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%

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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.

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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 & Gas and Private Bank down 2-4%.

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Index	Prices	Change	Change%
Sensex	76,034.42	-829.29	-1.08%
Nifty 50	23,639.15	-227.70	-0.95%
Nifty Bank	55,100.95	-634.80	-1.14%

Nifty 50 23,639.15 -227.70 (-0.95%)

Thu, Mar 12, 2026

• 1D
• 5D
• 1M
• 3M
• 6M
• 1Y
• 2Y

Biggest Gainer	Prices	Change	Change%
Coal India	470.10	23.35	+5.23%

Biggest Loser	Prices	Change	Change%
M&M	3,031.20	-137.00	-4.32%

Best Sector	Prices	Change	Change%
Nifty Energy	36834.35	695.85	+1.93%

Worst Sector	Prices	Change	Change%
Nifty Auto	25098.00	-828.00	-3.19%

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.

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