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Informist, Monday, Mar. 9, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: Aviation cos down on US-Iran hostilities, surging oil prices

 

MUMBAI--1045 IST--Shares of Indian airline companies – InterGlobe Aviation and SpiceJet-- fell sharply Monday amid ongoing hostilities in West Asia and a surge in crude oil prices. InterGlobe Aviation fell over 8% to an over-one-year low of INR 4,035. SpiceJet also fell over 8% to an all-time low of INR 12.85. 

 

The military conflict in West Asia, which began on Feb. 28, has disrupted the aviation sector with widespread airspace closures hurting international flight operations, Emkay Global Financial Services said. The IndiGo operator's 45% of available seat kilometres was hit, leading to the cancellation of around 160 daily flights between Mar. 1 and Mar. 3, according to the brokerage. "Cancellations continue amid the escalating conflict, but have moderated to around 130–140 daily flights currently," Emkay said.

 

Moreover, the escalating conflict has led to a surge in crude oil prices, which could translate to higher aviation turbine fuel prices. Higher fuel prices can weigh on the margins of airline companies. The closure of the Strait of Hormuz, the shutdown of Ras Tanura Refinery, and disruptions of oilfields in Iraq have pushed oil prices down, while jet fuel cracks have more than doubled, Emkay said. 

 

The May Futures of Brent Crude Oil hit the highest level since June 2022, which is $119.50 per barrel. Since the combined attack of the US and Israel on Iran, oil prices have risen nearly 64%. At 1038 IST, May Futures of Brent Crude Oil were at $116.71 per barrel, up nearly 26% from the previous close. 

 

At 1040 IST, shares of InterGlobe Aviation were at INR 4,114.70, down nearly 7%. The stock was worst hit among the Nifty 50 constituents. The stock has shed 9% over a period of seven days. Shares of SpiceJet were at INR 13.26, down over 5%. The stock of SpiceJet has fallen nearly 13% over the last seven days.

 

On Sunday, flight operations at Dubai Airport were suspended after debris from an intercepted drone fell near the airport's terminal, Times of India reported. Media reports said that Mehrabad Airport in Iran also came under attack.  (Adhithya Aji) 

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Equity Alert: Indices slump on global cues; crude price near $120 /bbl

 

MUMBAI--1000 IST--Domestic benchmark indices opened sharply lower Monday on negative global cues, with crude oil prices touching nearly $120 per barrel. Indices on Wall Street had ended lower Friday and Asian markets too were down Monday. Financial services and automobile stocks were the major laggards.

 

At 0942 IST, the Nifty 50 was at 23764.65 points, down 685.80 points or 2.8% and the BSE Sensex was at 76658.71 points, down 2260.19 points or 2.9%. 

 

The Nifty is likely to fall to 23535 points, which would complete a 61.8 retracement of the upmove since March 2025, according to Geojit Investments. If the index breaches this level, the next support would be 22000 points, which is the lowest level in one year, and 19000 points, which is the lowest level since November 2023, the brokerage said. "Near term upside prospects depend on the ability to float above 24000 (points)," Geojit Investments said in a note.  

 

Coal India and Reliane Industries were the sole gainers in the 50-stock index. These stocks rose nearly 1% and 0.4% respectively. InterGlobe Aviation is the worst hit stock in the index. It tumbled nearly 8%. Financial services companies Shriram Finance, Jio Financial Services, Bajaj Finance, Bajaj Finserv, and State Bank of India were down 3-5%. Automakers shares Mahindra & Mahindra, Tata Motors Passenger Vehicles, Maruti Suzuki India, Eicher Motors, and Bajaj Auto were down 3-6%.

 

Coal India and Reliance Industries were the only gainers in the Nifty 200 as well, while InterGlobe Aviation was the worst hit stock. Oil refining companies, Bharat Petroleum Corp., Hindustan Petroleum Corp., and Indian Oil Corp. were the worst hit stocks in both the Nifty 200 and Nifty 500 indices, down 7–8%. These stocks fell on the back of rising crude oil prices.               

 

The May futures of Brent Crude Oil touched a new high of $119.50 Monday. This is the highest level since June 2022. Oil prices have been surging on the back of the escalating military action of the US and Israel on Iran. The crude oil prices have surged nearly 64% since the beginning of hostilities in West Asia after the US and Israel launched a combined attack on Iran on Feb. 28. At 0939 IST, the May Futures of Brent Crude Oil was at $116.12 per barrel, up 25% from the previous close.

 

Only three stocks in the Nifty 500 were traded higher. Praj Industries was the top gainer, rising 3%. Balrampur Chini Mills and Avenue Supermarkets were up 0.3?ch.  (Adhithya Aji)

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Equity Alert: Asian indices slump as Brent crude nears $120; Kospi falls 8%

 

MUMBAI--0828 IST--Asian indices slumped on Monday as the US-Iran war pushed oil prices near $120 per barrel stoking fears of increase in living costs. Monday, South Korea's Kospi plunged over 8% and triggered its second circuit breaker in four sessions after falling nearly 11% last week. Trading was paused last time on Wednesday when the index fell 12%. Japan's indices too showed sharp declines as Nikkei and Topix fell 7% and 5.8%, respectively.
 

Continuing hostilities in West Asia have threatened global oil supplies as the strategically significant key Strait of Hormuz remains shut as the war enters its second week. Kuwait, Iraq, and United Arab Emirates announced cuts in oil production which sent oil futures soaring past the highs of the last week. Brent crude for May delivery surged 29% in Asian trade Monday to $119.50, hitting its highest since Jun. 29, 2022.

 

Amidst the uncertainties, investors sought reprieve in the US dollar and turned away from currencies of countries that are net importers of oil, Reuters reported. "Asia takes the brunt of the sharp escalation in oil prices and there are few places to run and hide," head of macro research Asia ex-Japan at Mizuho, Vishnu Varathan told Reuters. "The dollar has to be the one outperforming, given Japan and Korea's exposures here and the sharp pain that can be expected from Brent..."

 

Following are the levels of key Asian indices at 0759 IST:

 

Index	Level	Change in %
CSI 300 Index	4574.76	(-)1.84
Hang Seng Index	24998.41	(-)2.95
Nikkei 225 Day	51740.46	(-)6.98
TOPIX FIRST SECTION	3502.69	(-)5.76
KOSPI	5138.99	(-)7.98
FTSE Singapore Strait Times	4711.25	(-)2.83
S&P/ASX 200 Index	8481.40	(-)4.18

 

(Shruti Nair)

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Equity Alert: Indices may open sharply lower as oil surges over $118/barrel

 

MUMBAI--0815 IST--Benchmark equity indices are expected to open sharply lower Monday as oil prices surged past the crucial $100-per-barrel level amid the escalating conflict in West Asia. Equity markets across the Asia-Pacific region opened lower Monday as a rapid rise in oil prices exacerbated fears of accelerating inflation and faster pace of interest-rate increases by central banks across the globe. 

 

The May futures contract of Brent Crude Oil soared 28% to $118.73 a barrel Monday, as the widening conflict between Iran and the US-Israel combine fuelled fears of tighter supply and prolonged disruptions to shipments through the Strait of Hormuz. The $100-per-barrel mark has been widely seen as a key psychological threshold for oil prices. A prolonged stay above the level is expected to raise concerns of macro deterioration and higher inflation. Since the start of the conflict on Feb. 28, oil prices have surged over 60%. 

 

The hostilities in West Asia entered their tenth day Monday, with no signs of abatement. Pakistan and India face the highest economic risks among major emerging markets from the Iran conflict, Bloomberg reported, citing BMI, a unit of Fitch Solutions. The BMI analysts calculated relative risk scores based on total trade through Strait of Hormuz, foreign exchange reserves coverage, energy subsidies and budget balance, giving Pakistan the highest tally of 68.8 out of 100, followed closely by India at 66.9, the report said. 

 

The GIFT Nifty indicates a sharp gap-down open for the Nifty 50. At 0803 IST, the March contract of GIFT Nifty traded at 23729.50 points, over 700 points lower than Nifty 50's previous close. "Nifty 50 should open 2-3% gap down due to sharp rise in crude oil prices," Sunny Agrawal, head of research at SBICAP Securities said. He expects oil marketing, tyres, paints, and airline companies to remain under pressure. (Arya S. Biju)

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Equity Alert: US futures down 2% as crude oil prices breach $100/bbl

 

MUMBAI--0745 IST--US futures fell nearly 2% as the war in West Asia pushed crude oil prices over $100 per barrel for the first time in years. Futures contracts of the Dow Jones industrial average, S&P 500, and Nasdaq 100 were down over 2?ch at 0704 IST. On Friday, all three indices had closed in the red, with the Nasdaq Composite witnessing the steepest fall at 1.6%.

 

As hostilities between the US-Israel and Iran entered its 10th day, investors on Wall Street weighed its impact on energy supply across the world. On Sunday, US President Donald Trump said the rise in "short-term oil prices" was a "very small price to pay" for destroying the nuclear threat in Iran. At 0736 IST, Brent crude May futures were at $113.82 per barrel, up more than 23%.

 

Major West Asian oil producers cut their output due to the shutdown of the key Strait of Hormuz, leading to the jump in oil futures Sunday night, CNBC reported. On Friday, Qatar's energy minister told the Financial Times that oil prices could hit $150 per barrel if the coflict in West Asia continues, further spooking the sentiment on Wall Street. 

 

Further, disappointing data on non-farm payrolls in the US stoked anxieties of a slowdown in the economy. The data showed the US lost jobs in February and the unemployment rate increased to 4.4%, higher than the expectations of 4.3%. Investors will closely monitor data releases on inflation, employment and gross domestic product, due this week.

 

Following are the closing levels of US indices Friday:

 

Index	Level	Change in %
S&P 500	6704.02	(-)1.33
NASDAQ Composite	22387.68	(-)1.59
Dow Jones Industrial Average	47501.55	(-)0.95

 

(Shruti Nair)

 

US$1 = INR 92.22

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Deepshikha Bhardwaj

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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