Mumbai, March 9: The Indian stock market opened sharply lower on Monday, the first trading day of the week, due to escalating tensions between the United States and Iran and a significant spike in crude oil prices. Growing global uncertainty has heightened investor risk aversion, putting pressure on the market.
During this period, major domestic benchmarks witnessed substantial declines. The BSE Sensex, comprising 30 stocks, opened at 77,056.75, down 1,862.15 points from its previous close of 78,918.90. Similarly, the NSE Nifty fell 582.4 points to open at 23,868.05, compared to its last close of 24,450.45.
As of around 9:28 AM, the Sensex was trading at 76,514.48, reflecting a drop of 2,404.42 points or 3.05%. The Nifty also recorded a decline of 727.40 points (2.97%), trading at 23,723.05.
Along with the benchmark indices, the broader market also faced pressure. The Nifty Midcap index fell approximately 3.07%, while the Nifty Smallcap index dropped nearly 3.18%.
Sector-wise, the Nifty PSU Bank index experienced the most significant decline, plummeting over 4% at the open. Other sectors like Nifty Auto (down 3.99%), Nifty Bank (down 3.87%), Nifty Financial Services (down 3.75%), and Nifty FMCG (down 2.14%) also showed weak performance. In contrast, the Nifty IT index recorded the smallest decline at 1.06%.
Within the Sensex pack, stocks of Indigo, SBI, L&T, Tata Steel, Maruti Suzuki, Asian Paints, Axis Bank, and Mahindra & Mahindra were among the top losers.
The global oil market witnessed significant turmoil following the intensification of the US-Iran conflict. In early Asian trading, crude oil prices (Brent crude) surged nearly 21% to reach $112 per barrel.
Reports indicate that following attacks on ships by Iran, the Strait of Hormuz was closed, raising concerns about global oil supply disruptions. Subsequently, major oil-producing countries like Kuwait, the UAE, and Iran announced cuts in oil production. Meanwhile, U.S. President Donald Trump stated that rising oil prices are a small price to pay for the security and peace of the U.S. and the world.
Hitesh Taylor, a research analyst at Choice Broking, noted that the Nifty 50 experienced significant volatility and persistent selling pressure last week. Technically, the weakness indicated by the weekly chart and closing below the 50-week EMA suggests market weakness. Currently, the 24,700 to 25,150 range is considered a major resistance level, while 23,850 and 23,600 are viewed as immediate support levels. If the Nifty falls below 23,500, further market declines may occur.
Experts further reported that according to initial exchange data, foreign institutional investors (FIIs) sold shares worth approximately ₹6,030 crores on March 6, 2026, adding pressure to the market. In contrast, domestic investors bought around ₹6,972 crores, providing some support.
Experts advise investors to remain cautious and disciplined in light of global uncertainties and increasing market volatility. It is recommended to focus on fundamentally strong stocks during the downturn.
Market experts suggest that a new buying strategy for the Nifty should only be adopted if the index shows a strong and sustained breakout above the 25,000 level. Such a development would strengthen positive sentiment in the market and potentially initiate a new bullish phase.
Arpit Soni has had a passion for journalism since the beginning. Now he has turned this hobby into his profession. Arpit, who is a resident of Udaipur, enjoys editing and writing news related to journalism. He has worked as a Senior Content Producer in several important roles at Bhaskar, Patrika, Pratahkal, Punjab Kesari, and Times. Arpit completed his schooling in Udaipur and Jaipur. He has been working in the media industry for more than 10 years, and his journey is still continuing. ✍️📚
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