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Market Recovers Sharply From Day's Low: Sensex Closes 1,352 Points Lower, Nifty At 24,000
Market Recovers Sharply From Day's Low: Sensex Closes 1,352 Points Lower, Nifty At 24,000
Sensex Today: Indian equity benchmarks ended with a sharp recovery from the day’s low on Monday as broad-based selling across sectors weighed on sentiment, with banking, auto and PSU bank stocks leading the decline while IT and healthcare stocks showed relative resilience.
The Nifty 50 closed at 24,005.80, down 1.82%, after hitting an intraday low of 23,697.80, marking its weakest level in more than a month. The index opened at 23,868, attempted a mild recovery during the session, but selling pressure persisted throughout the day.
The Sensex ended the day with a loss of 1,352.74 points or 1.71% at 77,566.16.
In the morning trade, the Nifty 50 had declined 2.84% to close at 23,756.20, slipping below the 24,000 mark, while the Bank Nifty plunged 3.93% to 55,511, leading losses among key indices. The BSE Sensex also declined 2,178 points or 2.81% to trade at 76,682.65. The fall reflects heavy selling in financial stocks and rising volatility in global markets.
Broader markets remained under pressure during the day. The Nifty Next 50 ended the day with a 2.02% decline, while the Nifty Midcap 100 fell 1.95% and the Nifty Smallcap 100 slipped 1.98%, indicating widespread risk-off sentiment across the market.
Volatility surged sharply, with India VIX jumping 17.6% to 23.39, signalling heightened uncertainty and nervousness among traders.
Banking stocks were among the biggest laggards. The Nifty Bank index dropped 3.08% to 56,001, while the Nifty PSU Bank index fell 3.73%, reflecting heavy selling in financial stocks. The Nifty Private Bank index also declined 2.89%.
Auto stocks witnessed the steepest sectoral decline. The Nifty Auto index plunged 4.10%, making it the worst-performing sector during the session.
Metal and oil & gas stocks also remained under pressure, with the Nifty Metal index falling 2.60% and the Nifty Oil & Gas index declining 2.57%, amid concerns over global commodity volatility.
On the other hand, defensive sectors showed relative strength. The Nifty IT index ended largely flat with a marginal gain of 0.07%, while the Nifty Pharma index slipped only 0.20%, indicating some defensive buying.
The sell-off comes after the Nifty had touched a record high of 26,373.20 earlier this year, and the index is now trading nearly 9% below its peak, reflecting the ongoing correction in the market.
Market participants are also closely watching volatility levels, as the sharp spike in India VIX suggests traders are bracing for continued swings in the near term.
Oil prices spiked after the intensifying conflict involving the United States and Iran raised fears of tighter global supply and potential disruptions to shipping through the Strait of Hormuz. Crude prices climbed to their highest levels since July 2022.
The global benchmark Brent Crude Oil jumped 19.81% to $111.05 per barrel, while West Texas Intermediate Crude Oil futures surged 22.26% to $111.13 per barrel.
On Friday, Indian markets had already closed sharply lower amid mounting geopolitical concerns. The BSE Sensex plunged 1,097 points, or 1.37%, to settle at 78,918.90, while the Nifty 50 fell 315.45 points, or 1.27%, to close at 24,450.45, slipping below the 24,500 mark.
A sharp pullback in crude oil prices helped ease pressure on equity markets. US oil prices dropped by nearly $16 per barrel in less than two hours on March 9 and were trading below $103 per barrel after reports that G7 countries are considering releasing crude from strategic reserves.
According to the Financial Times, G7 finance ministers are scheduled to hold an emergency discussion at 8:30 am New York time with Fatih Birol, executive director of the International Energy Agency (IEA), to assess the impact of the Iran conflict on global energy markets.
People familiar with the discussions told the newspaper that three G7 countries, including the United States, have already expressed support for the proposal. Some US policymakers believe a coordinated release of around 300–400 million barrels from strategic reserves could help stabilise oil markets.
Such a move would represent roughly 25–30% of the 1.2 billion barrels currently held in strategic reserves by IEA member countries.
The escalating Iran conflict had earlier intensified supply concerns, pushing Brent crude up more than 26% to around $119 per barrel on Monday, accelerating last week’s rally. Oil prices have surged more than 50% since the outbreak of the US–Israel conflict involving Iran, triggering a broad risk-off sentiment in global markets and strengthening the safe-haven US dollar.
Defensive sectors helped cushion the market decline. Heavyweight IT stocks remained relatively resilient as the sector is less sensitive to rising crude prices.
The Nifty IT index traded in the green, supported by a weaker rupee, which typically benefits export-oriented technology companies. LTIMindtree, Wipro and Persistent Systems were among the top gainers in the index.
The pharmaceutical sector also outperformed the broader market, with the index trading only marginally lower amid the sell-off.
Meanwhile, macro indicators reflected continued stress in financial markets. The Indian rupee hit a record low, while the benchmark 10-year government bond yield rose 7 basis points to 6.76%.
The Nifty 50 closed at 24,005.80, down 1.82%, after hitting an intraday low of 23,697.80, marking its weakest level in more than a month. The index opened at 23,868, attempted a mild recovery during the session, but selling pressure persisted throughout the day.
The Sensex ended the day with a loss of 1,352.74 points or 1.71% at 77,566.16.
Benchmark indices Sensex, Nifty staged a partial recovery on March 9 due to various reasons, including partial relief in crude oil surge.
At 2:48 pm, the Sensex was down 1,404.54 points or 1.78% at 77,514.36, and the Nifty was down 440.45 points or 1.8% at 24,010.00. About 740 shares advanced, 3,269 shares declined, and 125 shares were unchanged. Sensex rose 1,100 points from day’s low and Nifty reclaimed 24,000-mark. The intraday low of Sensex was 76,424.55 while that of Nifty was 23,697.8.
Sun Pharma, Reliance Industries and Wipro were the sole gainers in the Nifty 50 index. On the other hand, State Bank of India was the worst hit stock in the index. It was down over 5%. Banking stocks were the major laggards as a rapid rise in oil prices exacerbated fears of higher inflation and higher government bond yields impacting their treasury income. Shares of Shriram Finance, Jio Financial Services, Kotak Mahindra Bank, Bajaj Finance, and Bajaj Finserv were down 2-4%. Automobile companies Tata Motors Passenger Vehicles, Maruti Suzuki India, Mahindra & Mahindra, Eicher Motors, and Bajaj Auto were down 4-5% as well.
All the broader market indices were in the red, down around 3% each. The Nifty Midcap 100, which fell nearly 3%, was weighed down by shares of Bharat Forge. The stock was down 5%. The Nifty Midcap 150, down nearly 3%, was weighed down by the shares of Bank of Maharashtra, which fell over 6%.
As global equity markets tumble and crude oil prices surge past $100 per barrel, a decades-old lesson from two of the world’s most famous investors is once again gaining traction online.
As of 2:01 PM, the Sensex was trading 2.37 per cent or 1,873.15 points down at 77,045.75.
Justin Khoo, Senior Market Analyst – APAC, VT Markets, said: Market sentiment this week is likely to remain driven by a mix of macroeconomic developments, geopolitical tensions, and regulatory uncertainty. The US Dollar Index has already gapped higher, with markets watching whether the index can move beyond the 99.631 level and potentially test 100.321 if bullish momentum continues. Strength in the dollar has also supported USDJPY, which has continued to rise and is currently testing the 158.60 area, a key level that could determine whether the pair moves toward 159.447. Meanwhile, broader markets may remain volatile as the ongoing war in Iran continues to influence risk sentiment and commodity prices, with USOil already breaking above 100.
On the macro front, attention will turn to upcoming US CPI data, forecast at 2.5% year-on-year versus 2.4% previously, as a combination of a weakening labour market and rising inflation could create a challenging backdrop for the US economy. In commodities, gold appears to be consolidating, but if prices break 4996.04, markets should monitor price action closely, while a move below 4842 could bring additional selling pressure.
Shares of both ferrous and non-ferrous metal companies came under heavy selling pressure on Monday, March 9, as escalating geopolitical tensions and rising crude oil prices weighed on investor sentiment.
Saudi Aramco has offered prompt crude supply through a series of rare tenders, as the effective closure of the Strait of Hormuz traps shipments and forces a rerouting of flows via the Red Sea
Australian shares slumped about 3% on Monday, erasing over $138 billion in value in their worst session since last April’s “Liberation Day” tariff shock, as a spike in oil prices driven by the Middle East war stoked concerns of a breakout in global inflation.
The benchmark S&P/ASX 200 index closed 2.9% lower at 8,599.00 points, the lowest since Dec. 18. The main index lost about A$197.10 billion ($138.15 billion) in value, as per LSEG data, marking its worst session since early April 2025.
Oil prices surged more than 25% to their highest since mid-2022 on supply cuts and fears of prolonged shipping disruptions, prompting investors to rush out of risk assets and brace for an extended period of high energy costs.
In New Zealand, the benchmark S&P/NZX 50 index retreated 3.1% to 13,098.83 points, also clocking its sharpest decline since early April 2025.
The Sensex was trading 1,774.20 points or 2.25 per cent down at 77,144.70 as of 1:01 PM
Oil prices have surged to multi-month highs, with Brent Crude Oil jumping nearly 29% to cross the $100-per-barrel mark as the war involving Iran, Israel, and the United States entered its 10th day. The prolonged disruption of shipping through the Strait of Hormuz has intensified fears of a global energy shock, with analysts drawing parallels to the oil crisis of the 1970s, when crude prices soared about 300%.
The Nifty50 dropped over 10 per cent from its record high of 26,373, touched on January 5, marking its entry into the technical correction zone. As of 12:01 PM, the Nifty50 was trading 2.32 per cent or 566.10 points down at 23,884.35, and the Sensex was trading 2.28 per cent or 1,799.96 points down at 77,092.90.
The markets regulator, the Securities and Exchange Board of India (SEBI), on February 26, introduced a new rule that allows equity mutual funds to invest a portion of their portfolio in gold and silver. The move is part of a broader set of reforms aimed at making mutual fund schemes more flexible and diversified.
Tech Mahindra has denied rumours circulating on social media about large-scale layoffs, stating that the company is not considering any significant workforce reduction.
State Bank of India shares plunged 5.60%, erasing nearly Rs 62,352 crore in market value amid a broader market sell-off driven by geopolitical tensions. The bank’s valuation dipped below Rs 10 lakh crore. Despite this, SBI’s financial performance remains strong, with a significant net profit increase in the December quarter.
Following the report, Brent crude prices have eased to $110 a barrel, while WTI crude declined to $107, compared with $116.71 and $116.45 per barrel, respectively, in the morning.
According to NSE data, 693 stocks slumped to fresh 52-week lows today as the Indian stock markets bled amid the Middle East conflict.
As of 11:00 AM, the Nifty50 was trading 2.48 pr cent or 610.65 points down at 23,837.65, and the Sensex was trading 2.35 per cent or 1,853.27 points down at 77,065.63.
BRENT OIL DECLINES 7 DOLLARS FROM DAYS HIGH https://t.co/H9pR2usdYn
— RedboxGlobal India (@REDBOXINDIA) March 9, 2026
Gold and silver exchange-traded funds (ETFs) traded with mild gains on Monday, March 9, 2026, as escalating US-Iran geopolitical tensions supported investor sentiment. The movement in ETFs defied the underlying weakness in precious metal futures during early trade.
Among the biggest losers in the banking pack, State Bank of India stock fell more than 6 percent, while Union Bank of India and Canara Bank declined about 6 percent each. Private sector lenders also saw sharp declines. Axis Bank stock fell nearly 3.9 percent.
The last time oil crossed this level was in 2022, following the Russian invasion of Ukraine, which disrupted global energy supplies
As of 10:00 AM, the Nifty50 was trading 2.74 per cent or 671.50 points down at 23,778.95, and the Sensex was trading 2.80 per cent or 2,205.93 at 76,712.97.
Shares of Meesho fell 10% on Monday, March 9, after the company disclosed that it had received an income tax demand of nearly Rs 1,500 crore for the assessment year 2023–24, according to a stock exchange filing dated March 7.
Shares of oil marketing companies (OMCs) plunged as much as 9% in early trade on Monday, March 9, after crude oil prices surged
Shares of oil marketing companies were reeling under pressure as Brent crude futures soared over 25 per cent in trade.
Shares of BPCL and HPCL plummeted over 7 per cent each, while IOC dropped more tha 6 per cent.
Brent crude futures surged 25.2 per cent today to hit $116.4/barrel-mark. This was Brent crude oil’s highest level since July 2022.
All sectoral indices were trading lower on Monday. The Nifty PSU Bank index was the top loser, down 5.5 per cent, followed by the Nifty Auto Index, down 4.14 per cent.
The Nifty Metal, Private Bank, and Realty indices also dropped over 3 per cent today.
The NSE Nifty50 opened decisively below the 24,000-mark on Monday as rising crude prices and Iran war concerns weighed on the markets. The 50-stock index was trading around 23,793 levels, falling 658 points or 2.69 per cent in early deals.
All 30 Sensex stocks were trading with steep losses Monday morning. IndiGo was the top loser, down 7.5 per cent, followed by Tata Steel, L&T, SBI, Maruti Suzuki, Eternal, Asian Paints, Adani Ports, ICICI Bank, Trent, and Bajaj Finance.
The Indian central bank likely stepped into the foreign exchange market on Monday, four traders told Reuters, to limit the rupee’s decline as a surge in oil prices pummelled currencies across Asia.
The central bank stepped in before the local spot market opened, helping the rupee rebound slightly from around 92.30 to 92.20 in the interbank order matching system.
The currency had declined to a record low of 92.3025 last week. An over 20% jump in oil prices triggered a broad-based selloff in Asian stocks and currencies on Monday as investors fretted over the deepening conflict in the Middle East.
Foreign investors (FIIs/FPIs) net sold Rs 6,030 crore worth of Indian equities on March 6, 2026. On the contrary, domestic institutional investors (DIIs) net bought shares worth nearly Rs 6,972 crore, according to provisional exchange data.
During the trading session on Friday, FIIs purchased shares worth Rs 14,435 crore but sold shares worth Rs 20,465 crore. Meanwhile, DIIs bought shares aggregating Rs 19,662 crore and offloaded shares worth Rs 12,691 crore.
For the year so far, FIIs have been net sellers of shares worth Rs 60,364 crore, while DIIs have net bought shares worth Rs 1,28,348 crore.
Shares of firms like DMart, Meesho, UltraTech, Kotak Mahindra Bank, Tata Power, PB Fintech, and others will be in focus on Monday’s trade
Source: News18
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