NIFTY 50

Nifty likely to be in 23,500-24,500 range in short term, India VIX soars 17.52% to 23.36, the highest closing level since June 4, 2024, Brent Crude Oil jumps nearly $120 a barrel, Experts advise sell on rally strategy

* Nifty likely to be in 23,500-24,500 range in short term
* India VIX soars 17.52% to 23.36, the highest closing level since June 4, 2024
* Brent Crude Oil jumps nearly $120 a barrel
* Experts advise sell on rally strategy

shorts/business/technical-view-nifty-may-see-a-pullback-after-sharp-correction-but-sustainability-key-amid-oil-surge-vix-spike-bank-nifty-hits-5-month-low-with-3-loss

* Nifty likely to be in 23,500-24,500 range in short term
* India VIX soars 17.52% to 23.36, the highest closing level since June 4, 2024
* Brent Crude Oil jumps nearly $120 a barrel
* Experts advise sell on rally strategy

The market witnessed a bloodbath on March 9, with the Nifty 50 falling over 1.7 percent—the biggest single-day fall since Budget Day—after a big gap-down opening, as raging Middle East tensions pushed oil prices to near $120 a barrel and the India VIX to a 21-month high. However, the market closed off the day's low. This marked a pathetic start to the week, with the index decisively breaking the 50 percent Fibonacci retracement level (24,055—from the April 2025 low to the January 2026 high) intraday, but it managed to close just below it due to some short-covering towards the end.

According to experts, the Nifty 50 index may attempt a bounce back after the severe correction and target 24,300 in the upcoming sessions, considering that momentum indicators have reached oversold zones. However, the sustainability of this upside bounce is key to watch, as the broader trend remains weak, with the index decisively breaking the crucial 24,300 support and trading 4.7 percent below its 200-day EMA (25,212), along with advice to adopt a sell-on-rally strategy. On the lower side, Monday's low of 23,700 is the immediate crucial support to watch.

The Nifty 50 started the day with a 582-point loss at 23,868 and fell to 23,698 (down over 3 percent compared to the previous close) in the morning. The index remained rangebound and showed some smart recovery in the last hour of trade before closing at 24,028 (the lowest closing level since May 9, 2025), down 422 points (1.73 percent—the biggest single-day loss since February 1).

The benchmark index formed a bullish candle with a long lower shadow on the daily charts after a significant gap-down opening, indicating a sharp downtrend with some upside recovery.

According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the overall structure of the market remains weak, and the bearish chart pattern of lower tops and bottoms remains intact on the daily and weekly charts.

The momentum indicators reached the oversold zone, with the RSI falling to 28.89. The MACD maintained a bearish crossover and reached its lowest level since March 2025, with further expansion in the red histogram.

"Having formed a new lower low around 23,700 on Monday, there is a higher probability of a minor pullback in the short term towards the 24,200–24,300 levels for a sell-on-rise opportunity," Nagaraj said.

Meanwhile, the India VIX, the fear gauge, soared 17.52 percent to 23.36, the highest closing level since June 4, 2024, in addition to a 45 percent rally in the previous week, signalling major risk for bulls.

The weekly options data suggested that 23,500 is expected to be key support for the Nifty 50, while resistance is placed at 24,500, which is likely to be the trading range in the short term.

The maximum Call open interest was seen at the 24,500 strike, followed by the 24,800 and 24,700 strikes, with the maximum Call writing at the 24,000, 24,500, and 24,200 strikes. On the Put side, the 23,500 strike holds the maximum Put open interest, followed by the 23,800 and 23,700 strikes, with the maximum Put writing at the 23,700, 23,800, and 23,750 strikes.

Bank Nifty

The banking index saw significant underperformance compared to the benchmark Nifty 50, falling 1,763 points (3.05 percent) to 56,020, the lowest closing level since October 8, 2025, after a 1,662-point gap-down opening.

The Bank Nifty slipped to an intraday low of 55,274, after which it staged a recovery of more than 700 points and formed a small bearish candle with a long lower shadow and minor upper shadow on the daily charts, indicating buying interest at lower levels.

Notably, the index has fallen below its 200-day EMA (57,419) for the first time since April 2025, signalling a shift in the medium-term trend. The daily RSI stood at 24.88, the lowest reading since January 2025.

"Going forward, the 55,600–55,500 zone will act as the immediate support. A sustained break below 55,500 may extend the decline towards 54,900, followed by 54,400," Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said.

On the upside, the 56,500–56,600 band will remain the crucial resistance zone, and only a breakout above this level may trigger a meaningful recovery, he added.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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Technical View: Nifty may see a pullback after sharp correction, but sustainability key amid oil surge, VIX spike; Bank Nifty hits 5-month low with 3% loss

The market witnessed a bloodbath on March 9, with the Nifty 50 falling over 1.7 percent—the biggest single-day fall since Budget Day—after a big gap-down opening, as raging Middle East tensions pushed oil prices to near $120 a barrel and the India VIX to a 21-month high. However, the market closed off the day's low. This marked a pathetic start to the week, with the index decisively breaking the 50 percent Fibonacci retracement level (24,055—from the April 2025 low to the January 2026 high) intraday, but it managed to close just below it due to some short-covering towards the end.

According to experts, the Nifty 50 index may attempt a bounce back after the severe correction and target 24,300 in the upcoming sessions, considering that momentum indicators have reached oversold zones. However, the sustainability of this upside bounce is key to watch, as the broader trend remains weak, with the index decisively breaking the crucial 24,300 support and trading 4.7 percent below its 200-day EMA (25,212), along with advice to adopt a sell-on-rally strategy. On the lower side, Monday's low of 23,700 is the immediate crucial support to watch.

The Nifty 50 started the day with a 582-point loss at 23,868 and fell to 23,698 (down over 3 percent compared to the previous close) in the morning. The index remained rangebound and showed some smart recovery in the last hour of trade before closing at 24,028 (the lowest closing level since May 9, 2025), down 422 points (1.73 percent—the biggest single-day loss since February 1).

The benchmark index formed a bullish candle with a long lower shadow on the daily charts after a significant gap-down opening, indicating a sharp downtrend with some upside recovery.

According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the overall structure of the market remains weak, and the bearish chart pattern of lower tops and bottoms remains intact on the daily and weekly charts.

The momentum indicators reached the oversold zone, with the RSI falling to 28.89. The MACD maintained a bearish crossover and reached its lowest level since March 2025, with further expansion in the red histogram.

&quot;Having formed a new lower low around 23,700 on Monday, there is a higher probability of a minor pullback in the short term towards the 24,200–24,300 levels for a sell-on-rise opportunity,&quot; Nagaraj said.

Meanwhile, the India VIX, the fear gauge, soared 17.52 percent to 23.36, the highest closing level since June 4, 2024, in addition to a 45 percent rally in the previous week, signalling major risk for bulls.

The weekly options data suggested that 23,500 is expected to be key support for the Nifty 50, while resistance is placed at 24,500, which is likely to be the trading range in the short term.

The maximum Call open interest was seen at the 24,500 strike, followed by the 24,800 and 24,700 strikes, with the maximum Call writing at the 24,000, 24,500, and 24,200 strikes. On the Put side, the 23,500 strike holds the maximum Put open interest, followed by the 23,800 and 23,700 strikes, with the maximum Put writing at the 23,700, 23,800, and 23,750 strikes.

Bank Nifty

The banking index saw significant underperformance compared to the benchmark Nifty 50, falling 1,763 points (3.05 percent) to 56,020, the lowest closing level since October 8, 2025, after a 1,662-point gap-down opening.

The Bank Nifty slipped to an intraday low of 55,274, after which it staged a recovery of more than 700 points and formed a small bearish candle with a long lower shadow and minor upper shadow on the daily charts, indicating buying interest at lower levels.

Notably, the index has fallen below its 200-day EMA (57,419) for the first time since April 2025, signalling a shift in the medium-term trend. The daily RSI stood at 24.88, the lowest reading since January 2025.

&quot;Going forward, the 55,600–55,500 zone will act as the immediate support. A sustained break below 55,500 may extend the decline towards 54,900, followed by 54,400,&quot; Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said.

On the upside, the 56,500–56,600 band will remain the crucial resistance zone, and only a breakout above this level may trigger a meaningful recovery, he added.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Sensex fell 1.71 percent, Nifty dropped 1.73 percent on Monday, BSE market cap declined by over Rs 8 lakh crore, All sector indices fell, auto and banks down 2-4%

* Sensex fell 1.71 percent, Nifty dropped 1.73 percent on Monday
* BSE market cap declined by over Rs 8 lakh crore
* All sector indices fell, auto and banks down 2-4%

Indian equity markets fell sharply amid geopolitical tensions and surging crude prices, with Sensex down 1.71% and Nifty 1.73%. All sectoral indices ended in red; BSE market cap dropped by over Rs 8 lakh crore. Over 850 stocks hit 52-week lows.

shorts/business/taking-stock-markets-continue-to-see-sell-off-amid-crude-surge-rupee-at-record-low

* Sensex fell 1.71 percent, Nifty dropped 1.73 percent on Monday
* BSE market cap declined by over Rs 8 lakh crore
* All sector indices fell, auto and banks down 2-4%

Indian equity markets continued the Friday's sell-off amid rising geopolitical disruptions, which pushed biggest jump in crude oil prices since 2020. Also, weak global markets and rupee hitting new low also weighed on investor sentiment. Meanwhile, buying at lower levels helped to trimmed some of the intraday losses as crude recovered.

At close, the Sensex settled at 77,566.16, down 1,352.74 points or 1.71 percent, after hitting low of 76,424.55, while Nifty also recovered from day’s low of 23,697.80 to end at 24,028.05, down 422.40 points or 1.73 percent.

Broader indices underperformed the main indices with Nifty Midcap and Smallcap indices shed 2 each

The market capitalisation of BSE-listed companies fell by more than Rs 8 lakh crore to Rs 441 lakh crore on Monday.

Also Read - <a href="https://www.moneycontrol.com/news/business/markets/outlook-for-interest-rates-remains-tilted-for-prolonged-pause-dbs-senior-economist-radhika-rao-13854512.html">Outlook for interest rates remains tilted for prolonged pause: DBS Senior Economist Radhika Rao</a>

Tata Motors Passenger Vehicles, Eicher Motors, Bajaj Auto, UltraTech Cement, Maruti Suzuki were among major losers on the Nifty, while gainers included Wipro, Sun Pharma, Apollo Hospital, Reliance Industries, Infosys

All the sectoral indices ended in the red with Auto, Capital Goods, Consumer Durables, Metal, PSU Bank, Oil &amp; Gas and Private Bank down 2-4%.

Also Read - <a href="https://www.moneycontrol.com/news/business/markets/markets-in-technical-correction-zone-are-sensex-nifty-oversold-or-should-you-pause-sip-here-s-what-analysts-say-13854579.html">Markets in technical correction zone: Are Sensex, Nifty oversold or should you pause SIP? Here's what analysts say</a>

In stock specific, R Systems International shares added 20% after board declares interim dividend, Meesho share price plunged 10% after company received I-T department notice, Paras Defence shares declined 4% despite winning Rs 80.28 crore order, Cupid share price added 15% as stocks trades ex-bonus, Kwality Wall's (India) shares fell 2.2% after Q3 losses widen.

HPCL, BPCL, IOC shares slipped 4-6% each after UBS downgrades, South West Pinnacle Exploration shares added 5.6% on signing long-term contract of Rs 307 crore, Izmo shares surged 5% after arm announces entry into India’s defence electronics sector.

Also Read - <a href="https://www.moneycontrol.com/news/business/markets/no-need-to-panic-says-prashant-jain-outbound-fdi-fall-may-offset-oil-shock-large-cap-downside-limited-to-10-13854543.html">No need to panic, says Prashant Jain: Outbound FDI fall may offset oil shock; large-cap downside limited to 10%</a>

More than 850 stocks touched their 52-week low, including Swan Corp, Interglobe Aviation, GNFC, PNB Housing Finance, Birla Corp, BLS International, Sterling Wilson, RHI Magnesita, Just Dial, Asian Paints, Nuvoco Vistas, REC, Berger Paints, JK Lakshmi Cement, Rashtriya Chemicals, GAIL, Inox Wind, among others. <a href="https://www.moneycontrol.com/stocks/market-stats/52-week-low-bse/?indexName=BSE%2520500&amp;id=12">Click to View More</a>

Also Read - <a href="https://www.moneycontrol.com/news/business/markets/nifty-s-valuations-could-fall-to-18x-as-crude-oil-soars-above-115-bbl-13854553.html">Nifty's valuations could fall to 18x as crude oil soars above $115/bbl</a>

Outlook for March 10

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After witnessing a sharp weakness on Friday, Nifty continued its violent decline on Monday and closed the day lower by 422 points amidst recovery. After opening on a downside gap of 580 point the market slipped into further weakness soon after the opening. The recovery has started from the lows of 23700 in the mid part and continued till end. Nifty closed the day off the lows and the opening down gap remains partially filled.

A reasonable green candle was formed on the daily chart with long lower shadow. Technically, this market action indicates a sharp down trended movement with upside recovery.

The overall structure of the market remains weak and the bearish chart pattern like lower tops and bottoms is intact on the daily/weekly chart. Having formed a new lower low around 23700 on Monday, there is a higher probability of minor pullback in the short term towards 24200-24300 levels for a sell on rise opportunity.

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

On Monday, the benchmark index Nifty opened with a sharp gap-down as the sudden spike in global crude oil prices weighed heavily on overall market sentiment. Brent crude has rallied steeply over the last two sessions amid renewed geopolitical tensions between the US and Iran. Prices briefly touched $116 per barrel, which was the highest level since June 2022 before witnessing some intraday cooling. This surge heightened global risk aversion and immediately spilled over into domestic equities.

Following the weak open, the Nifty slid to an intraday low of 23697, but subsequently staged a noteworthy pullback of over 331 points, indicating buying interest at lower levels. The index eventually closed above the 24000 mark, ending the session with a 1.73% decline. The index formed a bullish candle with a long lower shadow on daily scale, reflects intraday recovery; however, the broader trend remains bearish, especially with the index trading more than 4% below its 200 day EMA, signalling continued pressure.

Going ahead, the 23880–23850 zone remains a key support for Nifty. A sustained break below 23850 may revive selling pressure and drag the index toward 23700. On the upside, the 24130–24150 zone will act as the immediate resistance, and only a breakout above this band may extend the recovery.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Taking Stock: Markets continue to see sell-off amid crude surge; rupee at record low

Indian equity markets continued the Friday's sell-off amid rising geopolitical disruptions, which pushed biggest jump in crude oil prices since 2020. Also, weak global markets and rupee hitting new low also weighed on investor sentiment. Meanwhile, buying at lower levels helped to trimmed some of the intraday losses as crude recovered.

At close, the Sensex settled at 77,566.16, down 1,352.74 points or 1.71 percent, after hitting low of 76,424.55, while Nifty also recovered from day’s low of 23,697.80 to end at 24,028.05, down 422.40 points or 1.73 percent.

Broader indices underperformed the main indices with Nifty Midcap and Smallcap indices shed 2 each

The market capitalisation of BSE-listed companies fell by more than Rs 8 lakh crore to Rs 441 lakh crore on Monday.

Also Read - Outlook for interest rates remains tilted for prolonged pause: DBS Senior Economist Radhika Rao

Tata Motors Passenger Vehicles, Eicher Motors, Bajaj Auto, UltraTech Cement, Maruti Suzuki were among major losers on the Nifty, while gainers included Wipro, Sun Pharma, Apollo Hospital, Reliance Industries, Infosys

All the sectoral indices ended in the red with Auto, Capital Goods, Consumer Durables, Metal, PSU Bank, Oil &amp;amp; Gas and Private Bank down 2-4%.

Also Read - Markets in technical correction zone: Are Sensex, Nifty oversold or should you pause SIP? Here's what analysts say

In stock specific, R Systems International shares added 20% after board declares interim dividend, Meesho share price plunged 10% after company received I-T department notice, Paras Defence shares declined 4% despite winning Rs 80.28 crore order, Cupid share price added 15% as stocks trades ex-bonus, Kwality Wall's (India) shares fell 2.2% after Q3 losses widen.

HPCL, BPCL, IOC shares slipped 4-6% each after UBS downgrades, South West Pinnacle Exploration shares added 5.6% on signing long-term contract of Rs 307 crore, Izmo shares surged 5% after arm announces entry into India’s defence electronics sector.

Also Read - No need to panic, says Prashant Jain: Outbound FDI fall may offset oil shock; large-cap downside limited to 10%

More than 850 stocks touched their 52-week low, including Swan Corp, Interglobe Aviation, GNFC, PNB Housing Finance, Birla Corp, BLS International, Sterling Wilson, RHI Magnesita, Just Dial, Asian Paints, Nuvoco Vistas, REC, Berger Paints, JK Lakshmi Cement, Rashtriya Chemicals, GAIL, Inox Wind, among others. Click to View More

Also Read - Nifty's valuations could fall to 18x as crude oil soars above $115/bbl

Outlook for March 10

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After witnessing a sharp weakness on Friday, Nifty continued its violent decline on Monday and closed the day lower by 422 points amidst recovery. After opening on a downside gap of 580 point the market slipped into further weakness soon after the opening. The recovery has started from the lows of 23700 in the mid part and continued till end. Nifty closed the day off the lows and the opening down gap remains partially filled.

A reasonable green candle was formed on the daily chart with long lower shadow. Technically, this market action indicates a sharp down trended movement with upside recovery.

The overall structure of the market remains weak and the bearish chart pattern like lower tops and bottoms is intact on the daily/weekly chart. Having formed a new lower low around 23700 on Monday, there is a higher probability of minor pullback in the short term towards 24200-24300 levels for a sell on rise opportunity.

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

On Monday, the benchmark index Nifty opened with a sharp gap-down as the sudden spike in global crude oil prices weighed heavily on overall market sentiment. Brent crude has rallied steeply over the last two sessions amid renewed geopolitical tensions between the US and Iran. Prices briefly touched $116 per barrel, which was the highest level since June 2022 before witnessing some intraday cooling. This surge heightened global risk aversion and immediately spilled over into domestic equities.

Following the weak open, the Nifty slid to an intraday low of 23697, but subsequently staged a noteworthy pullback of over 331 points, indicating buying interest at lower levels. The index eventually closed above the 24000 mark, ending the session with a 1.73% decline. The index formed a bullish candle with a long lower shadow on daily scale, reflects intraday recovery; however, the broader trend remains bearish, especially with the index trading more than 4% below its 200 day EMA, signalling continued pressure.

Going ahead, the 23880–23850 zone remains a key support for Nifty. A sustained break below 23850 may revive selling pressure and drag the index toward 23700. On the upside, the 24130–24150 zone will act as the immediate resistance, and only a breakout above this band may extend the recovery.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Sensex and Nifty drop 3% as global oil prices surge., All sector indices and broader markets faced heavy selling pressure., Rupee nears record low amid rising crude prices, FII outflows.

* Sensex and Nifty drop 3% as global oil prices surge.
* All sector indices and broader markets faced heavy selling pressure.
* Rupee nears record low amid rising crude prices, FII outflows.

Sensex and Nifty fell nearly 3% amid surging crude oil prices, weak global cues, persistent FII outflows, and a declining rupee. All sectoral indices dropped, volatility spiked, and broader markets saw heavy selling, raising investor uncertainty.

shorts/business/bloodbath-on-d-street-sensex-down-2-300-pts-nifty-below-23-750-crude-oil-surge-among-key-factors-behind-market-crash

* Sensex and Nifty drop 3% as global oil prices surge.
* All sector indices and broader markets faced heavy selling pressure.
* Rupee nears record low amid rising crude prices, FII outflows.

The benchmark equity indices Sensex and Nifty tumbled nearly 2 percent on Monday, dragged down by a sharp surge in global crude oil prices, weak global cues and persistent foreign fund outflows.

The Sensex tanked 1,352.74 points, or 1.71 percent, to settle at 77,566.16, registering its second day of decline. During the day, the benchmark crashed 2,494.35 points, or 3.16 percent, to 76,424.55.

The Nifty dropped 422.40 points, or 1.73 percent, to end at 24,028.05. Intra-day, it tumbled 752.65 points, or 3.07 percent, to 23,697.80.

All the 16 major sectoral indices traded in the red. Broader markets also witnessed heavy selling pressure, with the Nifty Smallcap100 and Nifty Midcap100 indices falling about 3 percent each.
<h3>Key factors behind market decline</h3>
1) Crude surge: Brent crude, the global oil benchmark, surged about 26 percent in early trade to around USD 119 per barrel, the highest level since July 2022. Iraq and Kuwait have begun cutting oil output, adding to earlier liquefied natural gas reductions from Qatar as the ongoing war has disrupted shipments from the Middle East.

A sharp rise in crude prices is negative for India, which imports a large share of its oil requirements. Higher crude costs can widen the country’s import bill, fuel inflation and weigh on corporate earnings, which in turn dampens investor sentiment in the equity market.

"Brent crude has spiked above USD 115 delivering a big oil shock to economies and markets. Big oil importers like India will be hit hard if the West Asian conflict lingers long and crude price remains high," said V K Vijayakumar, Chief Investment Strategist at Geojit Investments.

2) Weak global cues: Asian markets also witnessed a sharp sell-off. South Korea’s Kospi tumbled more than 7 percent and Japan’s Nikkei 225 declined 6.5 percent. China’s Shanghai SSE Composite and Hong Kong’s Hang Seng were also trading lower.

The US markets ended in the negative on Friday. Wall Street futures were down up to 2 percent, indicating a weak opening for US markets later in the day.
<h3><a href="https://www.moneycontrol.com/news/business/markets/sensex-today-stock-market-live-updates-nifty50-share-price-gift-nifty-latest-updates-06-03-2026-liveblog-13854360.html" target="_blank">Stock Market Live Updates</a></h3>
3) Persistent FII outflow: Foreign Institutional Investors (FIIs) continued their selling spree, offloading equities worth Rs 6,030.38 crore on Friday.

"The net FPI buying witnessed in February has reversed due to the Middle East conflict. In the first four trading days of March FPIs sold equity for Rs 21,829 crores. Uncertainty surrounding the Middle East conflict, steady decline in the market, the vulnerability of the Indian economy to sharp crude spike and the sharp depreciation of the rupee contributed to the sustained FII selling in the cash market. FPIs are unlikely to return to the market as buyers until there is some clarity on the outcome of the conflict and decline in the price of crude," added Dr. VK Vijayakumar.

4) Weak rupee: The rupee fell 46 paise to 92.28 against the US dollar in early trade on Monday, nearing its all-time intra-day low, amid a surge in crude oil prices and strengthening of the American currency.

At the interbank foreign exchange market, the rupee opened at 92.22 and slipped further to 92.28 against the US dollar, down 46 paise from its previous close. The local unit had touched an all-time intra-day low of 92.35 on March 4.

Forex traders said rising crude prices, heavy FII outflows and the sharp fall in domestic equities exerted pressure on the currency.

5) India VIX rises: India VIX, the market’s volatility gauge or fear index, jumped more than 21 percent to 24.18, its highest level in 21-months. A spike in volatility indicates rising uncertainty and risk perception among investors, often leading to increased selling in equities.

Last week, the BSE benchmark had tanked 2,368.29 points or 2.91 percent, while the Nifty declined 728.2 points or 2.89 percent.

6) Selling in banking shares: Public sector banks declined more than 5 percent after sliding 6.5 percent last week on fears that higher crude prices could lift borrowing costs, push bond yields up and compress treasury gains. Top private ​lenders <a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/hdfcbank/HDF01">HDFC Bank</a> and <a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/icicibank/ICI02">ICICI Bank</a>, dropped more than 3 percent.
<h3>Technical outlook</h3>
Anand James, Chief Market Strategist at Geojit Investments, said the Nifty may head towards 23,535, which would complete a 61.8 percent retracement of the upmove since March 2025.

"A breach of the same could open the door for further downside, initially targeting the March 2025 low near 22,000 and the November 2023 low around 19,000. Near-term upside prospects depend on the ability to hold above 24,000, he said.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

A financial journalist with over 10 years of experience, specialising in tracking stock market movements and fundamental developments that impact investors and the broader economy. A keen observer of global financial markets, I regularly engage with leading market voices to write stories. At Moneycontrol, I focus on decoding market trends, policy shifts and economic changes, driven by a constant passion to learn, analyse, and share knowledge with my readers.

Sensex settles 1,300 pts lower, Nifty ends at 24,000; crude oil surge among key factors behind decline

Stock Market Crash: Bloodbath on D-Street: Sensex crashes 1,850 pts, Nifty below 23,900; crude oil surge among key factors behind decline

The benchmark equity indices Sensex and Nifty tumbled nearly 2 percent on Monday, dragged down by a sharp surge in global crude oil prices, weak global cues and persistent foreign fund outflows.

The Sensex tanked 1,352.74 points, or 1.71 percent, to settle at 77,566.16, registering its second day of decline. During the day, the benchmark crashed 2,494.35 points, or 3.16 percent, to 76,424.55.

The Nifty dropped 422.40 points, or 1.73 percent, to end at 24,028.05. Intra-day, it tumbled 752.65 points, or 3.07 percent, to 23,697.80.

All the 16 major sectoral indices traded in the red. Broader markets also witnessed heavy selling pressure, with the Nifty Smallcap100 and Nifty Midcap100 indices falling about 3 percent each.
Key factors behind market decline
1) Crude surge: Brent crude, the global oil benchmark, surged about 26 percent in early trade to around USD 119 per barrel, the highest level since July 2022. Iraq and Kuwait have begun cutting oil output, adding to earlier liquefied natural gas reductions from Qatar as the ongoing war has disrupted shipments from the Middle East.

A sharp rise in crude prices is negative for India, which imports a large share of its oil requirements. Higher crude costs can widen the country’s import bill, fuel inflation and weigh on corporate earnings, which in turn dampens investor sentiment in the equity market.

&quot;Brent crude has spiked above USD 115 delivering a big oil shock to economies and markets. Big oil importers like India will be hit hard if the West Asian conflict lingers long and crude price remains high,&quot; said V K Vijayakumar, Chief Investment Strategist at Geojit Investments.

2) Weak global cues: Asian markets also witnessed a sharp sell-off. South Korea’s Kospi tumbled more than 7 percent and Japan’s Nikkei 225 declined 6.5 percent. China’s Shanghai SSE Composite and Hong Kong’s Hang Seng were also trading lower.

The US markets ended in the negative on Friday. Wall Street futures were down up to 2 percent, indicating a weak opening for US markets later in the day.
Stock Market Live Updates
3) Persistent FII outflow: Foreign Institutional Investors (FIIs) continued their selling spree, offloading equities worth Rs 6,030.38 crore on Friday.

&quot;The net FPI buying witnessed in February has reversed due to the Middle East conflict. In the first four trading days of March FPIs sold equity for Rs 21,829 crores. Uncertainty surrounding the Middle East conflict, steady decline in the market, the vulnerability of the Indian economy to sharp crude spike and the sharp depreciation of the rupee contributed to the sustained FII selling in the cash market. FPIs are unlikely to return to the market as buyers until there is some clarity on the outcome of the conflict and decline in the price of crude,&quot; added Dr. VK Vijayakumar.

4) Weak rupee: The rupee fell 46 paise to 92.28 against the US dollar in early trade on Monday, nearing its all-time intra-day low, amid a surge in crude oil prices and strengthening of the American currency.

At the interbank foreign exchange market, the rupee opened at 92.22 and slipped further to 92.28 against the US dollar, down 46 paise from its previous close. The local unit had touched an all-time intra-day low of 92.35 on March 4.

Forex traders said rising crude prices, heavy FII outflows and the sharp fall in domestic equities exerted pressure on the currency.

5) India VIX rises: India VIX, the market’s volatility gauge or fear index, jumped more than 21 percent to 24.18, its highest level in 21-months. A spike in volatility indicates rising uncertainty and risk perception among investors, often leading to increased selling in equities.

Last week, the BSE benchmark had tanked 2,368.29 points or 2.91 percent, while the Nifty declined 728.2 points or 2.89 percent.

6) Selling in banking shares: Public sector banks declined more than 5 percent after sliding 6.5 percent last week on fears that higher crude prices could lift borrowing costs, push bond yields up and compress treasury gains. Top private ​lenders HDFC Bank and ICICI Bank, dropped more than 3 percent.
Technical outlook
Anand James, Chief Market Strategist at Geojit Investments, said the Nifty may head towards 23,535, which would complete a 61.8 percent retracement of the upmove since March 2025.

&quot;A breach of the same could open the door for further downside, initially targeting the March 2025 low near 22,000 and the November 2023 low around 19,000. Near-term upside prospects depend on the ability to hold above 24,000, he said.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Monday Mayhem in markets| Brent surges 18%, Global markets slide 2-8% | Nifty Set for Gap Down Open

Sensex and Nifty likely to open lower amid global market declines, Crude oil tops $100/barrel, affecting stocks and currencies, FIIs sold ₹6,000+ crore; DIIs bought ₹6,971+ crore

* Sensex and Nifty likely to open lower amid global market declines
* Crude oil tops $100/barrel, affecting stocks and currencies
* FIIs sold ₹6,000+ crore; DIIs bought ₹6,971+ crore

Sensex and Nifty are expected to open lower on March 9, tracking GIFT Nifty losses. Global markets fell as oil surged past $100/barrel amid Middle East tensions. FIIs continued selling, while DIIs bought shares. Gold and silver prices also declined.

shorts/business/first-tick-top-global-cues-to-watch-in-today-s-trade-112

Indian equity benchmarks, the Sensex and Nifty, are likely to see a gap-down opening on March 9, tracking losses in GIFT Nifty, which was trading lower at around 23,844 in early indications.

Track the latest updates on GIFT Nifty right here on Moneycontrol.

Indian benchmark indices failed to sustain the previous session’s momentum and slipped more than 1 percent on March 6, with the Nifty settling at 24,450 amid selling pressure across the sectors, especially in financial and realty stocks.

At close, the Sensex was down 1,097 points or 1.37 percent at 78,918.90, and the Nifty was down 315.45 points or 1.27 percent at 24,450.45.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Slips)

The GIFT Nifty was trading lower at around 23,844, indicating a weak start for the day.

Asian Equities (Decline)

Asian markets were trading lower in the early Monday trade, with the Kospi plunging nearly 8%, leading a broader regional sell-off as oil prices breached $100 per barrel for the first time since 2022.

Japan’s Nikkei 225 tumbled 6.4%, falling below the 52,000 mark for the first time since Feb. 6, while the Topix was down 5%.



US Equities (Slip)

Wall Street's three main indexes closed down ​on Friday amid a sudden setback in the U.S. labor market and a 12% spike in U.S. oil ‌prices due to the escalating conflict in the Middle East.

The Dow Jones Industrial Average fell 0.95% ​to 47,501.55 points, posting its steepest weekly percentage drop since early April 2025.

The S&amp;amp;P 500 lost 1.33% to 6,740 points and saw ​its worst week since mid-October. The Russell 2000 recorded its sharpest weekly fall since early August.

The Nasdaq Composite slipped 1.59% to 22,387.68.



Dollar Index (Up)

The dollar took another leg higher on Monday, jumping to a three-month peak on the euro as oil surged past $100 a barrel, stocks slid, and investors headed for safety as the protracted war in the Middle East threatened to disrupt global energy supplies.



US Bond Yield (Rises)

The yield on 10-year US Treasuries rose more than 4 basis points to 4.18 percent, and 2-year US Treasuries rose nearly 4 basis points 3.71%.



Asian Currencies (Down)

Except China Renminbi, all other Asian currencies were trading lower in the early trade on Monday. However, on a month-to-date basis, the Thai Baht lost the most, followed by the South Korean Won, Singapore Dollar, Japanese Yen, Philippines Peso.



Crude (Jumps)

Crude oil surged above $100 a barrel for the first time since 2022 due to escalating hostilities in the
Middle East and worsening strains on oil shipping, sending stocks and Treasuries lower.



Gold (Down)

Gold and Silver prices were down 2 percent and 4.5 percent, respectively, in the early trade on Monday.



Fund Flow Action

On March 6, Foreign Institutional Investors (FIIs) sold equities worth over Rs 6,000 crore, extending their selling streak to the sixth consecutive session. In contrast, Domestic Institutional Investors (DIIs) bought shares worth more than Rs 6,971 crore.



Hope you're all set for today's trade. We wish you a profitable day ahead.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Tick: Top global cues to watch in today’s trade

12 out of 18 years NIFTY 50 has given positive returns in March.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	24,628.92	24,807.38	24,913.97	24,522.33	24,343.87	24,237.28	24,058.82
Fibonacci	24,631.22	24,698.49	24,807.38	24,522.33	24,413.44	24,346.17	24,237.28
Camarilla	24,476.58	24,502.71	24,528.84	24,522.33	24,424.32	24,398.19	24,372.06

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