Market Jolt: SENSEX Plummets 1,900+ Points-NIFTY50 Dips Below 23,900! Discover the Buzzing Stocks like Cupid and Meesho!
The Indian stock market faced significant declines on Monday, March 9, with the benchmark indices SENSEX and NIFTY50 trading deep in the red as investors reacted to soaring oil prices and escalating tensions in the Middle East. The rupee also hit a record low of 92.32 against the US dollar, exacerbating market worries.
At one point, the SENSEX plummeted by 2,494.35 points, reaching an intraday low of 76,424.55, while the NIFTY50 fell to 23,697.80. By 12:37 PM, SENSEX was down by 1,948.28 points, or 2.47%, at 76,970.62, and NIFTY50 was trading at 23,851.65, marking a decline of 598.80 points, or 2.45%. On Friday, foreign institutional investors (FIIs) sold stocks worth ₹6,030.38 crore, though domestic institutional investors (DIIs) countered with purchases worth ₹6,971.51 crore.
Notable declines among constituent stocks included Tata Motors, which fell 5.65%, and major companies like State Bank of India (-5.36%), Mahindra & Mahindra (-5.18%), UltraTech Cement (-4.99%), and Maruti Suzuki (-4.98%). Only Wipro managed to post gains, rising by 0.56%.
Oil-sensitive companies, particularly in the aviation and energy sectors, experienced a sharp downturn. Crude oil prices surged over 25% due to fears stemming from the ongoing conflict in West Asia, reaching highs not seen since mid-2022. Brent crude futures saw a significant increase of $24.96 (27%) to $117.65 per barrel, while U.S. WTI climbed $25.72 (28.3%) to $116.62. This spike has raised concerns over inflation and India’s burgeoning import costs.
The aviation sector was particularly hard-hit, with stocks like InterGlobe Aviation (IndiGo) plummeting by 8.38% to ₹4,035 and SpiceJet down 5.29% to ₹13.26. Flight operations are threatened by rising aviation turbine fuel (ATF) costs, which are expected to soar as oil prices cross $100 per barrel, coupled with operational constraints due to the geopolitical crisis.
Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) saw its stock fall by 6% to a 52-week low of ₹405.45 after announcing that the conflict in the Middle East has adversely affected its liquefied natural gas (LNG) supply chain. GAIL (India) Limited has received a force majeure notice from its upstream supplier, complicating operations further.
Conversely, shares of Cupid jumped more than 12% to an intraday high of ₹92.90 following the announcement of a 4:1 bonus issue. Shareholders will receive four new shares for every existing one held, with the record date set for March 9.
In stark contrast, Meesho’s stock fell to its 52-week low of ₹143.34 after the Income Tax Department issued a tax demand notice totaling ₹1,499.73 crore. The company indicated this will not significantly impact its overall financial health. Sonata Software’s shares rebounded by 5.25% to ₹259.40 following a recent drop, aided by news that its subsidiary initiated legal proceedings against a client for significant outstanding receivables.
Today’s market fluctuations illustrate the direct impact of external geopolitical tensions on investors’ confidence and the economy at large. Stakeholders are advised to remain vigilant, as volatility is expected to persist in light of ongoing global events.
Disclaimer: This article is for informational purposes only and should not be considered investment advice. Please consult with a financial advisor before making any investment decisions.
Original Source: https://upstox.com/news/market-news/stocks/sensex-plunges-1-948-pts-nifty-50-below-23-900-in-noon-deals-cupid-meesho-among-buzzing-stocks/article-190384/
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Publish Date: 2026-03-09 23:36:00
