Mumbai, Domestic equity benchmarks opened sharply lower on Friday, tracking weak global cues and elevated Brent crude prices amid fading hopes of a resolution to the Iran conflict.

Nifty opened at 23,173.55, down 132.90 points or 0.57 per cent, while the Sensex fell around 400 points to 74,883.79 in early trade.

Broader markets also remained under pressure, with midcap and smallcap indices traded lower.

Sectorally, most indices traded in the red, led by realty, metal, PSU banks and auto stocks, which fell up to 1 per cent. Financials and consumer durables also witnessed selling pressure.

However, IT and oil and gas stocks bucked the trend and posted modest gains.

Among heavyweights, stocks such as HDFC Bank and Bajaj Finance were among the top laggards.

Market sentiment remained cautious amid ongoing geopolitical tensions. US President Donald Trump said the pause on attacks on Iran’s energy infrastructure would be extended, though uncertainty persists after Iran termed a US proposal “one-sided”.

Global markets also reflected a risk-off mood. US indices ended sharply lower, with the S&P 500 down 1.74 per cent and Nasdaq falling 2.38 per cent. Asian markets followed suit, with Japan’s Nikkei declining over 1 per cent and South Korea’s Kospi dropping around 3 per cent.

Crude oil prices remained volatile, although they eased slightly, with Brent crude falling 2.29 per cent to $105.53 per barrel, while WTI crude declined 2.54 per cent to $92.08.

According to analysts, markets are likely to remain volatile amid global uncertainties. Immediate support for Nifty is seen in the 23,050–23,000 zone, while resistance is placed around 23,450–23,500.

Foreign institutional investors (FIIs) continued to remain net sellers, while domestic institutional investors (DIIs) provided support to the market.

Notably, Indian markets resumed trading on Friday after a holiday on Thursday on account of Ram Navami.

Mumbai, March 26: The Brihanmumbai Municipal Corporation (BMC) faces scrutiny over a proposal to divert Rs 90 crore from funds earmarked for widening and deepening the Mithi River and other water bodies to extend a flyover on the Ghatkopar–Mankhurd Link Road (GMLR).

While the proposal was approved by the civic standing committee, the opposition has demanded three years of inter-departmental transfer records, alleging the move signals weak financial planning.

Of the Rs 150 crore allocated in financial year 2025–26 for river widening, including the Mithi River, the BMC spent only Rs 10 crore. Now, Rs 90 crore of the unspent Rs 140.62 crore is proposed for extending the GMLR flyover toward the Sion-Panvel Highway at Vashi.

The proposal to shift funds was discussed at Wednesday’s standing committee. Congress leader Ashraf Azmi demanded formal recording of the proposal and a three-year fund-transfer audit, citing financial indiscipline and possibly unnecessary works.

BJP corporators Shital Gambhir and Priti Satam backed transparency, with Satam flagging repeated infrastructure failures along the Oshiwara River.

Vipin Sharma, Additional Municipal Commissioner, noted that payments to approved Mithi River contractors have been cleared, while blacklisted contractors received nothing, leaving part of the funds unutilised.

He warned that any unspent amount must be used by the end of March or it will lapse. Approving the fund transfer, Standing Committee Chairman Prabhakar Shinde directed the administration to take into account members’ suggestions raised during the discussion.

The GMLR flyover extension comprises two arms — a 1,473-metre stretch up to 8.5 metres wide toward Vashi, and a 1,930-metre return arm. Built with a modern steel-composite structure, the project is estimated at Rs 1,051 crore and aims to ease congestion at Maharashtra Nagar junction in Mankhurd, where the GMLR meets the Sion-Panvel Highway.

However, with only Rs 344 crore currently available, the funds are insufficient to complete the project, for which tenders were floated in 2024–25. The BMC administration plans to reallocate funds from the river improvement budget.

Mira Bhayandar, March 26: The Kashimira locality in Mira-Bhayandar was gripped by fear on Tuesday night following the brutal murder of a 40-year-old female housekeeper. The victim, identified as Suman Nawachi, was repeatedly stabbed with a sharp-edged weapon inside a flat within a prominent residential complex.

Suman Nawachi worked as a housekeeper for several families in the Chandesh Accord residential complex. The attack took place in a flat located in Building Number 27.

According to police reports, the assailant launched a violent attack, stabbing Suman twice in the abdomen, once in the chest, and once across the neck.

Despite being rushed immediately to Gurukrupa Hospital, doctors declared her dead on arrival due to the severity of her injuries.

Upon receiving the alert, Kashimira Police arrived at the scene along with a forensic team to secure the area and collect evidence. Police have seized the weapon used in the crime from the spot.

Investigating officers are currently scanning footage from all CCTV cameras in and around the complex to identify the suspect. Police are recording statements from neighbours and residents to determine if anyone witnessed the entry or exit of the attacker.

The cold-blooded nature of the crime has sent shockwaves through the Kashimira neighbourhood. Local authorities have increased patrolling in the area to reassure panicked residents.

“We are conducting the investigation with the utmost seriousness. Our primary goal is to uncover the motive behind this heinous act and apprehend the perpetrator at the earliest,” stated a senior police official.

While the motive remains unclear, forensic experts are analysing every aspect of the crime scene to provide leads.