Update: India’s passenger vehicle sales rose 10.6% YoY in February 2026 to a record ~418,000 units, supported by festive demand and tax policy impacts, according to the Society of Indian Automobile Manufacturers (SIAM). Meanwhile, consumer inflation increased to 3.21%, an 11-month high, driven by higher food prices. However, geopolitical tensions in West Asia pose potential risks to supply chains and energy costs.

Top Market Movers: On Friday, Tata Consumer Products Limited (NSE:TATACONSUM) led the gainers with a 2.44% increase, closing at INR 1,083.60 followed by Hindustan Unilever Limited (NSE:HINDUNILVR) up 1.08% at INR 2,160.00 and Bharti Airtel Limited (NSE:BHARTIARTL) which rose 0.12% to INR 1,803.40. On the downside followed Larsen & Toubro Limited (NSE:LT) saw the largest drop, falling 7.54% to INR 910.05 followed Hindalco Industries Limited (NSE:HINDALCO) down 6.16% to INR 910.05 and Tata Steel Limited (NSE:TATASTEEL), which dropped 5.15% to INR 183.51.

Commodity Update: The U.S. dollar remained firm on Friday, heading toward its second weekly advance since tensions escalated in Iran, as global uncertainty supported demand for safe-haven assets. In commodities, gold slipped 0.22% to USD 5,114.70, silver declined 0.62% to USD 84.58, and copper eased 0.31% to USD 12,944.59. Meanwhile, Brent crude fell 0.71% to USD 99.75 after the U.S. granted a 30-day license allowing countries to purchase Russian oil shipments currently stranded at sea.

Our Stance: Markets ended sharply lower as the NIFTY 50 fell 2.06%, remaining below key technical levels with oversold momentum indicators. While India’s passenger vehicle sales showed strong growth and inflation rose moderately, geopolitical tensions in West Asia and global uncertainty continued to weigh on sentiment, alongside mixed commodity trends and notable stock-specific declines.

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