Stock Market Crash Highlights: Sensex slumps 1,122 points, Nifty 50 ends below 24,500

The Indian stock markets closed significantly lower today, continuing their downward trend. The Sensex decreased by nearly 1,122 points, finishing around 79,116, while the Nifty 50 dropped about 385 points to close at 24,480. The decline was widespread, with substantial selling observed across largecaps, midcaps, and smallcaps.

The primary catalyst for this downturn was the heightened tensions in the Middle East. Reports of US-Israeli strikes on Iran and Iran's response led to a surge in global crude oil prices. Brent crude soared nearly 9% to around $85 per barrel, heightening concerns regarding India's import expenses, inflation, and fiscal pressures. Furthermore, shipping disruptions in the Strait of Hormuz intensified worries about potential supply shortages.

Rupak De, Senior Technical Analyst at LKP Securities, said, "Nifty 50 continues to decline as rising crude oil prices have sent shockwaves among Indian investors. The index has remained below the rising trendline on the daily timeframe, indicating increasing pessimism in the market. The RSI continues to remain in a bearish crossover, confirming weak momentum.

The immediate crucial support is placed at 24,200–24,000. On the higher side, resistance is seen at 24,700. In the short term, the trend suggests a sell-on-rise strategy."

As many as 719 stocks, including Swiggy, SBI Cards and Payment Services, IRFC, RVNL, REC, Concor, DLF, Naukri, Page Industries, Procter & Gamble Hygiene and Health Care, and Shree Cement, hit their 52-week lows in intraday trade on the BSE.

ACC, Alkyl Amines Chemicals, AWL Agri Business, Bata India, Birla Corporation, Brigade Enterprises, Godrej Industries, IRCON International, Olectra Greentech, and JK Lakshmi Cement were also among the stocks that hit their 52-week lows on the BSE.

Vinod Nair, Head of Research, Geojit Investments, said - “Global risk sentiment remained fragile amid ongoing tensions in the Middle East and the closure of the Strait of Hormuz, which kept oil prices volatile. Indian equities mirrored the broader risk‑off environment due to the impact of inflation and potential for higher CAD.

The continued depreciation of the INR also remains a key concern, while incremental foreign outflows lead to near-term volatility in the market. We advise investors to avoid panic sell-off and adopt a disciplined, long-term perspective and exercise patience over the next several weeks, as current price levels may offer a strategic entry point for the medium to long term.”

Stock Market Crash LIVE: In terms of sectors, Nifty IT was the only one to close in the positive, finishing with a slight increase of 0.11%. The rupee's drop to an all-time low of 92 likely influenced the sentiment within the IT sector. Conversely, Nifty Metal was the worst-performing sector of the day, followed by Nifty PSU Bank, which has now recorded consecutive lower closes on the daily chart. Regarding individual stocks, Coal India and Bharti Airtel were the leading gainers among the Nifty constituents, while Tata Steel and TMPV were the top two decliners.

The Midcap and Small cap indices also started off on a low note and continued to fall in the early part of the session before making some gains later on. Even with the rebound, both indices closed down more than 2%, lagging behind the major indices.

Today, Indian stock markets closed in the red as significant selling across various sectors, particularly in IT stocks, led to a decline in the benchmark indices. While there were some positive developments for specific stocks, the overall sentiment was subdued due to negative cues from the global market. Both the Sensex and Nifty 50 experienced notable intraday drops, with the Nifty 50 sinking 288 points at its lowest point.

Sudeep Shah - Head of Technical and Derivatives Research at SBI Securities, said," India VIX has risen sharply in the past two sessions, climbing nearly 54% and touching 21.29—its highest level since May 2025. This spike reflects a clear rise in market uncertainty, largely driven by the escalating geopolitical tension in the Middle East. As volatility increases, benchmark indices are witnessing sharper swings and deeper corrections.

In the near term, such conditions can be challenging for short term traders due to unpredictable price movements. However, long term investors can use this environment to gradually accumulate high quality stocks, as heightened volatility often provides attractive entry points."

Sudeep Shah - Head of Technical and Derivatives Research at SBI Securities, said - “The Indian Rupee has recently fallen to a record low, pressured mainly by the sharp rise in global crude oil prices amid escalating tensions in the Middle East. Higher oil prices increase India’s import bill, heighten inflation risks, and widen the trade deficit, all of which weigh on the currency. Despite these challenges, a depreciation to ₹100 per US Dollar appears unlikely. The Reserve Bank of India has a strong track record of intervening to curb excessive volatility and is expected to act decisively if the situation worsens. Therefore, while near term weakness may persist, an extreme fall remains improbable.”

Metal prices fell this week, as the previous war premium seems to have been fully accounted for in the market. The US dollar strengthened due to safe-haven demand, which added downward pressure across the metals sector. Concurrently, elevated crude oil prices heightened concerns regarding increasing inflation.

The company intends to utilize the funds from the new issuance to establish a manufacturing facility in the Panchmahal district of Gujarat, broaden its product range, settle debts, and address general corporate needs.

Sachin Sawrikar, Founder and Managing Partner, Artha Bharat Investment Managers, said," The movement of the Indian Rupee must be viewed in the context of global dollar strength, evolving macroeconomic conditions, and movements in crude oil prices. For an oil importing economy like India, a sustained rise in oil prices adds pressure on the trade balance and the currency. Some degree of depreciation is not unusual in an interconnected financial system; what is critical is that the adjustment remains orderly and grounded in fundamentals.

A calibrated depreciation can support export competitiveness and assist in correcting external imbalances. However, sharp or persistent weakness carries risks. It can elevate imported inflation, widen the current account deficit, increase the burden of external debt servicing, and amplify the impact of higher energy costs.

For foreign investors, currency volatility directly affects dollar adjusted returns. If depreciation outpaces yield differentials, it may deter portfolio inflows and potentially trigger FPI outflows."

Sensex and Nifty 50 continued their descent below their respective 200-day moving average on account of the fluid situation unfolding in West Asia.

“The zone of 24,270 - 24,250 will act as a crucial support for the Nifty 50 index while the resistance lies in the zone of 24,480 - 24,500 zone. On the downside, if the Nifty 50 index slips below the level of 24,250, then the next support is placed in the zone of 24,120 - 24,100. In the event of a surge above 24,500, the index can experience an extension of the rally towards 25,650,” said Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities.

On the Nifty 50 options front, meaningful call writing witnessed across 24,400 and 24,500 strikes. On the put side, 24,300 has a substantial open interest, followed by 24,200 strike.

Nifty’s Advance Decline Ratio is at 3:47, while the Nifty’s PCR is currently at 0.72.

Speaking of Sensex levels, Shah said the support lies at 77,300 and resistance is at 78,100.

Oil prices continued to rise as new assaults erupted in the Middle East, and traders considered a US initiative to insure and escort tankers navigating through the Strait of Hormuz, where traffic has nearly come to a standstill.

Brent crude climbed towards $84 a barrel after experiencing a rally of about 12% over two days, marking the largest increase since 2020, while West Texas Intermediate hovered around $77. On Tuesday, President Donald Trump stated that the US International Development Finance Corporation would provide insurance for vessels to help maintain the flow of energy and other trade, offering a naval escort if needed.

Gold and silver exchange-traded funds (ETFs) experienced a significant drop in trading on Wednesday (March 4), following a sharp global sell-off in bullion during the prior session when Indian markets were closed for a holiday.

Funds associated with silver took the hardest hit, plummeting by as much as 9%. The ICICI Prudential Silver ETF decreased by approximately 7.3%, while both the Nippon India Silver ETF and SBI Silver ETF fell by over 7% each in early trading. Additionally, the Tata Silver ETF also saw a decline of more than 7%.

After some profit-booking at higher levels, the gold price today witnessed value buying at the lower levels. The COMEX gold rate today bounced back from the intraday low of $5,094.75/oz and touched an intraday high of $5,200 per troy ounce, logging an intraday gain of nearly 1.50% against the previous day's close. Likewise, the MCX gold rate today opened upside at ₹1,63,265 per 10 gm and touched an intraday high of ₹1,63,800 per 10 gm, around ₹17,000 away from its existing record high of ₹1,80,779 per 10 gm.

The domestic market does not have a dearth of headwinds. A raging war in West Asia, AI-led disruptions and the consequent jump in crude oil prices, as well as uncertainty over US President Donald Trump's tariff policies, have made the Indian stock market's outlook hazy, driving India VIX higher.

"A sharp jump in India VIX reflects growing caution in the domestic market amid indications that the US-Iran conflict could prolong, potentially disrupting energy supplies and triggering inflationary pressures globally," said Ajit Mishra, SVP of Research at Religare Broking.

Aditya Thukral, a SEBI-registered research analyst and the founder of AT Research and Risk Managers, highlighted that the escalation of the conflict in the Middle East, the volatility and risk premium have increased, where market participants are anticipating more volatility risks, and that has been priced via option premiums in Indian markets, which is directly reflected by the movements in India VIX.

Sumit Pokharna, VP Fundamental Research, Kotak Securities, said it is important to note that global oil markets were previously in an oversupplied position, which may cushion a sharp reduction in Iranian exports. Additionally, eight OPEC countries have agreed to increase production by 206 kb/d from April 2026, following a three-month pause (versus a 137 kb/d increase during Oct–Dec 2025).

However, logistical chokepoints are binary risks—when transit is blocked, spare production capacity offers limited immediate relief.

Investment View: Risk-Reward Skews Negative

Given:

Elevated geopolitical risk

Supply-side uncertainty

Rising commodity and logistics costs

Margin compression under regulated retail pricing

Limited strategic buffers

We maintain SELL ratings on:

Oil Marketing Companies: Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL)

Gas companies: GAIL (India) Limited (GAIL), Petronet LNG Limited (PLNG), Indraprastha Gas Limited (IGL), Mahanagar Gas Limited (MGL)

The main stock index in Thailand fell by 8%, leading to a temporary halt in market trading due to rising tensions in the Middle East affecting investor confidence.

Trading on the Stock Exchange of Thailand SET Index was paused for half an hour starting at 12:18 PM local time. Delta Electronics Thailand Pcl and Gulf Development Pcl were among the largest contributors to the index's decline.

This drop aligns with a wider selloff across the region as investors deal with increasing uncertainty regarding the duration and effects of the conflict in Iran. The Asian benchmark dropped by more than 4%.

Sugar prices have risen by as much as 10% due to expectations of increased ethanol blending, prompted by oil supply disruptions caused by the West Asia conflict.

Dr. Ravi Singh, Chief Research Officer at Master Capital Services Ltd, said - “In the near term, the bias remains negative as long as geopolitical tensions persist and crude prices stay elevated. Volatility is likely to continue, and traders should remain cautious. However, such geopolitical reactions typically don’t last very long unless the situation escalates materially. From a technical perspective, 24,500 is a crucial support level for Nifty 50. A sustained breakdown below this could trigger further selling pressure. On the upside, recovery attempts may face resistance near recent breakdown levels. Investors are advised to avoid aggressive long positions and wait for stability in global cues before rebuilding exposure. Defence may continue to show relative strength.”

Gold prices increased by more than 1% on Wednesday, recovering from a low that lasted over a week reached in the prior session, as an escalating conflict in the Middle East caused global markets to drop and boosted the demand for safe-haven assets.

Spot gold rose by 1.4% to $5,157.30 per ounce by 0453 GMT. U.S. gold futures for April delivery climbed 0.8% to $5,165.80.

Stock Market Crash LIVE: The Kospi dropped 12.6% to 5,065.14 in early afternoon trade. The Korea Exchange temporarily halted trading for the Kospi index, while a circuit breaker was activated on the Kosdaq as well, which declined about 13%.

Rising geopolitical tensions in West Asia are weighing on markets as the conflict between the US, Iran, and Israel intensifies. The war has pushed crude oil prices higher, with Brent above $82 a barrel, raising concerns over inflation and India’s current account deficit. Meanwhile, the Indian rupee has fallen to a record low of 92.15 against the US dollar, reflecting pressure from a stronger dollar and global uncertainty.

Foreign institutional investors have also continued selling Indian equities, offloading ₹6,641 crore in February and ₹3,295.64 crore on March 2. Prolonged tensions could keep energy prices elevated and delay a broader earnings recovery

VIX jumps another 20%, now at highest level since June 2024

PNGS Reva Diamond Jewellery share price made a weak debut on the bourses today. On NSE, PNGS Reva Diamond Jewellery share price opened at ₹375 per share, 2.85% lower than the issue price of ₹386. On BSE, PNGS Reva Diamond Jewellery share price today opened at ₹372 apiece, down 3.63% than the issue price.

Investors have seen a decline of ₹11 lakh crore in wealth within only the initial minutes of trading.

Anand James, Chief Market Strategist, Geojit Investments, said - “The recovery attempts that may be expected post downside gapped opening today need to sustain Nifty above 24500, In order to discourage bears from regrouping. Else, expect 24000-23550. Do account for wild swings, given the spike in VIX on Monday to the highest level since June 2025.”

The domestic benchmark indices, Nifty 50 and Sensex, extended their slump at the open on Wednesday, as escalating U.S.-Israel clashes with Iran lifted oil to a 19-month high, disrupted Middle East energy shipments and stoked fears of a prolonged conflict.

The Nifty 50 was down 1.92% at 24,388.8 and the BSE Sensex shed 2.13% to 78,528.82 as of 9:15 IST.

Domestic markets were closed on Tuesday, March 4 for Holi celebration. The benchmarks have lost about 2.5% each over the past two sessions.

The Indian rupee slid to a record low against the dollar while bond yields jumped as Middle East conflict kept oil prices elevated.

The market decline ramps up as the West Asia conflict extends into its fifth day, with nearly all sectors starting the day in negative territory. Oil and gas stocks are facing pressure due to concerns about energy supply, while defense stocks are on the rise. Financials are among the biggest losers on the Nifty, and the rupee has surpassed 92/$ for the first time.

The rupee opens down 55 paise against the US dollar, surpassing 92/$ for the first time ever.

Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments, said - "With the war escalating and crude rising, markets are going into a period of heightened uncertainty. Nobody knows how long this conflict will go on and what will be the extent of the havoc it could wreck. From the perspective of India, which relies on imports for around 85% of her oil requirements, the real concern is the potential inflation and its consequences on economic growth. From the market perspective, the impact of potentially widening trade deficit, depreciating currency, higher inflation and perhaps lower growth is the real issue. If this fear materialises, corporate earnings will be impacted. This is the fear in the market. This fear will materialise only if the war lingers for long. If it ends in, say 3 to 4 weeks, things will be back to normal.

Experience tells us that panicking and getting out of the market during uncertain times like these is not the right thing to do. Markets have an uncanny ability to surprise and climb all walls of worries. So remain invested and wait patiently. Investors with high risk appetite and long investment horizon can use this crisis to nibble at high quality stocks. Banking, pharmaceuticals, automobiles and defense themes will offer long-term buying opportunities."

Shrikant Chouhan, Head Equity Research, Kotak Securities, said - "Currently, the market is trading significantly below both short-term and medium-term averages, and on daily charts, it appears to be in a weak formation, indicating a largely negative outlook.

We are of the view that, for positional traders, 24,600 would act as a crucial support zone. If the market slips below this level, the correction could continue until 24,300. Further downside may also persist, potentially dragging the index to 24,000.

On the flip side, 25,000 remains the crucial resistance zone for the bulls. The current market texture is extremely volatile and is expected to remain volatile in the near future.

Strategy: Buy Select stocks, which are fundamentally strong between the 24,300–24,000 range."

Stock Market Today LIVE: Gift Nifty was trading around 24,446 level, a discount of nearly 536 points from the Nifty futures’ previous close, indicating a massive gap-down start for the Indian stock market indices.

Stock Market Today LIVE: The Indian stock market is expected to open lower on Wednesday, following losses in the global markets amid the escalating US-Israeli air strikes against Iran. The trends on Gift Nifty signal a gap-down start for the frontline indices, Nifty 50 and Sensex today.