The stock market was abuzz on March 25, 2026, as a series of significant developments affected indices and sectoral investments globally and in India. From record-breaking Foreign Portfolio Investments (FPI) outflows to Swiggy hiking platform fees, here's a detailed breakdown of the day's news.

FPI Outflows Hit Record $11 Billion in March

Indian markets witnessed massive foreign investor sell-offs for March 2026, with FPIs withdrawing an unprecedented ₹1.04 lakh crore ($11 billion) from the equity markets. This marks one of the largest monthly outflows in recent years.

Domestic Institutional Investors (DIIs), however, absorbed much of this selling pressure. DIIs purchased ₹1.1 lakh crore in equities, preventing steeper declines in indices. Despite their efforts, the Nifty 50 index has already fallen by nearly 9-10% in just one month.

The exodus of FPI funds comes amidst rising global interest rates, a strengthening U.S. dollar, and geopolitical uncertainties stemming from the ongoing energy crisis in West Asia. Additionally, Goldman Sachs has adjusted India’s GDP growth forecast for FY26 down to 5.9%, citing inflation concerns and rupee depreciation.

Global Geopolitical and Economic Updates

Internationally, the U.S. bond markets are facing upward pressure, with yields climbing to 4.4%, while the UK’s 10-year treasury yield has reached 5%. Surging energy costs, especially crude oil prices hitting $104 per barrel, are fueling inflation concerns worldwide.

Gold prices have dropped significantly, losing $1,000 from its recent peak of $5,400. The dip is attributed to the strengthening dollar, as global crude transactions are dollar-denominated, reducing alternative investments like gold.

Amid these developments, the U.S. announced plans to deploy 3,000 airborne soldiers to the Gulf region, reportedly to secure critical energy routes. This move further adds to the geopolitical tension.

Swiggy and Zomato Hike Platform Fees

Swiggy has increased its platform fee for food deliveries to ₹17.58 per order, a sharp rise from ₹2 in 2023. This comes shortly after Zomato also raised its platform fees, reflecting the duopoly in India’s food delivery space. Both companies have leveraged their network effects to pass costs onto consumers, as their platforms have become integral to restaurants and users alike.

This strategic price hike has led to a positive reaction in the stock market, with shares of Zomato and its competitor witnessing gains. Analysts see these moves as a testament to the companies' ability to maintain pricing power in a competitive sector.

Energy Independence Initiatives

India’s government continues its push for energy independence as Prime Minister Narendra Modi reiterated the importance of self-reliance in securing energy during a recent statement. Oil and Natural Gas Corporation (ONGC) has floated a $20 billion global tender for ultra-deepwater rigs, aiming to ramp up exploration in key basins like KG, Andaman, and Kerala-Konkan.

The urgency of these initiatives is evident as the tender stipulates mobilization within 80 days. ONGC estimates expenses will reach $18-$20 billion over the next five years. Collaboration with global energy giants such as BP and ExxonMobil is also underway to expedite these projects.

Additionally, Reliance Industries has reportedly purchased 5 million barrels of Iranian crude oil, valued in Indian rupees, leveraging a one-month waiver from U.S. sanctions.

Manipal Hospitals Files for India’s Largest Healthcare IPO

Manipal Hospitals has filed its Draft Red Herring Prospectus (DRHP) for a ₹8,000 crore ($1 billion) IPO, projected to be India’s largest healthcare public offering. The hospital chain, valued at approximately $13 billion with 38 operational facilities, plans a fresh equity issue of ₹8,000 crore.

For FY25, the company posted a revenue of ₹8,200 crore, with investors like Temasek and Dr. Ranjan Pai as major stakeholders. This IPO is expected to make Manipal Hospitals one of India’s most valuable healthcare firms.

IPO Deal Activity

Outside the hospital sector, other significant deals included the acquisition of IPL teams Rajasthan Royals and Royal Challengers Bangalore. Times of India and Aditya Birla jointly acquired RCB for $1.78 billion (₹16,000 crore), while Walmart-backed Sooni Group bought Rajasthan Royals for $1.6 billion.

Government Monitors Energy Crisis Impact

The Indian government is addressing supply chain and energy security concerns amid global disruptions. Seven specialized groups have been formed to monitor strategic areas such as defense, economy, public order, and energy—including crude oil and LPG supply chains. Regular updates will be reported to the Prime Minister’s Office to ensure the government’s timely response.

Broader Stock Market Insights

A report by DSP Mutual Fund highlighted improving valuations in sectors like banking, IT, healthcare, and FMCG, suggesting potential opportunities for equity investments. The firm noted that Return on Equity (ROE) for several large-cap stocks remains strong at 15-16%, while valuation multiples are below long-term averages.

Their recommendation for small- and mid-cap allocations remains cautious, advocating for SIPs (Systematic Investment Plans) in these segments rather than lump-sum investments.

Practical Takeaways

• Equities: Despite current volatility, sectors like banking and healthcare offer attractive valuations.
• FPI Trends: Close monitoring of foreign fund flows is essential as it influences rupee performance and inflation.
• Energy Stocks: Companies focused on renewable energy and exploration, such as ONGC, may benefit from long-term government initiatives.
• IPO Activity: The Manipal Hospitals IPO presents a significant opportunity in the healthcare sector.
• Geopolitical Risk: Investors should remain cautious of global developments impacting commodities and energy markets.

Conclusion

March 25, 2026, highlighted the interconnected nature of global and domestic markets. From record-breaking FPI outflows to price hikes in consumer services and large-scale IPO filings, Indian markets continue to navigate through complex challenges. While volatility persists, strategic opportunities in energy and healthcare sectors show potential for long-term growth.