Sensex Crash Today Highlights: Sensex ends 1352 points lower, Nifty at 24K amid Manic Monday on D-Street

On the technical front, the Nifty declined sharply, breaching several key support levels alongside a sharp rise in the volatility index, India VIX. The next immediate support is placed around 23,500, followed by the 23,200 zone. On the upside, any recovery towards the 24,000–24,300 band is likely to face stiff resistance. Considering the prevailing scenario and scheduled weekly expiry, we maintain a cautious stance. We recommend staying selective while focusing on strict risk management until market stability returns."

Technically, on the backdrop of weak global sentiment, our market opened with a gap down of over 500/2400 points. However, in the second half, it trimmed some losses. On daily and intraday charts, the market is holding a lower top formation, which indicates further weakness from the current levels.

We are of the view that the current market texture is weak but oversold. For day traders, 24,000-23,900/77500-77200 would act as key support zones. Above this, we could see an extension of the pullback move till 24,150-24,300/78000-78200. On the flip side, below 23,900/77200, the selling pressure is likely to accelerate. If the market falls below this level, it could retest 23,700/76500. Further downside may also continue, potentially dragging the index to 23,500/76000.

— Shrikant Chouhan, Head Equity Research, Kotak Securities

Selling intensified as the Middle East conflict entered its second week with no signs of de-escalation. The sustained rise in crude prices is likely to complicate the RBI’s policy outlook by keeping inflation elevated and posing risks to growth. Additional concerns in the U.S. about potential caps on redemptions in specific funds also contributed to the sell-off. Despite this, the current phase may offer opportunities for long-term investors. Selective value buying in pharma and IT helped limit deeper losses and indicated a defensive stance amid a weakening rupee in the short term.

— Vinod Nair, Head of Research, Geojit Investments

Sectorally, only Nifty IT index ended higher. On the flip side, Nifty PSU, Auto and Metal indices emerged as the biggest losers.

The broader market bled more than the index, as the Nifty Midcap 100 declined 1.97% and the Nifty Smallcap 100 2.22%.

Five of the 30 Sensex stocks closed higher while 25 ended in the red today. Reliance was the top gainer and UltraTech Cement the worst loser.

The Nifty 50 index closed the day at 24,028.05, down 422 points, or 1.73%. The index during the session had slipped to 23,698 mark.

BSE Sensex ended 1352 points or 1.71% lower at 77,566.16 today, recovering nearly half of the losses. The index had hit a low of 76,424.55 during the session.

Shares of PG Electroplast, the flagship entity of the PG Group, crashed 14% to a five-week low of ₹525.25 apiece, in tandem with the sell-off in the Indian stock market, after the company informed investors about a shortage of gas under its Gas Sale and Purchase Agreement.

Nifty 50 benchmark has started the week with opening 23,700 mark shows that the market is currently under pressure, largely because of global uncertainty amid Middle East crises and rising crude oil prices. Since India depends heavily on imported crude, higher oil prices tend to push inflation up and widen the fiscal deficit, which usually weighs on market sentiment. Prolonged high crude prices can also lead to a weaker rupee and continued FII outflows, adding further pressure on equities.

From a technical perspective, the index has slipped below an important short-term support zone, which increases the risk of further downside in the near term. However, a sharp fall to 20,000 is unlikely to happen immediately. Nifty still has important support levels around 23200 and 22,800 that could provide stability. Only if geopolitical tensions escalate further and crude remains elevated for an extended period could the market gradually move toward deeper correction levels.

— Dr. Ravi Singh – Chief Research Officer (Advisory & Research) – Master Capital Services Limited

Israel's stock market opens with sharp cuts. The TSA-125 index was down almost 3% at 4,209.61, as against its last closing price of 4,329.54.

HDFC Bank, ICICI Bank and SBI emerged as the top three drags for the Sensex pack in the late afternoon session today.

Six Nifty 50 stocks traded in the green as markets erased some losses. That said, the advance-decline ratio leaned heavily in favour of the sellers.

Upstream oil producers such as ONGC and Oil India benefit directly from higher crude prices through improved realizations per barrel. Some complex refineries may also benefit from improved refining margins during periods of volatility. Companies involved in energy logistics, trading, and shipping may see higher activity levels during such cycles.

— Views from Axis Securities

Several sectors face cost pressures during crude oil spikes. Aviation is highly exposed as fuel accounts for nearly 30–40% of airline operating costs, leading to margin pressure and potential ticket price hikes. Paint companies are impacted due to petroleum-based raw materials, resulting in input cost inflation and margin compression.

Chemical and plastics manufacturers face higher feedstock costs, while tyre companies experience rising costs due to petroleum derivatives used in production. Logistics and transportation companies are impacted by higher diesel costs, increasing freight expenses, and reduced margins. Cement producers also face pressure due to rising energy costs, as the industry relies heavily on fuel such as pet coke.

“Market corrections are a part of the cycle. At this stage, we don’t see significant downside risk left in equities, if clarity emerges. Oil at around $115 per barrel is unlikely to sustain for long, and once prices stabilize, markets should find their footing again. Much of the geopolitical premium is already being priced into commodities and risk assets. If the war does not escalate for extended periods, investors are likely to shift focus back to fundamentals and earnings growth.”

— Satish Kumar, MD and Head – InCred Research Services

U.S. stock index futures tumbled more than 1% on Monday, while oil prices soared, exacerbating inflation fears as hostilities in the Middle East showed no sign of abating.

At 3:13 a.m. ET, Dow E-minis were down 863 points, or 1.82%, S&P 500 E-minis fell 108.5 points, or 1.61%, Nasdaq 100 E-minis were down 407 points, or 1.65%, said a Reuters report.

Shares of Saudi Aramco surged almost 2% on Monday, March 9, to its 52-week high, extending gains after a 4% rally in the previous session as the escalation of the war pushed crude prices sharply higher amid fears of significant disruptions to energy supply from the Middle East and boosted sentiment for energy producers.

The stock climbed as much as 1.7% in today's deals to its year high of 27.4 SAR. The Saudi Aramco stock has rallied nearly 6% in 2 sessions. In the previous session, shares of the state-backed oil giant rose as much as 4.9% intraday before trimming gains to close 4.1% higher. The rally marked the stock’s strongest performance since April 2023.

The rally in Aramco shares came after Brent crude, the global oil benchmark, surged more than 25% to nearly $120 per barrel amid growing geopolitical tensions and concerns that oil shipments from the Persian Gulf could be disrupted. Read more

Sugar stocks rallied today as rising global crude oil prices lifted sentiment for the sector. Stocks including Dhampur Sugar Mills, Dalmia Bharat Sugar, Dwarikesh Sugar Industries and Praj Industries were among the top gainers during the session, advancing between 6% and 10% even as the wider market remained under pressure.

Higher oil prices are widely seen as supportive for ethanol production, which in turn boosts demand for sugarcane and benefits sugar companies. Read more

From a technical perspective, the Nifty has decisively broken below the crucial 24,050 zone, which coincides with the 100-week EMA — a level that historically acted as a strong reversal area. This breakdown signals deterioration in the broader technical structure and suggests that downside momentum is gaining traction. Momentum indicators also remain weak, with the weekly RSI facing rejection near the 50 mark and trending lower, indicating that a clear reversal signal is still absent in the current setup.

If geopolitical tensions continue to escalate and volatility remains elevated, the Nifty 50 could extend its decline toward the 23,000–22,900 zone in the near term, which emerges as the next key short-term support area where some demand or short covering may emerge. On the upside, the 24,300–24,500 band is likely to act as a strong resistance zone, and any relief rally towards this range may face supply and profit-booking pressure.

— Hitesh Tailor, Technical Research Analyst at Choice Broking

The selling pressure in the Indian stock market continued, with all stocks that are part of the BSE Sensex index in the red during the early afternoon session today.

Shares of tyre stocks like JK Tyre & Industries Ltd, CEAT Ltd, Apollo Tyres Ltd, MRF Ltd and Balkrishna Industries Ltd crashed up to 8% today amid rising crude oil prices. Crude is an import input material for the tyre industry and rising crude prices are raising margin and profitability concerns.

Raymond Realty Limited announced that it has signed definitive documents to develop a prestigious residential project in a prime location of Kandivali, Mumbai.

This landmark project is estimated to have a gross development value of approximately Rs. 3,000 crore and marks the Company's third project in Western Suburbs of Mumbai.

Paras Defence and Space Technologies Limited has received an order from DRDO, Ministry of Defence, valued at approximately Rs. 80.28 crore (inclusive of taxes) for the development of a high-precision optical system for air defence applications. The stock, however, traded with 4% cut amid the broader selloff in the Indian stock market.

A plunge to 23535 is awaited that would complete a 61.8 retracement of the upmove since March 2025. Breach of the same should see multi leg downsides initially aiming the March 2025 low near 22000 and November 2023 low near 19000. Near term upside prospects depend on the ability to float above 24000.

– Anand James, Chief Market Strategist, Geojit Investments Limited.

The sectors most exposed to rising energy cost in the near term includes downstream oil companies, paints, tyres and chemical sector where raw material costs are directly linked to crude fluctuations. Aviation players could be double squeezed, facing higher Aviation Turbine Fuel costs while simultaneously absorbing longer flight durations and rerouting expenses due to airspace closures. While auto sector could also feel the burden if the increase in crude price sustains and suppliers pass higher costs of material to OEMs.

— Ravi Singh, Chief Research Officer at Master Capital Services Ltd.

After the sharp cuts seen in opening today, the BSE Sensex has rebounded mildly to trade 1600 points down. At one point during the session, the index had tanked 2300 points.

In terms of price levels, $125 per barrel is the immediate resistance zone. If prices break above that decisively, the market could begin targeting the 2008 highs near $145–$150. On the downside, $90 has now emerged as a critical support level; a move below that would likely signal meaningful de-escalation.

Given the extreme uncertainty and the risk of sharp overnight moves, traders should approach the market cautiously and prefer defined-risk strategies such as options spreads rather than open-ended directional positions.

— Views by Anindya Banerjee, Head of Commodity and Currency Research, Kotak Securities

The Nifty Auto index tumbled sharply in trade today, down over 4%. All index constituents were in the red, with Maruti Suzuki emerging as the top loser.

Aluminium prices in London climbed to their highest level in nearly four years as the escalating conflict in the Middle East intensified concerns over tighter global supply, outweighing pressure from a stronger U.S. dollar, suggested a Reuters report.

Benchmark three-month aluminium on the London Metal Exchange touched $3,544 per metric ton earlier in the session—its highest level since March 31, 2022. The contract was trading 1.77% higher at $3,507 per ton as of 0305 GMT.

US WTI Crude oil has resumed gapped up at $98 and currently trading at $115, up by nearly +26%. With this Crude oil price has marked its biggest jump since 2020, mainly triggered by Middle-East disruptions. Iran has cut Crude oil supply by blocking Strait of Hormuz in past weekend which has added a tension in the regional output. Adding to this, US Dollar has surged significantly, currently trailing over 99 level has put pressure on the Crude oil price. Recently, Countries like Iraq, Kuwait and Qatar have reported decline in overall production.

Today, MCX Crude oil March contract has already touched Upper circuit of 18% at 9868. Key support to be considered at 9000 – 8127 respectively. On the other hand, immediate resistance would be at 10,500 and breakout of this level will accelerate upside momentum in Crude oil price towards 11,300 in upcoming sessions.

— Aamir Makda Commodity & Currency Analyst, Choice Broking

Shares of Cupid rose as much as 12% in intraday deals today, defying the stock market slump as the stock traded ex-bonus. The company had fixed March 9 as the record date for the 4:1 bonus share issue.

Gold and silver prices declined in India on Monday, tracking the fall in global precious metal prices. The gold prices slumped amid fears the rising inflation will likely keep the US Fed in pause mode on rate cut.

Meanwhile, silver prices were impacted by the concerns over the war impact on industries and economy.

Nifty IT index was the least hit amid today's stock market crash. The index was down 0.55% as against 1-5% fall seen in other indices.

The Indian equity landscape this week underscored a profound structural shift, characterized by a relentless 'tug-of-war' between global risk aversion and domestic resilience.

Persistent FII outflows, totaling over ₹23,000 crore this week, reflect a broader de-risking strategy as geopolitical tensions in the Middle East and a surge in Brent crude toward $86 weigh heavily on emerging market sentiment.

— Vinit Bolinjkar – Head of Research – Ventura

Sensex traded 2.71% lower at 76,775 as of 10.45 am. It hit the day's low of 76,424.55. Meanwhile, Nifty 50 was down 2.77% at 76,424.55 after slumping to 23,697.80.

IndiGo, SBI and Maruti among top 5 Nifty 50 losers at this hour of the trade.

The advance-decline ratio on NSE today is 1:10. This means that for every one stock that rose, nearly 10 stocks have declined.

According to NSE data, 693 stocks slumped to fresh 52-week lows today as the Indian stock markets bled amid the Middle East conflict.

Paint stocks felt the heat of rising crude oil prices. Oil is a key input component for paint companies, and a higher crude price impacts the bottomline and margins.

Asian Paints shares lost over 5% while Berger Paints was down 4.8%.

The Nifty PSU Bank index crashed almost 6% today, emerging as the worst-performing sectoral index. All index constituents were in the red.

Shares of Meesho crashed as much as 10% to hit the 52-week low level of ₹143.20 after receipt of an income tax demand totaling nearly ₹1,500 crore for the assessment year 2023–24, as reported in a stock exchange filing on March 7.

India VIX spiked 22% to 24.24 levels. The volatility index spiked as investors remained fearful amid the stock market crash.

The Indian rupee slipped to its all-time low on Monday as crude prices spiked. However, a Reuters report said that the central bank likely intervened to support the rupee at lower levels. The rupee fell 0.6% to 92.3350, eclipsing its previous all-time low of 92.3025 hit last week.

All Sensex stocks tanked in the morning session on Monday amid a bloodbath on Dalal Street. Reliance was the least hit while IndiGo was the worst impacted.

Shares of InterGlobe Aviation emerged as the biggest Sensex loser, crashing 8% following a spike in crude oil prices and amid supply disruptions due to the escalating tensions in the Middle East.

Global brokerage UBS today downgraded OMCs on the back of rising oil.

“At our refining margin estimates and unchanged retail fuel prices, the impact of a US$5/bbl increase in crude prices on diesel/gasoline marketing margins (decline of Rs2.9/ltr) poses Rs153/98/88bn downside to IOCL/BPCL/HPCL consolidated PAT or 55%/51%/62% downside to FY27 consensus earnings,” the brokerage said.

To reflect uncertainty in earnings, it lowered the target PE from 8.0x to 7.0x for IOCL (past 10-year average of 7.6x) and from 8.5x to 7.5x for both BPCL (9.4x average) and HPCL (7.0x average). “We roll forward to FY28E and lower our PTs for IOCL from Rs190 to Rs175, for BPCL from Rs425 to Rs365, and for HPCL from Rs540 to Rs340,” it said.

Shares of oil marketing companies (OMCs) – BPCL, HPCL and IOC – traded with sharp cuts of up to 9% amid the sharp spike in crude oil prices to near $120 per barrel. Higher crude oil prices eat into the marketing margins of OMCs. So far in March, OMC stocks have crashed up to 15%.

Stock Market Crash Today LIVE: Investors lost ₹12 lakh crore within minutes, as the overall market capitalisation of BSE-listed firms dropped to nearly ₹438 lakh crore from ₹450 lakh crore in the previous session.