The energy sector in the Indian stock market experienced a sharp decline on March 16, 2026, amid ongoing geopolitical tensions in the Middle East. The S&P BSE OIL & GAS Index stood at approximately 26,276.7, down 2.2% on the day. Over the last 30 days, the index had fallen 9.8%, though it remained up 10.8% over the past year.
Key Energy Stock Performance (as of ~10:26 AM IST on BSE / ~10:19 AM IST on NSE)
- Hindustan Oil Exploration: 136.00 (-6.01% BSE) / 136.20 (-6.04% NSE)
- HPCL: 350.85 (-4.91% BSE) / 352.40 (-4.43% NSE)
- IOC: 149.00 (-4.79% BSE) / 149.20 (-4.69% NSE)
- BPCL: 309.65 (-2.96% BSE) / 309.70 (-3.01% NSE)
- Mahanagar Gas: 999.00 (-3.46% BSE) / 997.10 (-3.66% NSE)
- Gujarat Gas Company: 745.60 (-2.11% BSE) / 743.10 (-2.28% NSE)
- GAIL: 145.95 (-1.25% BSE) / 146.40 (-0.93% NSE)
- ONGC: 263.00 (-1.03% BSE) / 262.85 (-0.47% NSE)
- Reliance Industries: 1,366.30 (-1.04% BSE) / 1,366.60 (-1.02% NSE)
Some stocks bucked the trend, including MRPL (up 5.28% BSE / 4.90% NSE) and Deep Industries (up 5.10% BSE / 5.56% NSE).
Broader Market Context
The benchmark S&P BSE Sensex was at 74,241.84, down 0.43%, while the Nifty 50 stood at 23,100.00, down 0.22%. The broader market showed mixed performance, with energy stocks contributing to downside pressure.