Closing Bell | Stock market crash wipes out ₹15 lakh crore; volatility hits 2-year high

Indian equity markets witnessed a sharp sell-off on Monday, with investor wealth eroding by nearly ₹15 lakh crore in a single session and close to ₹50 lakh crore wiped out since the onset of the West Asia conflict.

The decline was broad-based, driven by rising geopolitical risks, surging crude oil prices and a spike in market volatility, which hit a two-year high.

Benchmark indices saw steep losses, with the Sensex plunging 1,837 points to 72,696 and the Nifty falling 602 points to 22,513. The Nifty Bank index dropped nearly 1,989 points, while the Midcap index declined over 2,100 points, highlighting the depth of the correction. Market breadth remained weak, with the advance-decline ratio at a sharp 1:14, indicating widespread selling pressure.

Macro indicators added to the nervousness. The rupee ended at a record closing low of 93.98 per US dollar, while Brent crude prices surged back towards $115 per barrel, fuelling inflation concerns.

Bond markets also reflected stress, with the 10-year yield rising above 6.80%, its highest level in over a year. Meanwhile, gold and silver reversed their 2026 gains, plunging 7–11% amid heightened volatility.

Sectorally, oil marketing companies such as Hindustan Petroleum Corporation, Bharat Petroleum Corporation and Indian Oil Corporation fell between 4–8%, weighed down by rising crude costs and supply concerns.

Realty stocks also came under pressure on rate hike fears, with Lodha sliding sharply. Gold financiers saw losses, while select IT stocks managed to close in the green, aided by the weaker rupee.

With 16 Nifty stocks and 27 midcap stocks hitting 52-week lows, the sell-off reflects a market increasingly gripped by uncertainty, as investors reassess risk in the face of escalating geopolitical tensions and tightening financial conditions.