- By Aditya Pratap Singh
- Mon, 09 Mar 2026 04:17 PM (IST)
- Source:JND
Stock Market Today: The domestic equity indices settled sharply lower on Monday, March 9, amid broad-based selling due to a surge in crude prices as the Middle East conflict deepened. BSE Sensex closed at 77,566.16, down 1,352.74 or 1.71 per cent, while Nifty 50 ended the session at 24,028.05, down 422.40 points or 1.73 per cent.
Earlier, in the morning trade, the market dragged over 3 per cent; however, selling pressure eased somewhat in the latter half of the session, allowing the indices to trim part of their losses, with the decline narrowing to around 1.8 per cent by the close.
During the day, 'Sensex' nosedived 2,494 points, or 3.16 per cent, to 76,424.55, while Nifty tumbled 752.65 points, or 3.07 per cent, to 23,697.80 during the session.
Top Losers And Gainers
From the Sensex basket, UltraTech Cement was the biggest Maruti, Mahindra & Mahindra, State Bank of India, Indigo, and Adani Ports were top losers. On the other hand, Reliance Industries, Sun Pharma, Infosys, and Tech Mahindra traded higher.
Also Read: US-Iran-Israel War Impact: Oil And Paint Stocks Plunge Up To 8% Amid Crude Price Surge; Details
Key Factors Drag Stock Market Today
Crude Oil Price Surge: The prices of crude oil not only surged over $100 per barrel, but they inched nearly $120 per barrel due to supply and production constraints from Gulf sources.
Weak Global Cues: weak global cues and the deepening conflict in the Middle East weighed heavily on investor sentiment. Equity market is US, Europe and Asia have plunged.
"The escalation in geopolitical risks pushed crude oil prices above the $100 per barrel mark and drove the Indian rupee to a record low against the US dollar, amplifying concerns around inflation and external balances," said Ponmudi R, CEO of Enrich Money.
Heavy Selling: The domestic market experienced a broad-based sell-off today as the overall sentiment remained cautious and broadly bearish amid investors remaining cautious with heightened geopolitical uncertainty and volatile energy markets.
"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," said Vinod Nair, Head of Research, Geojit Investments Limited.
Rupee Trades Lower
Rupee traded sharply weaker, dropping Rs 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," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.