All the sectoral indices on the NSE were traded in red with PSU Bank, auto and consumer durables stocks leading the decline.

At 13:25 ST, the barometer index, the S&P BSE Sensex slumped 1864.74 points or 2.35% to 77,077.37. The Nifty 50 index tanked 568.45 points or 2.32% to 23,894.05.

The broader market underperformed the key equity indices. The BSE 150 MidCap Index fell 2.69% and the BSE 250 SmallCap Index declined 2.96%.

The market breadth was weak. On the BSE, 760 shares rose and 3,475 shares fell. A total of 193 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, soared 22.56% to 24.37.

In the commodities market, Brent crude for May 2026 settlement climbed $13.91 or 15.01% to $106.08 a barrel.

IPO Update:

The initial public offer (IPO) of Rajputana Stainless received bids for 18,40,520 shares as against 2,09,00,000 shares on offer, according to stock exchange data at 13:24 IST on Monday (9 March 2026). The issue was subscribed 0.09 times.

The issue opened for bidding on 9 March 2026 and it will close on 11 March 2026. The price band of the IPO is fixed between Rs 116 and 122 per share.

Gainers & Losers:

Wipro (up 0.65%), Sun Pharmaceutical Industries (up 0.34%) were the major Nifty50 gainers.

Tata Motors Passsenger Vehicles (down 6.27%), Mahindra & Mahindra (M&M) (down 5.58%), State Bank of India (SBI) (down 5.42%), Ultratech Cement (down 5.37%) and Maruti Suzuki India (down 5.35%) were the major Nifty50 losers.

Stocks in Spotlight:

Neogen Chemicals jumped 6.10% after the company’s board approved the allotment of 10 lakh equity shares with a face value of Rs 10 each aggregating to Rs 161 crore, to promorter entity Cadamba Solutions on a preferential basis.

Paras Defence and Space Technologies declined 3.66%. The company has secured an order Rs 80.28 crore from the Defence Research and Development Organisation (DRDO), under the Ministry of Defence, to develop a high-precision optical system for air defence applications.

Puravankara fell 3.10%. The company said that it has entered into a joint development agreement for a 4-acre land parcel on Hennur Road in Bengaluru, with an estimated gross development value (GDV) of over Rs 1,300 crore.

Meesho declined 9.99% after the company received an income tax demand notice amouting to Rs 1,500 crore from the Income Tax Department for the assessment year 2023-2024.

Shares of state-run oil marketing companies declined sharply as global crude prices surged, raising concerns about pressure on their margins. Hindustan Petroleum Corporation dropped 6.65%, Bharat Petroleum Corporation fell 5.61% and Indian Oil Corporation slipped 5.46%.

Shares of paint manufacturers came under pressure as crude oil prices surged sharply, triggering concerns about higher raw material costs for the sector. Asian Paints declined 2.97%, Kansai Nerolac Paints fell 2.46%, Indigo Paints slipped 3.48%, Berger Paints India lost 3.38%, Sirca Paints India eased 4.09%, Shalimar Paints declined 2.59% and Akzo Nobel India fell 2.83%.

Kwality Walls (India) declined 5.86% after the company’s standalone net loss widened to Rs 178.38 crore in Q3 FY26 compared with net loss of Rs 100.16 crore in Q2 FY26. Revenue from operations fell 30.23% YoY to Rs 222.34 crore in Q3 FY26.

Lupin declined 1.92% after the US Food and Drug Administration (USFDA) concluded an inspection of its manufacturing facility in Ankleshwar, India, issuing a Form 483 with two observations.

Global Markets:

European and Asian market tumbled across the board today as oil prices breached $100 per barrel.

In latest development on US-Iran war front, Mojtaba Khamenei, a son of Iran's late supreme leader, has been named his successor, Iranian state TV reportedly announced early on Monday, as the war that began a little over a week ago with his father's killing took a dramatic turn.

Monday saw South Korea’s Kospi trigger its second circuit breaker in four sessions. The index plunged over 8%, triggering a 20-minute suspension in trading. Heavyweight Samsung Electronics plunged more than 10%, while chip counterpart SK Hynix shed 11.6%.

A circuit breaker was activated last week when the benchmark tumbled more than 12% Wednesday to record its worst single-day decline.

Japan’s Nikkei 225 tumbled 5%, falling below the 53,000 mark for the first time since February 06, while the Topix was down 3%.

The decline comes after major Middle Eastern oil producers, including Kuwait, Iran and the United Arab Emirates, cut oil production following the closure of the Strait of Hormuz.

U.S. President Donald Trump, however, posted on Truth Social that a gain in “short term oil prices” was a “very small price to pay” for destroying Iran’s nuclear threat. “Only fools would think differently!” Trump added.

On Wall Street, stocks fell on Friday, adding to their weekly declines, as oil prices spiked and traders reacted to an unexpected drop in new U.S. jobs data.

The Dow Jones Industrial Average lost 453.19 points, or 0.95%, to end at 47,501.55. The S&P 500 fell 1.33% and settled at 6,740.02. Nasdaq Composite dropped 1.59% and closed at 22,387.68.

Friday's surge in crude prices was triggered by Trump's comments. POTUS stated in a social media post that there won’t be a deal to end the U.S.-Iran war without an “unconditional surrender” from the Middle Eastern country.

Qatar’s energy minister, Saad al-Kaabi, told the Financial Times that Gulf energy producers may need to call force majeure in the coming days, shutting down production in a move that could send oil to $150 a barrel. The conflict in the Middle East could “bring down the economies of the world,” he warned.

Equities were also bogged down by the latest jobs data. The Bureau of Labor Statistics reported that nonfarm payrolls fell by 92,000 in February, a sharp contrast from the downwardly revised January gain of 126,000 and far below the growth of 50,000 that was widely reported expected number for the month. The unemployment rate also rose to 4.4% from 4.3%.