SYNOPSIS: Geopolitical tensions since 28th February have pressured Indian markets, with key Nifty indices declining sharply amid volatility, risk-off sentiment, and concerns over energy supply disruptions and global economic uncertainty.
Tensions in West Asia escalated sharply on 28th February 2026, when the United States and Israel launched surprise airstrikes across multiple locations in Iran, marking the beginning of the conflict. As of today, the situation has entered its 32nd day, with continued reports of strikes and explosions in key cities such as Tehran and Isfahan.
This rising geopolitical tensions have continued to keep global markets on edge, with uncertainty around energy supply and regional stability weighing on investor sentiment. The situation has led to increased volatility across asset classes, with investors remaining cautious amid the evolving developments. It has been several weeks since tensions began escalating, and equity markets have largely remained under pressure during this period.
Here’s a look at how key indices have performed since the escalation began. Since 28th February fell on a Saturday, market reactions started reflecting from 2nd March (Monday), when trading resumed.
Nifty Bank
Nifty Bank ended Monday’s trading session on a negative note, declining by 1,999.25 points, or 3.82 percent, to close at 50,275.35. The index witnessed selling pressure amid broader market weakness and cautious investor sentiment.
Over the past 19 trading sessions, Nifty Bank has recorded a cumulative decline of around 16 percent, reflecting sustained volatility and risk-off trends in the banking space.
Nifty FMCG
Nifty FMCG closed Monday’s session lower by 888.55 points, or 1.91 percent, at 45,538.65, as against its previous close of 46,427.2. Despite its defensive nature, the index saw selling pressure in line with the broader market. Over the past 19 trading sessions, it has declined by around 10.3 percent.
Nifty 50
The benchmark Nifty 50 ended Monday’s session in the red, slipping 488.2 points, or 2.14 percent, to close at 22,331.4, compared to its previous closing level of 22,819.6. The index remained weighed down by global uncertainties and risk-off sentiment. Over the last 19 trading sessions, the Nifty 50 has declined by around 10.2 percent.
Nifty Oil & Gas
Nifty Oil & Gas concluded Monday’s session lower, falling by 42.35 points, or 0.39 percent, to settle at 10,788.05. The index witnessed weakness amid volatility in global crude prices. Over the past 19 trading sessions, it has declined by 10.1 percent.
Nifty Metal concluded Monday’s trading session lower, falling by 23.25 points, or 0.21 percent, to close at 11,138.4, as against its previous close of 11,161.65. The index remained under pressure due to global demand concerns and commodity price volatility. Over the last 19 trading sessions, it has declined by 9.22 percent.
Nifty Infrastructure
Nifty Infrastructure ended the session at 8,560.95, down by 159.45 points, or 1.83 percent, compared to its previous closing level of 8,720.4. The index faced pressure amid cautious investor sentiment and market-wide weakness. Over the past 19 trading sessions, it has declined by 8.15 percent.
Nifty Energy
Nifty Energy ended the session in negative territory, declining by 365 points, or 1.04 percent, to settle at 34,849.7, compared to its previous closing level of 35,214.8. The index saw weakness amid fluctuations in energy prices. Over the past 19 trading sessions, it has declined by 4.4 percent.
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