Mumbai, March 9: The Indian stock market opened significantly lower on Monday, reflecting a sharp decline due to escalating tensions between the United States and Iran, coupled with a surge in crude oil prices. The growing global uncertainty has heightened risk aversion among investors, putting pressure on the markets.
During the opening session, major domestic benchmarks witnessed substantial drops. The BSE Sensex, which consists of 30 shares, opened at 77,056.75, down 1,862.15 points from its previous close of 78,918.90. Similarly, the NSE Nifty fell by 582.4 points to open at 23,868.05, compared to its last close of 24,450.45.
As of approximately 9:28 AM, the Sensex was trading at 76,514.48, reflecting a decline of 2,404.42 points or 3.05 percent. The Nifty also recorded a drop of 727.40 points, or 2.97 percent, trading at 23,723.05.
The broader market also faced pressure, with the Nifty Midcap index down by about 3.07 percent and the Nifty Smallcap index falling nearly 3.18 percent.
Sector-wise, the Nifty PSU Bank index saw the most significant decline, plummeting over 4 percent at the open. Other sectors, including Nifty Auto (down 3.99 percent), Nifty Bank (down 3.87 percent), Nifty Financial Services (down 3.75 percent), and Nifty FMCG (down 2.14 percent), also reported weak performances. In contrast, the Nifty IT index recorded the smallest decline at 1.06 percent.
Among the top losers in the Sensex pack were shares of Indigo, SBI, L&T, Tata Steel, Maruti Suzuki, Asian Paints, Axis Bank, and Mahindra & Mahindra.
The global oil market experienced significant turmoil following the escalation of the US-Iran conflict, with Brent crude prices soaring nearly 21 percent to reach $112 per barrel during early Asian trading. Reports indicate that Iran’s attacks on vessels have led to the closure of the Strait of Hormuz, raising concerns about disruptions in global oil supply. In response, major oil-producing countries like Kuwait, the UAE, and Iran announced cuts in oil production. Meanwhile, US President Donald Trump stated that the rise in oil prices is a small price to pay for the security and peace of the US 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 formation of a weak candle on the weekly chart and closing below the 50-week EMA signals weakness in the market. Currently, the range of 24,700 to 25,150 is considered a major resistance level, while 23,850 and 23,600 are viewed as immediate support levels. A drop below 23,500 could lead to further declines in the market.
Experts also highlighted that, according to early exchange data, foreign institutional investors (FIIs) sold shares worth approximately ₹6,030 crore on March 6, 2026, contributing to market pressure. In contrast, domestic investors purchased around ₹6,972 crore, providing some support to the market.
Given the global uncertainties and increasing market volatility, experts advise investors to remain cautious and disciplined. It is recommended to focus on fundamentally strong stocks during this downturn.
Market experts suggest that new buying strategies in the Nifty should only be considered when the index provides strong and sustained breakouts above the 25,000 level, which could signal a positive sentiment and the potential start of a new bullish phase.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
