Indian equities have been under intense pressure around midday on March 2, 2026. The Nifty hovered near 24,700, down close to 1.9%, while the Sensex was around 79,700, lower by nearly 2%.
Escalating geopolitical tensions in the Middle East, following coordinated US-Israeli strikes on Iran and Tehran’s retaliation, rattled sentiment across sectors.
The Nifty India Defence index was trading near 8,124, mostly flat to marginally lower, even as individual defence names saw selective buying.
Here are the top movers and shakers at this hour:
Renewable energy stocks: Waaree Energies, Adani Green, NTPC Green, Suzlon
Renewable energy counters were firmly in the red.
Waaree Energies share price was down 3.49% by midday.
Adani Green Energy share price was down 6.42%.
NTPC Green Energy share price was lower by 2.93%.
Suzlon Energy share price was down 5.60%, after hitting its 52-week low intraday.
The weakness came amid rising global uncertainty after the killing of Iran’s Supreme Leader Ayatollah Ali Khamenei and retaliatory missile strikes across the region. Even as Adani Green operationalised a 185 MW wind power project at Khavda, taking total operational renewable capacity to 17,472.2 MW, the broader market selloff overpowered stock-specific positives. NTPC Green had recently operationalised 50 MW under its Dayapar Wind Energy Project Phase-II, raising group commercial capacity to 9,201.08 MW, yet that too offered little protection in a risk-off session.
Oil upstream stocks: ONGC and Oil India
There were outliers in the carnage.
Oil And Natural Gas Corporation share price was up 0.88% by midday.
Oil India share price was up 0.31%.
Upstream companies typically benefit from rising crude prices, and oil futures had surged sharply, with Brent trading near multi-month highs after jumping over 8% in early trade. When global crude prices climb, producers earn more per barrel, provided production costs remain stable. That simple arithmetic tends to attract buyers in such moments. However, gains moderated from early highs as broader market anxiety deepened.
Tourism and aviation stocks: IndiGo, SpiceJet, Indian Hotels, Chalet Hotels
Tourism-linked stocks faced heavy selling.
InterGlobe Aviation share price was down 5.94% by midday, after falling as much as 6.78% earlier.
Spicejet share price was down 6.41%.
Indian Hotels Company share price was lower by 2.38%.
Chalet Hotels share price declined 3.54%.
The NIFTY India Tourism index was down over 2%. Flight cancellations, airspace closures, and disruptions at major hubs such as Dubai amplified concerns. Aviation stocks are particularly sensitive to oil price spikes, with fuel accounting for roughly 28.7% of total airline costs. A prolonged surge in crude prices compresses margins. That concern was visible in the tape.
Le Travenues Technology fell as much as 5.15% during the midday, while Yatra Online declined 9.07% at one point, as travel-related counters absorbed the shock of escalating hostilities.
Defence stocks: HAL, BEL, Bharat Dynamics, Paras Defence
Defence stocks saw selective strength despite broader volatility.
The Nifty India Defence index was marginally higher around midday, near 8,178 earlier before easing back toward 8,124 levels.
Paras Defence and Space Technologies and Space Technologies share price was up around 10% after announcing incorporation of a new subsidiary, Paras Semiconductors.
Other names such as Hindustan Aeronautics, Bharat Electronics and Bharat Dynamics traded in green during the midday.
Heightened geopolitical tensions often revive interest in defence manufacturers, and India’s defence technology sector has drawn significant capital in recent years. According to data platform Tracxn, the sector recorded $247 million, or about Rs 2,270 crore, in annual capital inflow in 2025, taking cumulative funding to $711 million, roughly Rs 6,535 crore. The index itself has gained over 6% in the past month and more than 58% over the past 12 months, as of late February levels.
Basmati rice exporters: KRBL, LT Foods, Kohinoor Foods
Shares of basmati rice exporters fell sharply as Iran is a key market.
KRBL share price declined up to 5.50% during midday.
LT Foods share price fell as much as 10.51%.
Kohinoor Foods share price dropped up to 7%.
By midday, KRBL was down 2.36%, LT Foods declined 3.84%, and Kohinoor Foods was lower by 2.6%.
Iran imports around 1 million tonnes of Indian basmati rice annually, valued between $698 million and $1.2 billion. Exporters now face shipment disruptions and potential payment delays. “Some impact of the conflict on the trade has already started,” Sushil Kumar Jain of the Rice Exporters Association told PTI, adding that consignments routed through Bandar Abbas are being held up.
Shipping stocks: SCI and Great Eastern Shipping
Shipping counters were also in focus.
Shipping Corporation of India share price was down 3.21% by midday.
Great Eastern Shipping Company share price was down 0.74%.
Tensions around the Strait of Hormuz, through which nearly one-fifth of global seaborne oil trade passes, have raised fears of freight rate volatility. Disruptions or even the perception of risk can drive insurance premiums higher and alter vessel availability. In theory, higher freight rates benefit shipping companies. In practice, on days like this, broad risk aversion tends to dominate initial price action.
Oil futures had surged, with Brent trading near $79 per barrel and WTI near $72.52, after touching higher levels intraday. At the same time, OPEC announced a production increase of 206,000 barrels per day in April, adding another layer of complexity to an already unstable energy equation.