Indian equity benchmarks plunged nearly 3 per cent in early trade on Monday, tracking global weakness and rising crude oil prices amid escalating tensions in the Middle East.
As of 9:22 AM, the BSE Sensex dropped 2,333 points, or 2.96 per cent, to 76,585, while the Nifty 50 fell 686 points, or 2.81 per cent, to 23,764. Broader markets also mirrored the weakness seen in benchmark indices.
The Nifty Midcap 100 slipped 3.28 per cent, while the Nifty Smallcap 100 declined 3.37 per cent.
All sectoral indices traded in negative territory during early trade.
The Nifty PSU Bank index led the losses, falling 5.32 per cent. Other major losers included Nifty Private Bank, Nifty Auto and Nifty Metal, which declined 3.41 per cent, 3.98 per cent and 3.39 per cent, respectively.
Market experts said equities may remain volatile in the near term.
According to analysts, markets are likely to stay range-bound with a downside bias unless geopolitical tensions ease, crude oil prices stabilise, or supportive macroeconomic triggers emerge to restore investor confidence.
Key Technical Levels
Technical analysts placed near-term resistance for the Nifty in the 24,600–24,700 range, while a stronger resistance zone remains near 24,900–25,000.
For Bank Nifty, resistance is seen in the 58,300–58,500 range, with the key psychological level of 59,000 acting as a major barrier.
Crude oil prices nearly touched $110 per barrel as tensions involving Iran disrupted energy flows through the Strait of Hormuz.
US President Donald Trump defended the spike, saying confronting Iran’s nuclear threat had temporarily pushed oil prices higher.
Asian markets also saw sharp declines. China’s Shanghai Composite Index slipped 1.09 per cent, while the Shenzhen Component Index dropped 2.06 per cent.
Japan’s Nikkei 225 fell 6.98 per cent, Hong Kong’s Hang Seng Index declined 2.51 per cent, and South Korea’s KOSPI lost 7.36 per cent.
US markets also ended lower overnight, with the Nasdaq Composite falling 1.59 per cent, the S&P 500 down 1.33 per cent and the Dow Jones Industrial Average declining 0.95 per cent.
On March 6, foreign institutional investors (FIIs) net sold equities worth Rs 6,030 crore, while domestic institutional investors (DIIs) were net buyers worth Rs 6,971 crore.
Also Read: Oil Prices Surge Past $100 As Iran Conflict Disrupts Strait Of Hormuz
To read more such news, download Bharat Express news apps
