Nifty Smallcap 100 Plunges to 14,986 Low: Why Mid- and Small-Caps Are Crashing Harder Than the Market in March 2026

  The Indian stock market witnessed intense selling pressure on March 23, 2026, as mid- and small-cap indices tumbled over 4% amid a broader market crash driven by escalating geopolitical tensions in the Middle East. The Nifty Midcap 100 index has now declined around 13% year-to-date in 2026, reflecting sharp corrections in broader market segments that have outperformed in previous years but are now facing heightened volatility. Sharp Intraday Declines in Midcap and Smallcap Indices The Nifty Smallcap 100 index opened at 15,565.30 on Monday but quickly slipped to an intraday low of 14,986, erasing significant ground in early trade. By the afternoon session, the selling intensified, with the index down over 4% at points during the day. Market breadth was overwhelmingly negative—except for isolated performers like Trident (up around 2.85%), virtually every stock in the Nifty Smallcap 100 traded in the red, signaling widespread panic across smaller companies. Similarly, the Nifty M...
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India Slams US Claim: 'Not Accurate' — Trade Deal Didn't Stall Over Modi-Trump Phone Call

 

In a sharp diplomatic rebuttal, India has dismissed recent remarks by a senior US official attributing the delay in bilateral trade negotiations to Prime Minister Narendra Modi's alleged failure to personally call US President Donald Trump. The Ministry of External Affairs (MEA) described the portrayal of events as "not accurate", emphasizing ongoing commitment to a balanced and mutually beneficial trade agreement between the two major economies.

Background of the Controversy

The comments originated from US Commerce Secretary Howard Lutnick during an appearance on the All-In podcast. Lutnick claimed that negotiations had progressed significantly in 2025, with a deal nearly finalized. According to him, the final step required a direct phone call from PM Modi to President Trump to seal the agreement. He suggested that India appeared "uncomfortable" with this approach, leading to the call never happening. As a result, the US reportedly shifted focus and concluded trade pacts with other nations like Indonesia, the Philippines, and Vietnam on terms that later became less favorable for India.

Lutnick's narrative framed the impasse as a matter of personal diplomatic outreach rather than substantive policy differences. This came amid heightened trade tensions, including US imposition of substantial tariffs on Indian goods—reportedly reaching up to 50% in some cases—linked to broader concerns over India's energy imports from Russia.

India's Strong Counter-Response

Responding swiftly during a media briefing on January 9, 2026, MEA spokesperson Randhir Jaiswal rejected the characterization outright. He highlighted that India and the US have been engaged in detailed negotiations since February 13, 2025, holding multiple rounds of talks and coming close to an agreement on several occasions.

Key points from the official Indian statement include:

  • The portrayal of the discussions in the reported remarks is not accurate.
  • India remains fully committed to concluding a mutually beneficial trade agreement between two complementary economies.
  • PM Modi and President Trump maintained regular high-level communication, speaking on the phone eight times in 2025 alone, covering various aspects of the broad India-US partnership.

This revelation of frequent leader-level engagement directly challenges the notion of any lack of outreach or personal reluctance on India's side.

Deeper Context: Beyond a Single Phone Call

While the public exchange has focused on the alleged "missed call," experts and analysts point to more structural issues at play in the prolonged talks. Key sticking points have included:

  • Differences over market access, particularly in agriculture and dairy sectors.
  • Tariff structures and reciprocal duties.
  • Broader geopolitical factors, such as India's continued imports of Russian oil amid US pressure to diversify energy sources.

Despite these challenges, both sides have expressed willingness to continue discussions. Recent rounds of negotiations, including official-level meetings in late 2025, indicate that the process remains active rather than abandoned.

Implications for India-US Relations

The episode underscores the complex interplay between high-stakes economic negotiations and personal diplomacy in international relations. India has consistently projected a confident, independent stance in its foreign policy, prioritizing national interests while nurturing strategic partnerships.

As talks progress, stakeholders on both sides—exporters, industries, and policymakers—will be watching closely. A successful bilateral trade deal could significantly boost commerce, reduce tariffs, and strengthen the strategic convergence between the world's largest democracies.

India's clear and measured response reinforces its position: diplomatic ties remain robust, and progress on trade will be driven by mutual benefit, not unilateral narratives.

Stay tuned for further developments in this evolving story, as both nations navigate toward a potential breakthrough in their economic partnership.

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