Indian equity benchmark indices, the Sensex and Nifty, fell on Monday, March 9, 2026, amid weak global cues as crude oil prices surpassed USD 100 a barrel, as the expanding US-Israeli war with Iran has forced some major Middle Eastern oil producers to cut supplies. While the 30-share BSE Sensex dipped 1,862.15 points to start the session at 77,056.75, the Nifty shed 582.4 points to open at 23,868.05. In the last trading session, the Sensex closed at 78,918.90 and the Nifty 50 at 24,450.45. Similarly, the broader indices traded in the red in the opening session. While the BSE Midcap Select Index fell 389.26 points, or 2.41 per cent, in the early trading session, the BSE Smallcap Select Index was down by 157 points or 2.09 per cent, to trade at 7,341.19.
In early trade, market breadth was negative, with 261 stocks advancing against 2,133 stocks declining on the NSE. 109 stocks remained unchanged.
“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 the crude price remains high. The market will price in the economic consequences of this oil shock. Inflation will certainly move up whether the oil price hike is passed on to consumers or not,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
What did Gift Nifty indicate?
Gift Nifty, an early indicator for the Nifty 50, indicated a negative start as it opened with a fall of 624 points at 23,950, compared to the previous close of 24,574. Foreign Institutional Investors (FIIs) continued to sell and offloaded equities worth Rs 6,030.38 crore. However, Domestic Institutional Investors (DIIs) provided strong support by purchasing equities of Rs 6,971.51 crore.
