Markets opened sharply lower on Monday as escalating geopolitical tensions in the Middle East triggered a broad sell-off, with the Sensex plunging over 2,700 points from its previous close and the Nifty breaching key support levels in early trade.
The BSE Sensex, which closed at 81,287.19 on Friday, opened at 78,543.73 and was trading at 80,573.15, down 714.04 points or 0.88 per cent, as of 9:45 a.m. IST. The NSE Nifty 50, which ended the previous session at 25,178.65, opened at 24,659.25 and was at 24,962.30, a decline of 216.35 points or 0.86 per cent.
Reports of US–Israel strikes on Iran, including the reported killing of Supreme Leader Ayatollah Ali Khamenei, drove crude oil up nearly 9 per cent in early Asian trade, rising from around $65 per barrel to $72–73. The Strait of Hormuz, through which 20 per cent of global petroleum liquids pass, has seen shipping slow due to security risks. In FY2025, 50 per cent of India’s crude oil and 54 per cent of its LNG imports were routed through the strait. …”Elevated crude oil prices could lead to a soaring import bill… and would moderate the marketing margins and profitability of oil marketing companies,” said Prashant Vasisht, Senior Vice President, Corporate Ratings, ICRA Ltd.
…”The conflict premium will ease only when there is clarity on leadership in Tehran, credible channels for de-escalation, and assurance that vital oil routes such as the Strait of Hormuz remain open,” said Rajeev Sharan, Head of Criteria, Model Development and Research, Brickwork Ratings.
Among Nifty 50 losers, L&T fell the most, down 3.74 per cent to ₹4,118.20 from ₹4,278.30, followed by IndiGo, which dropped 3.42 per cent to ₹4,662.00 from ₹4,827.20 amid flight suspensions on UAE routes. Asian Paints declined 2.57 per cent to ₹2,315.20 from ₹2,376.20, Adani Ports slipped 2.10 per cent to ₹1,489.00 from ₹1,521.00, and Adani Enterprises fell 1.99 per cent to ₹2,118.80 from ₹2,161.80.
On the gainers’ side, BEL rose 2.14 per cent to ₹454.20 from ₹444.70, Hindalco gained 1.72 per cent to ₹940.65 from ₹924.70, Tata Steel added 0.53 per cent to ₹213.45 from ₹212.33, HDFC Life edged up 0.29 per cent to ₹717.40 from ₹715.30, and Bharti Airtel rose 0.26 per cent to ₹1,884.20 from ₹1,879.30.
On February 27, FIIs sold equities worth ₹7,536 crore while DIIs bought over ₹12,000 crore, providing a partial cushion. Gold and silver rallied as investors shifted to safe-haven assets.
Technically, the Nifty has broken below its 200-day SMA of 25,300. …”A sustained move below 25,000 could increase pressure, with the next significant support at 24,500–24,350,” said Shrikant Chouhan, Head of Equity Research, Kotak Securities. Today’s weekly Nifty expiry, ahead of Tuesday’s Holi holiday, is expected to amplify intraday swings. …”The combination of geopolitical stress and expiry-driven positioning is expected to keep traders cautious and reactive to global headlines,” said Hariprasad K, Founder, Livelong Wealth.
Published on March 2, 2026