The 7% decline in Sensex and Nifty since September-end 2024—the start of the bull market reversal in Indian equities—masks a far sharper selloff beneath the surface.

According to an ETIG study, 735 of the top 1,000 NSE-listed stocks have fallen during this period, while only 265 have remained in the green.

Among the stocks that declined, nearly 70% or 517 companies, have dropped more than 20%, with about 55%, or 408 stocks, falling between 20% and 50%. Nifty Smallcap index has fallen 18%, while Nifty Microcap 250 has dropped nearly 23% since September 30, 2024, underscoring deeper risk aversion in the lower tiers of the market.

Mumbai: The Reserve Bank of India (RBI) bought bonds at a premium to market prices in its open market operation (OMO) purchases Monday to help contain bond yields in volatile geopolitics.

Market participants offered ‘88,857 crore for a notified amount of ‘50,000 crore. The RBI bought bonds 4-9 basis points lower than the market levels, RBI & CCIL data showed.

For instance, the yield of the 6.01% GS2030 bond closed at 6.32%, while the cutoff yield on the OMO auction was 6.27%. Yield of 6.19% GS2034 bond closed at 6.72%, while the cut off yield in the OMO was at 6.63%. “The RBI bought papers at a fairly low yield, and price wise at a premium. I think these efforts are directed towards bringing down yields in an uncertain scenario,” said Anshul Chandak, head of treasury at RBL Bank.

As the conflict in Iran blocks oil exports from the Gulf region and producers start to cut output, the supply shock has sent petrol prices soaring worldwide. The stark rise is already rattling financial markets, driving up prices at the pump and raising fears of a bigger economic hit.

The BBC spoke to Americans in New York to ask how they’re feeling the pinch.

With reporting from Michelle Fleury in Tarrytown, New York and Pratiksha Ghildial in New York City

Oil prices fell on Tuesday after hitting their highest level in more than three years in the prior session as U.S. President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies.

Brent futures fell $6.51, or 6.6%, to $92.45 a barrel at 0018 GMT, while U.S. West Texas Intermediate (WTI) crude was down $6.12, or 6.5%, to $88.65.

Oil prices surged past $100 a ‌barrel on Monday, ⁠hitting session ⁠highs of $119.50 for Brent and $119.48 for WTI, their highest since mid-2022, as supply cuts by Saudi Arabia and other producers during the expanding U.S.-Israeli war with Iran stoked fears of major disruptions to global supplies.

Prices later retreated after Russian President Vladimir Putin held a call with Trump and shared proposals aimed at a quick settlement to the Iran war, according to a Kremlin aide, easing concerns about a prolonged supply disruption.

Trump said on Monday in a CBS News ⁠interview that ‌he thinks the war against Iran “is very complete” and that Washington was “very far ahead” of his initial four- to five-week estimated timeframe.

In response to Trump, Iran’s ⁠Revolutionary Guards (IRGC) said they would “determine the end of the war” and that Tehran would not allow “one litre of oil” to be exported from the region if U.S. and Israeli attacks continued, state media reported on Tuesday citing IRGC’s spokesperson.
But those comments did not lift prices, which were also under pressure because Trump is considering easing oil sanctions on Russia and releasing emergency crude stockpiles as part of a package of options aimed at curbing spiking global oil prices amid the Iran conflict, according to ‌multiple sources. “Taking the events of the past 24 hours into account, I expect crude oil to remain highly volatile, trading within a wide range between $75ish and $105ish in the sessions ahead,” Tony Sycamore, ⁠IG market analyst, said in a note.

Gulf oil producers have begun cutting output as the U.S.-Israeli war on Iran disrupted shipping in the region. Over the weekend, Iraq slashed production at its main southern oilfields by 70% to 1.3 million barrels per day while Kuwait Petroleum Corporation also began reducing output and declared force majeure.

Adding to the cuts, Saudi Arabia has now begun trimming production, sources said on Monday.

G7 nations said on Monday they were prepared to implement “necessary measures” in response to surging global oil prices but stopped short of committing to release emergency reserves.

Asian stocks rebounded after Monday’s selloff and crude oil fell, as President Donald Trump signaled the Iran war may be nearing an end, offering markets a brief reprieve from selling.

Stocks jumped in Japan, South Korea and Australia, helping the broader MSCI Asia Pacific Index rise 2.2%, a sharp reversal after tumbling 3.7% on Monday. Roughly six stocks advanced for every one that declined in the index. Wall Street gauges also reversed their earlier losses to finish the session on a bullish note as tech shares rallied.

The optimistic shift came as Trump said the war with Iran would resolve “very soon.” The president said that he did not believe the conflict would be over this week, but insisted the operation was ahead of schedule. The US military objectives could be described as “pretty well complete,” he said.

Brent crude fell 10% to $89.06 a barrel, well off the peak of $119.50 hit in Monday’s session. Other markets also reversed their moves. Yields on the 10-year Treasury halted a five-day increase and the dollar extended losses made in the New York session.

The moves show how sensitive markets remain to every turn in the Middle East conflict, with a single headline enough to send traders scrambling. Cross-asset volatility showed little sign of easing — with a market risk indicator hovering near levels seen when Trump unveiled global tariffs last year — as investors grapple with a fast-moving geopolitical conflict that offers no clear trading playbook.

“What we’re seeing now is more of a relief rally after an extreme risk-off episode, rather than a genuine shift back into a full risk-on environment,” said Dilin Wu, a research strategist at Pepperstone Group.
Even so, equity-index futures on US benchmarks slipped in early Asian trading, signaling the rebound may not hold. Contracts for the S&P 500 and the Nasdaq 100 were down 0.2%, having pared losses of as much as 0.6%.Trump’s comments at press conferences “haven’t been the most informative signal,” so investors would well remain skeptical, Eric Van Nostrand, a chief investment officer at Lazard Asset Management said in a Bloomberg TV interview.

“There’s a lot of misplaced confidence in markets right now that things will ease quickly as they have in previous episodes of elevated Middle Eastern tensions,” he said. “But I do think what we are seeing today, given the likely duration of closure of the Strait of Hormuz, is something quite different. It is going to affect the global economy really in a very meaningful and global way.”

The Food and Drug Administration on Monday announced a recall for clams and raw oysters over concerns that they may be contaminated with norovirus, a contagious infection commonly known as the stomach flu.

The recall affects Manila clams harvested by Lummi Indian Business Council that were distributed to restaurants and food retailers in nine states, including Arizona, California, Florida, Georgia, Illinois, Nevada, New York, Oregon and Washington. The FDA said the clams may have been distributed to other states as well.

The oysters were harvested by Drayton Harbor Oyster Company and distributed in Washington state.

Both food items were harvested between Feb. 13 and March 3 in Drayton Harbor, Washington.

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The Washington State Department of Health notified the FDA of the recall on Wednesday.

The FDA urged restaurants and food retailers not to serve or sell the clams or oysters and for consumers not to eat the foods.

The agency said restaurants and retailers “should dispose of any products by throwing them in the garbage or contacting their distributor to arrange for destruction.”

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“Restaurants and retailers should also be aware that shellfish may be a source of pathogens and should control the potential for cross-contamination of food processing equipment and the food processing environment,” the alert added.

The FDA warned that food containing norovirus may “look, smell and taste normal” but can cause serious illness if eaten. 

Consumers of these products who are experiencing symptoms of illness are urged to contact their healthcare provider and report their symptoms to their local health department.

Symptoms include diarrhea, vomiting, nausea, stomach pain, fever, headache and body ache. A person typically develops symptoms 12 to 48 hours after being exposed to norovirus and one to three days to recover.

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People of all ages can become infected with norovirus, although people who are immunocompromised can potentially suffer from severe illness, the FDA said.

The FDA said it is awaiting further information on distribution of the clams and oysters and will continue to monitor the investigation.