The Indian equity benchmarks nosedived on Monday, March 9, as investor sentiment took a knock globally after crude oil prices surged past $100 per barrel as Iran war intensified.
Oil prices surged 29% to $119 per barrel for the first time since 2022 on Monday as the Iran war intensified, threatening production and shipping in the Middle East. Surging oil prices sent fears of inflationary shockwaves across the global markets. The SENSEX as much as 2,494 points and NIFTY50 index touched an intraday low of 23,698.
The SENSEX dropped 1,353 points to close at 77,566 and NIFTY50 index declined 422 points to close at 24,028.
NIFTY50 top gainers and losers
Tata Motors Passenger Vehicles was top loser in the NIFTY50 index, the stock fell 5.27% to close at ₹332. Ultratech Cement, Maruti Suzuki, Eicher Motors, and Mahindra & Mahindra also fell between 4.44% and 5.25%.
On the flip side, Wipro, Reliance Industries, Apollo Hospitals, Infosys and HCL Technologies were among notable gainers in the NIFTY50 index.
NIFTY Midcap 100 top gainers and losers
NIFTY Midcap 100 index declined 1.97% to settle at 56,265. As many as 89 shares ended lower while 11 closed higher.
Astral was top loser in the NIFTY Midcap 100 index, the stock fell 5.13% to close at ₹1,602.
HPCL dropped 5% on fears that surging crude prices could dent its refining margins. Bank of India, Tube Investments of India and Union Bank of India also declined between 4.7% and 5%.
On the other hand, Tata Communications, Aurobindo Pharma, BSE, Coforge and Swiggy were top gainers in the NIFTY Midcap 100 index.
NIFTY Smallcap 100 top gainers and losers
NIFTY Smallcap 100 index plunged 2.22% or 367 points to close at 16,132. A total of 85 shares ended lower while 15 managed to end higher.
PG Electroplast was top loser in the NIFTY Smallcap 100 index, the stock fell 14.71% to settle at ₹519.60.
MRPL, Tejas Networks, Amber Enterprises, Karur Vysya Bank also declined between 6% and 8.5%.
On the contrary, Aadhar Housing Finance, Affle, MCX, Zen Technologies and Data Patterns were top gainers in the NIFTY Smallcap 100 index.
Disclaimer: This article is purely for informational purposes and should not be considered investment advice from Upstox. Please consult with a financial advisor before making any investment decisions.