Market News
4 weeks into US-Israel-Iran war: Brent Crude up 45%, NIFTY & SENSEX fall over 9%, wiping out over ₹40 lakh crore in market cap
5 min read | Updated on March 28, 2026, 12:05 IST
SUMMARY
The US-Israel war on Iran, which started on February 28, has completed its fourth week. The West Asia crisis has severely disrupted global supply chains and substantially increased volatility in global stock markets. Indian markets have lost over ₹40 lakh crore in market capitalisation since the war started. Here is a brief overview of how different indices and assets performed over the last one month.
NIFTY Bank index witnessed a steep decline of 13.6% in the last one month amid rising bond yields. | Image: Shutterstock
The US-Israel-Iran war has been ongoing for four weeks as of March 28. On February 28, the US, along with Israel, launched a massive attack on Iran called Operation Epic Fury. US President Donald Trump justified the attack, stating that Iran posed “an imminent threat” to the US and its allies.
On the first day of the military strike, Iran's supreme leader, Ayatollah Ali Khamenei, who had led the country since 1989, was killed along with several senior leaders. Iran responded to these strikes with its ballistic missiles and drones targeting Israel and US military bases in Gulf countries such as Bahrain, Kuwait, Qatar and Saudi Arabia.
Soon, the regional conflict escalated into a global geopolitical crisis. The crucial oil shipping route, the Strait of Hormuz, which carries over 20 million barrels of crude oil per day, was shut down by Iran; several flights were cancelled, and global stock markets were significantly impacted.
The US-Israel-Iran war has caused significant volatility and a decline in the global stock markets, including India. Crude oil prices have surged nearly 50% in the last four weeks amid supply disruption concerns, while safe-haven assets like gold and silver saw unexpected declines, even as the US dollar has rapidly appreciated.
Performance of benchmark indices over the last four weeks
| Indices | February 27 close | March 27 close | Change* |
|---|---|---|---|
| NIFTY50 | 25,178 | 22,819 | ▼9.3% |
| SENSEX | 81,287 | 73,583 | ▼9.4% |
| NIFTY Bank | 60,529 | 52,274 | ▼13.6% |
| Dow Jones | 48,977 | 45,166 | ▼7.7% |
| S&P 500 | 6,878 | 6368 | ▼7.4% |
| Nasdaq | 22,668 | 20,948 | ▼7.5% |
As seen from the above table, major global and Indian indices have corrected sharply in the last one month since the start of the Iran war. NIFTY50 and SENSEX declined 9.3% and 9.4% respectively, while the NIFTY Bank index declined 13.6%. Over ₹40 lakh crore in market cap has been wiped out of the markets since February 27. Meanwhile, US markets like the Dow Jones, S&P 500 and Nasdaq are down between 7% and 8%.
Key factors behind the market fall
How different assets performed in the last four weeks
| Assets | February 27 | March 27 | Change |
|---|---|---|---|
| Gold | $5278/ troy ounce | $4493/ troy ounce | 14.8% |
| Silver | $93.76/ troy ounce | $69.74/ troy ounce | 25.6% |
| Brent crude | $73.2/barrel | $106.2/barrel | 45% |
| Indian rupee | ₹91.02/dollar | ₹94.75/dollar | 4.0% |
| India 10-year bond yield | 6.66% | 6.93% | 4.0% |
| US Dollar Index | 97.33 | 99.98 | 2.7% |
Ahead of the war, gold and silver touched an all-time high in January 2026. Hence, investors likely booked profits. Silver prices declined over 25% as its demand is linked to industrial use, and a war-like situation generally weakens economic growth and demand.
As the US-Israel-Iran war enters its fourth week, US President Donald Trump has announced de-escalation talks with Iran. The US administration has presented Iran with a 15-point proposal outlining the terms for ending the conflict. Markets are looking forward to more clues in the coming week.
About The Author
Next Story
