March 13 began like any other trading day, but by the afternoon the mood on Dalal Street had turned tense. Screens flashed red as panic selling gripped the markets. Investors watched anxiously as benchmark indices tumbled sharply, reflecting growing uncertainty across global financial markets.
The benchmark BSE Sensex and Nifty 50 ended the day deep in the red, dragged down by escalating tensions in West Asia and a sharp surge in global oil prices. Weak cues from international markets, continuous foreign fund outflows, and the weakening Indian rupee further dented investor sentiment.
The sell-off marked the third consecutive day of decline for the markets. During intra-day trade, the 30-share Sensex plunged 1,579.82 points, or about 2 per cent, to 74,454.60. Although it recovered slightly towards the close, the index finally settled at 74,563.92, down 1,470.50 points or 1.93 per cent.
Market analysts said that geopolitical tensions and rising crude oil prices have created uncertainty across global financial markets. The conflict in West Asia has pushed oil prices higher, raising fears of inflation and slowing economic growth, which in turn has pressured equities worldwide.
Precious Metals Market
While equity markets struggled, investors kept a close watch on the precious metals segment. Traditionally considered safe-haven assets during uncertain times, gold and silver prices have also been fluctuating amid global developments.
In India, 24-carat gold is currently trading around Rs. 1.59–Rs.1.60 lakh per 10 grams, while 22-carat gold is around Rs.1.47–Rs.1.48 lakh per 10 grams in major cities.
Silver prices also witnessed volatility, falling by about Rs.2,000 during the day, with rates hovering close to Rs.2.8–Rs.2.9 lakh per kilogram in many markets.
Experts say that rising crude oil prices and uncertainty over global interest rates are influencing the movement of precious metals. Although gold usually benefits during geopolitical crises, the surge in energy prices and inflation concerns have limited its upside for now.
