Closing Bell: Market extends losses on crude surge; Nifty at 24,000, Sensex tanks 1,353 pts

Indian equity indices ended lower for the second consecutive session on March 9 with Nifty at 24,000. At close, the Sensex was down 1,352.74 points or 1.71 percent at 77,566.16, and the Nifty was down 422.40 points or 1.73 percent at 24,028.05.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Today, the benchmark indices corrected sharply. The Nifty ended 422 points lower, while the Sensex was down by 1353 points. Among sectors, almost all the major sectoral indices witnessed profit booking at higher levels, but the Auto and PSU Bank indices lost the most, shedding nearly 4 percent.

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.

Markets started the week on a weak note, witnessing a sharp sell-off on Monday and extending the recent downtrend amid negative global cues and rising geopolitical tensions. The Nifty opened with a significant gap-down and remained under pressure for most of the session; however, a mild rebound in the final hour helped trim some of the losses. Consequently, the Nifty index settled at 24,028.05, down 1.73%.

Sectoral participation remained largely negative, reflecting broad-based selling across the market. Auto, banking, and metal stocks were among the major losers, while a few defensive pockets such as IT and pharma showed relative resilience and ended flat to marginally lower. The broader indices also came under pressure, with both midcap and smallcap indices declining nearly 2% each.

Investor sentiment remained fragile due to escalating geopolitical tensions in the Middle East, which triggered a sharp surge in crude oil prices, with Brent crude testing the ~$119.5 mark, raising concerns over inflation and economic growth. The spike in oil prices, weakness in the rupee, and continued foreign institutional investor (FII) selling further intensified the sell-off in domestic equities.

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.

In line with broader weakness across Asian currencies, the Rupee has depreciated against the US Dollar as international crude oil prices surged past $100 per barrel, reclaiming levels not seen since 2022. These soaring energy costs pose a significant threat to India’s trade deficit, GDP growth, and inflation, given the country’s high reliance on oil imports.

Amidst heightening geopolitical uncertainty, the spot USDINR is expected to remain firm, with a resistance level near 93.00 and established support at 91.80.

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.

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.

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.

Within the Nifty constituents, Wipro and Reliance Industries emerged as the top gainers, while TMPV and UltraTech Cement were the major laggards. Sectorally, except for Nifty IT, all other indices ended deep in the red, with Nifty PSU Bank and Nifty Auto recording the sharpest losses. Adding to the nervousness, India VIX surged over 17%, marking its highest close since June 2024, underscoring elevated market volatility.

The broader markets mirrored the benchmark’s weakness, with Nifty Midcap 100 and Nifty Smallcap 100 opening sharply lower. Although both indices recovered partially from the lows, they still closed in negative territory. Market breadth remained weak, with the Advance/Decline ratio tilted heavily toward decliners as 441 stocks from the Nifty 500 universe ended in the red, highlighting broad-based selling pressure.

Nifty View

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.

Bank Nifty View

The Bank Nifty also opened with a sharp gap down and slipped to an intraday low of 55270, after which it staged a recovery of more than 700 points. The index eventually closed above the 56000 mark, ending the session with a loss of over 3%, and formed a small bodied candle with a long lower shadow, indicating buying interest at lower levels.

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

Going forward, the 55600–55500 zone will act as the immediate support. A sustained break below 55500 may extend the decline towards 54900, followed by 54400. On the upside, the 56500–56600 band will remain the crucial resistance zone, and only a breakout above this level may trigger a meaningful recovery.

Today, the Indian equity markets closed sharply lower as global risk sentiment weakened due to rising geopolitical tensions in the Middle East.

The key trigger behind the decline was the escalation of the conflict involving Iran, Israel and the United States, which has raised fears of disruption to global energy supplies. As the conflict intensified, crude oil prices surged sharply, with Brent crude rising above USD 115 per barrel, the highest level in several years. This spike in oil prices created concerns about higher inflation and rising import costs for India, which imports more than 85% of its crude oil requirement.

Higher crude prices also led to pressure on the Indian currency, with the rupee weakening to a record low against the USD, adding to investor concerns about macroeconomic stability.

The sell off was broad based, with most sectors ending in negative territory. Banking, auto, and aviation stocks were among the major losers as rising fuel prices and global uncertainty weighed on investor sentiment. Global markets also declined as investors shifted towards safe haven assets such as gold and the US dollar.

In the near term, market sentiment is expected to remain cautious as we closely track developments in the Middle East and movements in crude oil prices. If oil prices remain elevated, it could increase

inflation risks and put pressure on India’s current account balance. However, strong domestic fundamentals and continued participation from domestic institutional investors may help provide

some stability to the market once geopolitical tensions start easing.

Rupee traded sharply weaker, dropping ₹0.52 to 92.50, as the dollar index strengthened above 99 and crude oil prices surged nearly 25% at one point, touching highs near $119. The sharp rise in oil is increasing India’s import bill, which continues to weigh heavily on the rupee’s sentiment.

With energy prices elevated and the dollar firm, pressure on the rupee may persist. The currency is expected to trade within a 91.75–92.90 range in the near term, with crude price movement and global risk sentiment remaining the key drivers.

Bank Nifty has witnessed a sharp decline, breaking below its rising trendline support and slipping under the 200-day moving average, indicating weakness in the near-term structure. The index has also breached the key horizontal support zone near 57,500–57,800, which has now turned into an immediate resistance area. Momentum indicators are showing deterioration, with the RSI slipping into the oversold zone, suggesting that the recent sell-off has been stretched in the short term.

While a technical pullback cannot be ruled out, the broader trend may remain under pressure unless the index manages to reclaim the 59,200–59,300 zone. Immediate support is placed near the low of Monday’s session around 55,300 levels.

Nifty witnessed a volatile session today after opening with a sharp gap-down of nearly 600 points. The index, however, managed to stage a meaningful recovery of around 350 points from the day’s low, indicating buying support emerging in the 23,700–23,800 zone.

The recovery suggests that despite the sharp sell-off, buyers are stepping in at lower levels. From a technical perspective, if Nifty is able to sustain above the 24,150 mark in the coming session, it could open room for a move toward the 24,400 levels over the next few sessions.

That said, markets remain highly sensitive to developments around the ongoing geopolitical tensions. News flow related to the conflict could continue to trigger sharp swings.

In such an environment, traders should avoid excessive leverage and overtrading, and focus on disciplined risk management as volatility is likely to remain elevated.

Indian rupee ended at fresh record closing low at 92.33 per dollar on Monday versus previous close of 91.74.

Indian equity indices ended lower for the second consecutive session on March 9 with Nifty at 24,000.

At close, the Sensex was down 1,352.74 points or 1.71 percent at 77,566.16, and the Nifty was down 422.40 points or 1.73 percent at 24,028.05. About 941 shares advanced, 3224 shares declined, and 166 shares unchanged.

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

Nifty Midcap and Smallcap indices shed 2 each.

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

Viyash Scientific was quoting at Rs 190.50, down Rs 12.50, or 6.16 percent.

It has touched an intraday high of Rs 198.85 and an intraday low of Rs 190.00.

It was trading with volumes of 23,374 shares, compared to its five day average of 32,307 shares, a decrease of -27.65 percent.

Corona Remedies was quoting at Rs 1,579.50, down Rs 2.70, or 0.17 percent. It has touched an intraday high of Rs 1,591.95 and an intraday low of Rs 1,542.75.

QIB – 0.59 times

NII - 0.48 times

Retail – 0.04 times

Overall – 0.21 times

Indian rupee is trading 57 paise lower at 92.31 per dollar against Friday's close of 91.74.

Anthem Biosciences, PhysicsWallah, Piramal Finance, Pine Labs, and National Securities Depository will be included in the BSE Midcap and BSE LargeMidcap Indices effective March 23.

Laurus Labs, GE Vernova T&D India, Muthoot Finance, and FSN E-Commerce Ventures will replace PI Industries, Torrent Power, Supreme Industries, and Page Industries in the BSE Midcap Select Index.

Authum Investment & Infrastructure, Neuland Laboratories, Anand Rathi Wealth, and Asahi India Glass will replace Nuvama Wealth Management, Five-Star Business Finance, Nagarjuna Construction Company, and SKF India in the BSE Smallcap Select Index.

#1 Jaguar phase-out, focus on Land Rover data

#2 Land Rover US February data was weak, EU top five markets recovered

#3 Sales in Germany, UK, France, Italy & Spain rose 19 percent YoY in February, 2026 versus flat YoY in January, 2026

#4 Combined LR sales in the US & EU top five fell 7 percent YoY in February, 2026 versus 15 percent decline in January, 2026

#5 West Asia may remain weak in Q4FY26

#6 China imports fell 28 percent in January, 2026; February data awaited

Tata Motors Passenger Vehicles was quoting at Rs 331.75, down Rs 18.95, or 5.40 percent.

It has touched an intraday high of Rs 347.95 and an intraday low of Rs 328.75.

It was trading with volumes of 755,487 shares, compared to its five day average of 838,991 shares, a decrease of -9.95 percent.

#1 USFDA concluded an inspection at Lupin’s Ankleshwar facility with two observations in Form 483

#2 Company said it will respond within the stipulated timeframe & reiterated its commitment To CGMP compliance

#3 Minor regulatory observation, response pending

#4 No escalation indicated at this stage

Lupin was quoting at Rs 2,303.25, down Rs 41.20, or 1.76 percent.

It has touched an intraday high of Rs 2,318.45 and an intraday low of Rs 2,283.00.

It was trading with volumes of 23,602 shares, compared to its five day average of 31,693 shares, a decrease of -25.53 percent.

#1 Company will hold a board meeting on March 12 to discuss a capital raise

#2 Funds may be invested in Axis-Max Life to improve the solvency ratio, currently at 201 percent

#3 Rs 500 crore raise could lift the solvency ratio by 8 percent & EV by 2 percent

#4 If used to repay sub-debt, the impact may be solvency neutral

#5 Max group has also reset its listing agreement with Axis Bank, which is neutral

Max Financial Services was quoting at Rs 1,698.40, down Rs 2.80, or 0.16 percent. It has touched an intraday high of Rs 1,700.00 and an intraday low of Rs 1,644.75. It was trading with volumes of 317,008 shares, compared to its five day average of 13,860 shares, an increase of 2,187.22 percent.

#1 FY27 guidance from Infosys & HCLTech is the next key trigger

#2 Companies may shift from ‘beat-and-raise’ to more realistic or aggressive guidance

#3 Expects Infosys to guide for 2.5–5 percent growth & HCLTech for 4.5–6.5 percent in April, assuming no major changes in March

#1 Karnataka, a key liquor market, contributes around 15 percent of company volumes & 7 percent of Radico’s

#2 State announced a shift from government-controlled alcohol pricing to a market-driven model in its March 6, 2026 budget

#3 View this as positive for the company

#4 Resource mobilisation committee will soon submit its draft on a modern alcohol regulatory framework

#5 Reforms aim to improve transparency, modernise excise rules & ease doing business

#6 New tax slabs are pending, pricing flexibility & slab rationalisation could drive premiumisation & benefit company

The Sensex was down 1,834.68 points or 2.32 percent at 77,084.22, and the Nifty was down 570.80 points or 2.33 percent at 23,879.65. About 685 shares advanced, 3286 shares declined, and 126 shares unchanged.

izmomicro (izmo Microsystems Pvt. Ltd.), the advanced semiconductor packaging subsidiary of izmo, today announced its strategic entry into India’s defence electronics sector. The company is now

engaged with India’s leading defence organizations — spanning government research establishments, defence public sector undertakings, and private sector defence primes — as an advanced packaging partner for mission-critical electronics programs.

IZMO was quoting at Rs 709.40, up Rs 33.75, or 5.00 percent. It has touched an intraday high of Rs 709.40 and an intraday low of Rs 641.90. There were pending buy orders of 7 shares, with no sellers available. It was trading with volumes of 4,986 shares, compared to its five day average of 5,818 shares, a decrease of -14.30 percent.

#1 Sanghi visit highlighted a large, high-quality limestone reserve base & growth optionality

#2 Management focuses on utilising existing assets & improving ROI before further expansions

#3 Like Ambuja’s margin expansion story at an attractive 12.4x FY27E EV/EBITDA

The board of directors of Indian Railway Finance Corporation approved raising of funds for the financial year 2026-27 up to Rs 70,000 crore.

The board also considered and approved the declaration of second interim dividend of Rs 1.05 per equity share of Rs 10 each for the financial year 2025-26.

Indian Railway Finance Corporation was quoting at Rs 96.60, down Rs 2.85, or 2.87 percent. It has touched a 52-week low of Rs 95.30. It has touched an intraday high of Rs 97.90 and an intraday low of Rs 95.30. It was trading with volumes of 729,050 shares, compared to its five day average of 2,065,920 shares, a decrease of -64.71 percent.

Market sentiment this week is likely to remain driven by a mix of macroeconomic developments, geopolitical tensions, and regulatory uncertainty. The US Dollar Index has already gapped higher, with markets watching whether the index can move beyond the 99.631 level and potentially test 100.321 if bullish momentum continues. Strength in the dollar has also supported USDJPY, which has continued to rise and is currently testing the 158.60 area, a key level that could determine whether the pair moves toward 159.447. Meanwhile, broader markets may remain volatile as the ongoing war in Iran continues to influence risk sentiment and commodity prices, with US Oil already breaking above 100.

On the macro front, attention will turn to upcoming US CPI data, forecast at 2.5% year-on-year versus 2.4% previously, as a combination of a weakening labour market and rising inflation could create a challenging backdrop for the US economy. In commodities, gold appears to be consolidating, but if prices break 4996.04, markets should monitor price action closely, while a move below 4842 could bring additional selling pressure.

Indian rupee is trading near record low at 92.31 per dollar against previous close of 91.74.

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.

QIB – 0.12 times

NII - 0.28 times

Retail – 0.03 times

Overall – 0.11 times

The company has entered into an Energy Supply Agreement, Share Subscription Agreement, and Shareholders Agreement to acquire 26.20 percent equity shares of Sunsure Solarpark Thirty Eight Private Limited, a company engaged in the generation and transmission of renewable energy.

The acquisition is aimed at meeting the company’s green energy needs and complying with regulatory requirements for captive power consumption under electricity laws.

UltraTech Cement was quoting at Rs 11,356.20, down Rs 630.55, or 5.26 percent.

It has touched an intraday high of Rs 11,799.95 and an intraday low of Rs 11,327.65.

It was trading with volumes of 18,275 shares, compared to its five day average of 17,615 shares, an increase of 3.75 percent.

The company has received revised estimates for railway electrification work on the Mysuru–Hassan–Mangaluru section, including Hassan–Arsikere, from South Western Railway, on a cost-plus turnkey basis. The revised project cost is Rs 729.28 crore.

Additionally, it has received a work order worth Rs 45.18 crore from the Government of West Bengal for consultancy services as Project Management Consultant for the construction of a proposed four-lane extra-dosed bridge over the River Muriganga in South 24 Parganas.

RITES was quoting at Rs 201.05, down Rs 5.57, or 2.70 percent. It has touched an intraday high of Rs 205.90 and an intraday low of Rs 197.34. It was trading with volumes of 689,448 shares, compared to its five day average of 831,146 shares, a decrease of -17.05 percent.

The company announced its collaboration with Salesforce to digitally transform its rapidly expanding rooftop solar (RTS), EV charging, and smart home solutions businesses. The collaboration reinforces Tata Power’s long-term clean energy roadmap aligned with India’s net-zero ambitions.

The Tata Power Company was quoting at Rs 369.80, down Rs 5.65, or 1.50 percent. It has touched an intraday high of Rs 372.40 and an intraday low of Rs 365.65. It was trading with volumes of 215,304 shares, compared to its five day average of 316,819 shares, a decrease of -32.04 percent.

After today’s sell-off, breathe first — then act. The immediate move: check whether price falls hit your high-conviction holdings or only short-term momentum names; trim positions that no longer fit your thesis and use the cash to top up quality stocks at lower prices. Rebalance to target weights (don’t let panic skew allocation), increase short-term cash to capture fresh opportunities, and add defensive ballast — high-quality bonds or short-duration debt, and a small allocation to gold or hedges if inflation/geo-risk is rising. Keep discipline: buy systematically (SIP/top-ups) rather than lumping in emotionally.

On value for foreign investors: Indian equities are cheaper than their recent highs and the valuation premium to peers has narrowed, but they still often trade at a premium to many Asian markets — making India more attractive than a month ago, but not uniformly the cheapest. Consider earnings quality and currency risks before reallocating.

The pharma company has received a letter from the US Department of Justice, stating that, based on the information available to it, the department has closed its inquiry under the Foreign Corrupt Practices Act (FCPA). The department has not recommended any enforcement action against the company.

In November 2020, the company had commenced a detailed investigation into an anonymous complaint alleging improper payments to healthcare professionals in Ukraine and potentially in other countries, which could constitute a violation of US anti-corruption laws, including the US Foreign Corrupt Practices Act.

Dr Reddys Laboratories was quoting at Rs 1,290.00, down Rs 13.90, or 1.07 percent.

It has touched an intraday high of Rs 1,294.85 and an intraday low of Rs 1,274.35.

It was trading with volumes of 35,390 shares, compared to its five day average of 58,015 shares, a decrease of -39.00 percent.

The Sensex was down 1,731.33 points or 2.19 percent at 77,187.57, and the Nifty was down 536.50 points or 2.19 percent at 23,913.95. About 675 shares advanced, 3263 shares declined, and 123 shares unchanged.

Tata Consultancy Services (TCS) launched its seventh Gemini Experience Center (GEC) at its Innovation Hub in Troy, Michigan. Established in partnership with Google Cloud, the newest TCS GEC focuses on developing cutting-edge Physical AI solutions tailored for the manufacturing sector.

Tata Consultancy Services was quoting at Rs 2,523.55, down Rs 34.10, or 1.33 percent.

It has touched a 52-week low of Rs 2,505.55.

It has touched an intraday high of Rs 2,559.95 and an intraday low of Rs 2,505.55.

ABB announced today that it will invest a further ~$75 million in India during 2026 to significantly expand its manufacturing footprint and research and development (R&D) capabilities.

ABB India was quoting at Rs 5,894, down Rs 171.90, or 2.83 percent. It has touched an intraday high of Rs 6,009.60 and an intraday low of Rs 5,851.65. It was trading with volumes of 11,230 shares, compared to its five day average of 13,120 shares, a decrease of -14.41 percent.

Sundaram Brake Linings was quoting at Rs 566.05, down Rs 13.95, or 2.41 percent. It has touched an intraday high of Rs 566.05 and an intraday low of Rs 553.

In the previous trading session, the share closed up 2.55 percent or Rs 14.40 at Rs 580.

The share touched a 52-week high of Rs 1,049.75 and a 52-week low of Rs 550.00 on 23 July, 2025 and 02 February, 2026, respectively. Currently, the stock is trading 46.08 percent below its 52-week high and 2.92 percent above its 52-week low. Market capitalisation stands at Rs 222.72 crore.

The board has approved the appointment of Vinay Muralidhar Tonse as MD & CEO (Designate) of Yes Bank, effective March 12.

Tonse will take charge as the MD & CEO of the bank effective April 6, after Prashant Kumar, the current MD & CEO, demits office on April 5.

Yes Bank was quoting at Rs 19.54, down Rs 0.59, or 2.93 percent.

It has touched an intraday high of Rs 19.88 and an intraday low of Rs 19.30.

It was trading with volumes of 8,023,133 shares, compared to its five day average of 7,535,587 shares, an increase of 6.47 percent.

Hyundai Motor India was quoting at Rs 2,029.80, down Rs 59.55, or 2.85 percent. It has touched an intraday high of Rs 2,072.00 and an intraday low of Rs 2,009. It was trading with volumes of 53,625 shares, compared to its five day average of 89,655 shares, a decrease of -40.19 percent.

In the previous trading session, the share closed down 2.14 percent or Rs 45.75 at Rs 2,089.35.

The share touched a 52-week high of Rs 2,889.65 and a 52-week low of Rs 1,542.95 on 22 September, 2025 and 07 April, 2025, respectively. Currently, the stock is trading 29.76 percent below its 52-week high and 31.55 percent above its 52-week low. Market capitalisation stands at Rs 164,929.59 crore.

GAIL (India) entered into a Memorandum of Understanding (MoU) with RailTel Corporation of India to collaborate in the key sectors of the digital infrastructure in the country.

GAIL India was quoting at Rs 147.35, down Rs 8.25, or 5.30 percent. It has touched a 52-week low of Rs 147. It has touched an intraday high of Rs 151.90 and an intraday low of Rs 147.

Railtel Corporation of India was quoting at Rs 279.30, down Rs 11.80, or 4.05 percent. It has touched an intraday high of Rs 290.95 and an intraday low of Rs 275.60. It was trading with volumes of 115,169 shares, compared to its five day average of 365,994 shares, a decrease of -68.53 percent.

South West Pinnacle Exploration has been awarded a long term contract from Hind Metal Exploration, a wholly owned subsidiary of Hindustan Zinc for imparting exploration services in the State of Rajasthan. The order book of the company now stands at Rs 700 crores after award of this contract.

#1 Loss widens to Rs 178.4 crore Vs Rs 100.2 crore, QoQ

#2 Total income falls 30.6% to Rs 223.4 crore Vs Rs 321.7 crore, QoQ

Kwality Walls India was quoting at Rs 24.76, down Rs 1.54, or 5.86 percent.

It has touched an intraday high of Rs 25.39 and an intraday low of Rs 24.25.

#1 Total sales soar 15.1% to 1,415 units Vs 1,229 units, YoY

#2Exports grow 49.1% to 88 units Vs 59 units, YoY

#3 Production zooms 16.4% to 1,679 units Vs 1,442 units, YoY

SML Mahindra was quoting at Rs 3,991.95, down Rs 210.10, or 5.00 percent.

It has touched an intraday high of Rs 3,991.95 and an intraday low of Rs 3,991.95.

There were pending sell orders of 1,850 shares, with no buyers available.

It was trading with volumes of 843 shares, compared to its five day average of 4,500 shares, a decrease of -81.27 percent.

Axis entities — Axis Bank, Axis Securities, and Axis Capital — have provided their in-principle no-objection to the proposed amalgamation of Max Financial Services into Axis Max Life Insurance.

Max Financial Services was quoting at Rs 1,670.15, down Rs 31.05, or 1.83 percent.

It has touched an intraday high of Rs 1,680.00 and an intraday low of Rs 1,644.75.

It was trading with volumes of 314,290 shares, compared to its five day average of 13,860 shares, an increase of 2,167.60 percent.

Axtel Industries was quoting at Rs 415.90, down Rs 41.75, or 9.12 percent.

It has touched an intraday high of Rs 445.55 and an intraday low of Rs 405.00.

It was trading with volumes of 8,882 shares, compared to its five day average of 24,877 shares, a decrease of -64.30 percent.

The board has declared an interim dividend of Rs 6 per share for the financial year 2026. The record date for determining the entitlement of shareholders to the interim dividend is March 12.

R Systems International was quoting at Rs 283.20, up Rs 25.15, or 9.75 percent.

It has touched an intraday high of Rs 293.00 and an intraday low of Rs 261.70.

It was trading with volumes of 1,559,406 shares, compared to its five day average of 7,391 shares, an increase of 20,998.14 percent.

The company has received an Assessment Order for the Assessment Year 2023–24, along with a Demand Notice from the Income Tax Department, which has raised a tax demand of Rs 1,499.73 crore, including applicable interest.

QIB – 0.00 times

NII - 0.16 times

Retail – 0.02 times

Overall – 0.06 times

Indian rupee has erased some of the intraday gains but still trading lower at 92.25 per dollar against Friday's close of 91.74.

The Sensex was down 1,835.61 points or 2.33 percent at 77,083.29, and the Nifty was down 576.05 points or 2.36 percent at 23,874.40. About 638 shares advanced, 3210 shares declined, and 139 shares unchanged.

Raymond Realty 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.

Raymond Realty was quoting at Rs 375.50, down Rs 5.70, or 1.50 percent.

It has touched a 52-week low of Rs 361.00.

It has touched an intraday high of Rs 387.25 and an intraday low of Rs 361.00.

It was trading with volumes of 14,219 shares, compared to its five day average of 10,698 shares, an increase of 32.91 percent.

Wipro was quoting at Rs 197.20, up Rs 1.70, or 0.87 percent.

It has touched a 52-week low of Rs 193.10.

It has touched an intraday high of Rs 197.50 and an intraday low of Rs 193.10.

It was trading with volumes of 527,365 shares, compared to its five day average of 414,678 shares, an increase of 27.17 percent.

Sterling and Wilson Kazakhstan LLP, a step-down subsidiary of the company incorporated in Kazakhstan, has been liquidated effective March 2. The said company did not have any business activity.

Sterling and Wilson Renewable Energy was quoting at Rs 175.20, down Rs 6.30, or 3.47 percent.

It has touched a 52-week low of Rs 172.45.

It has touched an intraday high of Rs 179.30 and an intraday low of Rs 172.45.

It was trading with volumes of 91,138 shares, compared to its five day average of 40,859 shares, an increase of 123.05 percent.

#1 Met management during a plant visit at Sanghipuram, Gujarat

#2 Management highlighted a shift from rapid capacity expansion toward stabilisation

#3 Focus is now on utilisation & profitability rather than strict capacity targets

#4 Rising crude-led petcoke costs pose a near-term margin risk unless April cement price hikes offset fuel costs

This is not just an oil price shock; it is also an oil quantity shock. Crude prices have surged nearly 65% in less than seven trading sessions, which is highly unusual. The last time we saw a comparable situation was during the 1970s oil crises, when disruptions in physical supply triggered a structural surge in prices.

What makes the current situation different from recent oil rallies is that the disruption is not merely perceived—it is linked to the choking of the Strait of Hormuz, a critical transit point through which roughly 20% of global oil supplies move. When such a major artery of the global energy system is disrupted, the market is not only repricing risk but also adjusting to the possibility of a real supply constraint.

Going forward, there are two broad paths for the oil market. If the Strait of Hormuz becomes operational again and flows normalize, prices could correct sharply as the supply shock fades. However, if the disruption persists for several weeks, oil prices could rise further until they begin to destroy demand by inflicting serious damage on the global economy through inflation, tighter financial conditions, and disruptions to trade and industrial activity.

Investors should also monitor the escalation ladder in the West Asian conflict. The first stage is the current disruption in transit through the Strait of Hormuz. The second, more serious risk would be direct attacks on oil and gas infrastructure across the region. The third and least probable but most severe scenario would involve damage to critical water infrastructure, which would have a major humanitarian dimension.

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.

Brent crude fell to $108 per barrel, easing from its earlier high of $119.5 per barrel, amid reports that the G7 is considering releasing emergency oil reserves.

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.

Persistent Systems and Tata Communications were among the few stocks trading higher in the BSE midcap space. Persistent Systems rose 0.50 percent to Rs 4,800.00, while Tata Communications gained 0.42 percent to Rs 1,462.45, even as broader midcap stocks remained under pressure amid the sharp market selloff.

Persistent Systems and Tata Communications were among the few stocks trading higher in the BSE midcap space. Persistent Systems rose 0.50 percent to Rs 4,800.00, while Tata Communications gained 0.42 percent to Rs 1,462.45, even as broader midcap stocks remained under pressure amid the sharp market selloff.

Broader markets mirrored the sharp weakness in benchmarks. The Nifty Midcap 100 fell over 3 percent and the Nifty Smallcap 100 declined nearly 3 percent. Volatility surged significantly, with India VIX jumping more than 20 percent to around 24.

Sectoral indices traded sharply lower across the board. The Nifty PSU Bank index plunged 5.35 percent, while the Nifty Auto index fell 4.68 percent. Nifty Bank declined 3.85 percent and Nifty Metal dropped 3.48 percent. Oil & gas, infrastructure and media indices also saw heavy losses, while IT stocks showed relatively smaller declines.

InterGlobe Aviation was the biggest Nifty loser, falling 6.12 percent to Rs 4,134.4. SBI dropped 5.76 percent, while Shriram Finance declined 5.6 percent. Tata Motors DVR (TMPV) fell 5.53 percent, while UltraTech Cement, Maruti Suzuki and Mahindra & Mahindra slipped over 4 percent each. Tata Steel, JSW Steel and Eicher Motors were also among the major laggards.

Just two stocks traded in the green on the Nifty. HCL Tech rose 1 percent to Rs 1,370.2, while Wipro edged up 0.39 percent to Rs 196.17. The limited gains reflected the broad-based weakness across the index.

The Sensex was down 1,904.84 points or 2.41 percent at 77,014.06, and the Nifty was down 604.15 points or 2.47 percent at 23,846.30. About 608 shares advanced, 3150 shares declined, and 144 shares unchanged.

The company has received an Assessment Order for the Assessment Year 2023–24, along with a Demand Notice from the Income Tax Department, which has raised a tax demand of Rs 1,499.73 crore, including applicable interest.

Paras Defence and Space Technologies has received an order from DRDO, Ministry of Defence valued at approximately Rs 80.28 crore. (Incl. of Taxes) for development of high precision optical system for Air Defence Applications.

Paras Defence and Space Technologies was quoting at Rs 731.80, down Rs 16.00, or 2.14 percent.

It has touched an intraday high of Rs 770.00 and an intraday low of Rs 708.60.

It was trading with volumes of 296,261 shares, compared to its five day average of 1,686,639 shares, a decrease of -82.43 percent.