Energy sector stocks in India experienced a sharp decline on March 2, 2026, amid broader market weakness. The S&P BSE Energy Index stood at 12,086.70, down 1.53%, while the S&P BSE OIL & GAS Index was at 29,133.5, down 1.6%. The benchmark S&P BSE SENSEX closed at 80,416.52, lower by 1.07%, and NIFTY 50 was at 24,974.55, down 0.81%.
This downturn in energy stocks aligned with a global risk-off sentiment triggered by escalating geopolitical tensions in the Middle East, particularly involving Iran.
Key Energy Stock Performance (as of March 2, 2026, morning data)
- Major Decliners:
- IOC: 180.75 (-3.63% BSE) / 181.18 (-3.36% NSE)
- BPCL: 372.50 (-3.42% BSE) / 372.85 (-3.26% NSE)
- SUZLON ENERGY: 41.08 (-3.79% BSE) / 41.13 (-3.61% NSE)
- Chennai Petroleum: 934.05 (-3.01% BSE) / 934.10 (-2.90% NSE)
- MRPL: 190.55 (-3.10% BSE) / 191.05 (-2.85% NSE)
- Reliance Industries: 1,369.35 (-1.79% BSE) / 1,376.20 (-1.27% NSE)
- GAIL: 166.40 (-1.97% BSE) / 166.78 (-1.62% NSE)
- Gainers in the Sector:
- Deep Industries: 362.70 (+4.37% BSE) / 361.50 (+4.15% NSE)
- Hindustan Oil Exploration: 136.05 (+4.01% BSE) / 139.90 (+6.89% NSE)
- Selan Exploration: 534.90 (+3.70% BSE) / 540.05 (+4.94% NSE)
- ONGC: 283.40 (+1.25% BSE) / 280.55 (+0.30% NSE)
- Oil India: 492.70 (+1.81% BSE) / 486.95 (+0.63% NSE)
Upstream companies like ONGC and Oil India showed relative resilience or gains, likely due to benefits from higher crude prices, while downstream players (refiners and OMCs) faced heavier declines from margin pressures.