Markets Daily By Bajaj Broking: Global Markets Slide as Oil Surge and Middle East Tensions Weigh on Sentiment
By Bajaj Broking Team
March 13, 2026
3 mins read
Market News
Synopsis:
Global markets declined as rising Middle East tensions pushed oil prices higher, triggering inflation concerns. U.S. equities fell while Asian markets weakened. The rupee hit a record low, and Nifty outlook remains cautious with downside risks amid volatility and geopolitical uncertainty.
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Global financial markets witnessed heightened volatility as geopolitical tensions in the Middle East intensified, triggering a sharp surge in oil prices and dampening investor sentiment. Concerns over supply disruptions and inflationary pressures weighed on equities worldwide, while currency and commodity markets also reacted sharply to the developments.
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U.S. Markets End Lower Amid Oil Surge
U.S. equity markets ended sharply lower on Thursday after oil prices spiked following Iran’s statement that the critical Strait of Hormuz would remain closed. The move raised fears of a potential inflation shock and significant disruptions to global energy supply.
The benchmark S&P 500 declined 1.5% to close at 6,672.77, while the Nasdaq Composite fell 1.8% to 22,311.98. The Dow Jones Industrial Average also slipped 1.6% to settle at 46,677.85.
Investor sentiment weakened further as shipping through the Strait of Hormuz — one of the world’s most important energy transit routes — was effectively halted. The narrow waterway handles nearly a fifth of the global supply of oil and liquefied natural gas. Shipping companies have reportedly paused sailings due to safety concerns and challenges in obtaining insurance coverage for vessels navigating the region.
Adding to the uncertainty, the International Energy Agency (IEA) warned that the ongoing conflict in the Middle East could lead to the largest supply disruption in the history of the global oil market. The agency also revised its supply outlook downward despite announcing its largest-ever release of strategic oil reserves earlier this week.
Markets are now closely watching the upcoming U.S. Personal Consumption Expenditures (PCE) price index data, which is expected to provide further insights into inflation trends and the broader economic outlook.
Movement Across Other Asset Classes
The spike in oil prices and global uncertainty had ripple effects across other asset classes. The benchmark U.S. 10-year Treasury yield rose by more than five basis points to 4.261%.
Gold prices declined slightly, with spot gold falling 1.1% to $5,118.16 per ounce. Meanwhile, crude oil prices surged sharply, with Brent crude rising 9.22% to settle at $100.46 per barrel, reflecting fears of prolonged supply disruptions.
The U.S. dollar strengthened against a basket of major currencies and hovered near its highest level since November, currently trading around the 99.5 level.
In India, the rupee touched a record low, falling 0.3% to 92.3575 against the U.S. dollar. The decline was largely driven by higher crude oil prices and the stronger dollar, both of which increased pressure on the domestic currency.
Asian Markets Open Lower
Asian markets mirrored the cautious sentiment seen in global markets. Major indices in the Asia-Pacific region opened lower on Friday as rising oil prices and escalating geopolitical tensions triggered concerns about a possible global economic slowdown.
Japan’s Nikkei 225 declined 0.8%, while the broader Topix index fell 0.7%. South Korea’s Kospi dropped nearly 1.4%, and the small-cap Kosdaq index slipped around 1.1%.
Gift Nifty Signals Weak Start for Indian Markets
Gift Nifty indicated a negative opening for Indian equities. The Nifty is expected to trade within a range of 23,250 to 23,800 during the session, with volatility likely to remain elevated due to uncertain global cues and rising crude prices.
Indian Markets in the Previous Session
Indian benchmark indices ended lower on March 12 as geopolitical tensions in the Middle East dampened investor sentiment.
The Sensex declined 1.08% to close at 76,034.42, while the Nifty 50 slipped 0.95% to 23,639.15. Despite the overall weakness in the market, power stocks attracted buying interest as investors anticipated stronger electricity demand amid forecasts of an early summer.
The Indian rupee also weakened, depreciating 0.17% against the U.S. dollar to a record low of 92.19. Rising crude prices following fresh attacks on oil and transportation infrastructure in the Middle East added pressure on the currency, with markets expecting possible intervention from the central bank to limit volatility.
Sectorally, most indices ended the day in the red. Auto stocks led the declines, falling 3%, followed by FMCG and Realty, which dropped 1.77% and 1.6%, respectively. Pharma and IT sectors also closed marginally lower. In contrast, Energy and Metal stocks were the only sectors to end the session in positive territory.
Broader markets also witnessed mild weakness, with the Nifty Midcap index declining 0.3% and the Smallcap index slipping 0.6%.
Nifty Technical Outlook
From a technical perspective, the Nifty formed a high-wave candlestick pattern with a lower high and lower low, indicating continuation of the prevailing downward bias. The index also closed below Monday’s low, reinforcing the ongoing decline.
In the near term, the bias remains negative, and the index could extend its correction towards the 23,200 level in the coming sessions.
On the upside, immediate resistance is seen around 24,000–24,300. This zone also coincides with the recent breakdown area, and a sustained move above 24,300 would be required to signal a pause in the current downtrend.
Market volatility is expected to remain elevated in the near term due to rising crude oil prices, geopolitical tensions, and uncertain global cues.
Key Intraday Levels
For the Nifty, immediate resistance levels are placed at 23,690 and 23,800, while support is seen at 23,410 and 23,250.
For the Bank Nifty, resistance is placed at 55,290 and 55,500, while support levels are seen at 54,500 and 54,240.
Stay tuned with Bajaj Broking for more market insights and daily updates.
Global Markets Slide as Oil Surge and Middle East Tensions Weigh on Sentiment
Published Date :
13 Mar 2026
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Content Partner - Dalal Street Investment Journal Wealth Advisory Private Limited
This article is for educational purposes only and should not be considered investment advice. Market investments are subject to risks. DSIJ Wealth Advisory Private Limited is a SEBI-registered Research Analyst (Reg. No: INH000006396) and Investment Adviser (Reg. No: INA000001142). Please consult your financial adviser before investing.
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