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Informist, Monday, Mar. 9, 2026

 

By Arya S. Biju

 

MUMBAI – Benchmark equity indices closed 1.7% lower each, erasing almost half their intraday losses, as crude oil prices cooled after rising to nearly $120 per barrel earlier in the day. According to reports, finance ministers of G7 countries will meet later in the day to discuss the release of emergency oil reserves. Further, oil giant Saudi Aramco has offered more than 4 million barrels of Saudi crude through a series of rare tenders, as the conflict in West Asia continues to disrupt supplies, according to a Bloomberg report. 

 

The domestic equity market saw another broad sell-off Monday after crude oil prices spiked to $119.50 per barrel, the highest since June 2022. Oil prices surged to multi-year highs after major oil producers in West Asia began cutting down production while the Strait of Hormuz remains effectively closed. The conflict between Iran and the US-Isreal combine entered the second week Monday, with no signs of abatement. 

 

On Monday the Nifty 50 settled at 24028.05 points, down 422.40 points or 1.7%, marking the lowest closing price in over 10 months. The BSE Sensex closed at 77566.16 points, down 1352.74 points or 1.7%. This was the lowest closing price of the 30-stock index in over 11 months. Earlier in the session, both the indices fell over 3?ch to their lowest levels in over 10 months. 

 

The market remained volatile throughout the session amid escalating geopolitical tensions and rising crude oil prices. The India Volatility Index, the fear guage of Dalal Street, ended over 17.5% higher at 23.3625 points, indicating greater nervousness in the market. Earlier in the session, the index had risen over 23% to a nine-month high of 24.4925 points. "Market volatility surged to a multi-month high, reflecting uncertainty over the duration of the conflict and its potential economic impact," Siddhartha Khemka, head of research-wealth management at Motilal Oswal Financial Services, said in a note. 

Weak global markets and the rupee hitting a new record low against the dollar also weighed on investor sentiment Monday, analysts said. The rupee ended at a record closing low of 92.3275 a dollar Monday, lower than its previous close of 91.7400. Equity markets across the globe remained under pressure Monday amid the spike in crude oil prices. Major indices in Asia closed 1-6% lower, while those in Europe traded 1.3–2.1% lower at 1644 IST.

 

Broader market indices were also under heavy selling pressure Monday, falling around 2?ch. Earlier in the session, the indices had fallen as much as 3.5-3.7%, compared 3.1?ll in both benchmark indices. Except for the Nifty IT, all other sectoral indices closed lower, down 0.1-4.1%.

 

Banking and automobile stocks fell the most Monday, with the Nifty Private Bank, Nifty Bank, Nifty PSU Bank, and Nifty Auto losing 2.8-4.1%. On the other hand, pharma and information technology stocks saw selective value buying, which helped limit the losses and indicated a defensive stance amid a weakening rupee in the short term. A fall in the rupee against the dollar is beneficial for domestic IT companies as they earn a major part of their revenue from the US. Similarly, major Indian pharma companies, including Gland Pharma, Aurobindo Pharma, and Dr. Reddy's Laboratories, earn around half of their revenues from the US. 

 

Shares of most banking and financial services companies fell sharply as a rapid rise in oil prices exacerbated fears

of accelerating inflation and higher government bond yields impacting their treasury income, analysts said. Higher inflation could lead to lower consumption and hence lower credit growth for financial companies, Anand Dama, head of banking, financial services, and insurance research at Emkay Global Financial Services said. Additionally, there are fears of higher government bond yields impacting the treasury income of public sector banks, Dama added. 

 

Meanwhile, most automobile and auto ancillary companies fell sharply, as the sector faced multiple headwinds, including rising raw material costs and ongoing supply chain disruptions, particularly shortage of memory chips impacting production, Khemka said. Shares of oil marketing companies such as Bharat Petroleum Corp., Hindustan Petroleum Corp, and India Oil Corp. Ltd. fell 4.4-6.1% amid worries over the rapid rise in crude oil prices resulting in higher input costs, impacting their margins. Additionally, reports said that pump prices of petrol and diesel will remain unchanged, and oil marketing companies may have to make do with reduced profits amid the spike in oil prices.  

 

Shares of aviation companies fell amid worries that higher fuel costs and moderation in international air traffic due to the widening hostilities in West Asia could dent their quarterly earnings. Shares of Interglobe Aviation closed nearly 4% lower and those of SpiceJet were down around 7%. 

 

* Of the Nifty 50 stocks, 8 rose and 42 fell

* Of the Sensex stocks, 5 rose and 25 fell

* On the NSE, 642 stocks rose, 2,631 fell, and 99 were unchanged

* On the BSE, 886 stocks rose, 3,484 fell, and 166 were unchanged

* Nifty Auto: down 4.1%; Nifty PSU Bank: down 4.0%; Nifty IT: up 0.1%

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BSE                                              NSE

Sensex: 77566.16, down 1352.74 points or 1.7%       Nifty 50: 24028.05, down 422.40 points or 1.7%

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S&P BSE Sensitive Index	Nifty 50
Lifetime High: 86159.02 (Dec. 1, 2025)	: Lifetime High: 26373.20 (Jan. 5, 2026)
Record Close High: 85836.12 (Sept. 26, 2024)	: Record Close High: 26328.55 (Jan. 2, 2026)
2026 1st day close: 85188.60 (Jan. 1)	: 2026 1st day close: 26146.55 (Jan. 1)
2026 Closing High: 85762.01 (Jan. 2)	: 2026 Closing High: 26328.55 (Jan. 2)
2026 Closing Low: 77566.16 (Mar. 9)	: 2026 Closing Low: 24028.05 (Mar. 9)
2026 High (intraday): 85883.50 (Jan. 5)	: 2026 High (intraday): 26373.20 (Jan. 5)
2026 Low (intraday): 76424.55 (Mar. 9)	: 2026 Low (intraday): 23697.80 (Mar. 9)
2025 1st day close: 78507.41 (Jan. 1)	: 2025 1st day close: 23742.90 (Jan. 1)
2025 Closing High: 85720.38 (Nov. 27)	: 2025 Closing High: 26215.55 (Nov. 27)
2025 Closing Low: 72989.93 (Mar. 4)	: 2025 Closing Low: 22082.65 (Mar. 4)
2025 High (intraday): 86159.02 (Dec. 1)	: 2025 High (intraday): 26325.80 (Dec.1)
2025 Low (intraday): 71425.01 (Apr. 7)	: 2025 Low (intraday): 21743.65 (Apr. 7)
2024 1st day close: 72271.94 (Jan. 1)	: 2024 1st day close: 21741.90 (Jan. 1)
2024 Closing High: 85836.12 (Sept. 26)	: 2024 Closing High: 26216.05 (Sept. 26)
2024 Closing Low: 70370.55 (Jan. 23)	: 2024 Closing Low: 21238.80 (Jan. 23)
2024 High (intraday): 85978.25 (Sep. 27)	: 2024 High (intraday): 26277.35 (Sept. 27)
2024 Low (intraday): 70001.60 (Jan. 24)	: 2024 Low (intraday): 21137.20 (Jan. 24)
2023 1st day close: 61167.79 (Jan. 2)	: 2023 1st day close: 18197.45 (Jan. 2)
2023 Closing High: 72410.38 (Dec. 28)	: 2023 Closing High: 21778.70 (Dec. 28)
2023 Closing Low: 59288.35 (Feb. 27)	: 2023 Closing Low: 17311.80 (Oct. 17)
2023 High (intraday): 72484.34 (Dec. 28)	: 2023 High (intraday): 21801.45 (Dec. 28)
2023 Low (intraday): 58699.20 (Jan. 30)	: 2023 Low (intraday): 17098.55 (Jan. 17)
2022 1st day close: 59183.22 (Jan. 3)	: 2022 1st day close: 17625.70 (Jan. 3)
2022 Closing High: 63284.19 (Dec. 1)	: 2022 Closing High: 18812.50 (Dec. 1)
2022 Closing Low: 51360.42 (Jun. 17)	: 2022 Closing Low: 15293.50 (Jun. 17)
2022 High (intraday): 63583.07 (Dec. 1)	: 2022 High (intraday): 18887.60 (Dec. 1)
2022 Low (intraday): 50921.22 (Jun. 17)	: 2022 Low (intraday): 15183.40 (Jun. 17)
2021 Closing High: 61305.95 (Oct. 14)	: 2021 Closing High: 18338.55 (Oct. 14)
2021 Closing Low: 46285.77 (Jan. 29)	: 2021 Closing Low: 13634.60 (Jan. 29)
2021 High (intraday): 61353.25 (Oct. 14)	: 2021 High (intraday): 18350.75 (Oct. 14)
2021 Low (intraday): 46160.46 (Jan. 29)	: 2021 Low (intraday): 13596.75 (Jan. 29)
2020 Closing High: 47751.33 (Dec. 31)	: 2020 Closing High: 13981.95 (Dec. 30)
2020 Closing Low: 25981.24 (Mar. 23)	: 2020 Closing Low: 7610.25 (Mar. 23)
2020 High (intraday): 47896.97 (Dec. 31)	: 2020 High (intraday): 14024.85 (Dec. 31)
2020 Low (intraday): 25638.90 (Mar. 24)	: 2020 Low (intraday): 7511.10 (Mar. 24)
2019 High (intraday): 41809.96 (Dec. 20)	: 2019 High (intraday): 12293.90 (Dec. 20)
2019 Low (intraday): 35287.16 (Feb. 19)	: 2019 Low (intraday): 10583.65 (Jan. 29)
2018 High (intraday): 38938.91(Aug. 28))	: 2018 High(intraday): 11760.20 (Aug. 28)
2018 Low (intraday): 32483.8 (Mar. 23)	: 2018 Low (intraday): 9951.9 (Mar. 23)
2017 High (intraday): 34005.37 (Dec. 26)	: 2017 High(intraday): 10515.10 (Dec. 26)

 

End

 

Edited by Avshek Dutta

 

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