Sensex Crashes Over 2,300 Points, Nifty Slumps Nearly 3% as Surging Crude Oil Prices Trigger Market Sell-Off

Benchmark Indices Slide Sharply in Early Trade​

Mumbai, Monday, March 9: Indian equity markets witnessed a sharp sell-off on Monday as soaring crude oil prices and weak global market sentiment weighed heavily on investor confidence. Both benchmark indices opened lower and continued to decline during early trading.

The BSE Sensex plunged 2,345.89 points or 2.97% to 76,573.01, while the NSE Nifty dropped 708.75 points or 2.89% to 23,741.70.

Broad-Based Selling Across Sensex Stocks​

Selling pressure was visible across the board, with all 30 companies listed on the Sensex trading in negative territory.

InterGlobe Aviation emerged as the biggest loser, falling nearly 8%, while other major laggards included Tata Steel, Maruti, State Bank of India, Eternal, Asian Paints, and ICICI Bank.

The broad decline reflected heightened caution among investors amid rising global risks.

Crude Oil Surge Sparks Market Concerns​

A key trigger behind the sharp market decline was the sudden spike in global crude oil prices. Brent crude, the international benchmark, surged 23.63% to $114.59 per barrel, intensifying concerns for oil-importing economies.

Market observers highlighted that sustained high crude prices could put pressure on inflation, trade balances, and overall economic growth, particularly for countries dependent on oil imports.

Weak Global Markets Add to Pressure​

Global markets also remained under significant pressure, adding to the cautious mood in domestic equities.

In Asia, South Korea’s Kospi plunged more than 7%, while Japan’s Nikkei 225 dropped 6.5%. The Shanghai SSE Composite and Hong Kong’s Hang Seng index were also trading lower.

Meanwhile, US markets had ended Friday’s session in negative territory, further contributing to the risk-off sentiment across global financial markets.

Continued Foreign Fund Outflows Weigh on Sentiment​

Persistent selling by foreign investors added to the weakness in Indian equities.

According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth ₹6,030.38 crore on Friday. In contrast, Domestic Institutional Investors (DIIs) purchased shares worth ₹6,971.51 crore during the same session.

Previous Session and Weekly Performance​

The sharp fall on Monday followed a weak close in the previous session.

On Friday, the Sensex had declined 1,097 points or 1.37% to close at 78,918.90, while the Nifty slipped 315.45 points or 1.27% to end at 24,450.45.

For the entire previous week, the BSE Sensex dropped 2,368.29 points or 2.91%, while the Nifty fell 728.2 points or 2.89%, reflecting sustained pressure on the market.