Markets opened sharply higher on Tuesday morning after US President Donald Trump signaled that the conflict with Iran may be nearing its end, triggering a steep fall in crude oil prices and a broad recovery in global risk sentiment.
The BSE Sensex, which closed at ₹77,566.16 on Monday, opened at ₹78,375.73 and was trading at ₹77,954.69, up ₹388.53 or 0.50 per cent, as of 9.25 am. The Nifty 50, which ended the previous session at ₹24,028.05, opened at ₹24,280.80 and was last trading at ₹24,154.40, up 126.35 points or 0.53 per cent. The Gift Nifty had signaled the positive open, trading around 24,322, up nearly 202 points ahead of the session.
Previous day route
Monday’s session had been brutal. The Nifty gapped down over 580 points, briefly touching an intraday low of 23,697.80, before recovering to close at 24,028.05, down 422 points or 1.73 per cent. The Sensex fell 1,353 points. The Auto and PSU Bank indices were the worst performers, shedding nearly 4 per cent each. “…Extreme volatility in crude prices has triggered heightened volatility in stock markets across the world…,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, noting that Brent crude swung nearly $30 in a single day — from near $120 to $89 — reflecting the deep uncertainty surrounding global crude supplies.
Wall Street rebound
The overnight reversal on the New York Stock Exchange provided the crucial trigger. The Nasdaq Composite jumped 308 points or 1.4 per cent to 22,695, the S&P 500 advanced 55 points or 0.8 per cent to 6,795, and the Dow Jones Industrial Average climbed 239 points or 0.5 per cent to 47,740. Semiconductor stocks led the turnaround, with the Philadelphia Semiconductor Index spiking 3.9 per cent. Asian benchmarks followed, with Japan’s Nikkei 225 and South Korea’s Kospi surging more than 5 percent in early trade.
IndiGo leads gains
Among the top gainers on the Nifty 50, InterGlobe Aviation (IndiGo) led the pack, rising 3.85 per cent to ₹4,400.00 from a previous close of ₹4,236.70, reflecting relief across the aviation sector as crude retreats and airspace disruption fears ease. Shriram Finance gained 3.62 per cent to ₹1,022.90 from ₹987.20. UltraTech Cement rose 2.40 per cent to ₹11,651.00 from ₹11,378.00, Asian Paints added 2.32 per cent to ₹2,272.30 from ₹2,220.80, and Mahindra & Mahindra climbed 2.15 per cent to ₹3,256.00 from ₹3,187.60.
Mixed sector moves
On the losing side, Oil and Natural Gas Corporation fell the most, down 4.10 per cent to ₹267.50 from ₹270.80 — a counter-intuitive move for an oil producer as falling crude prices weigh on revenue expectations. Tata Motors dropped 4.02 per cent to ₹336.65 from ₹332.00. Maruti Suzuki declined 3.86 per cent to ₹13,613.00 from ₹13,508.00, Bajaj Auto shed 3.66 per cent to ₹9,457.00 from ₹9,383.00, and Kotak Mahindra Bank fell 2.86 per cent to ₹388.35 from ₹386.35. The continued weakness in auto and banking stocks underscores caution on the street despite the broader rebound.
FII selling persists
Foreign Institutional Investors extended their selling streak for the seventh consecutive session on March 9, offloading equities worth ₹6,345 crore. Domestic Institutional Investors absorbed much of the pressure, purchasing shares worth ₹9,000 crore. “…Continued FII selling remains a key headwind for market sentiment…,” noted Ponmudi R, adding that the divergence between foreign outflows and domestic buying highlights the resilience of India’s internal liquidity.
Volatility may ease
India VIX, which had surged sharply to around 23.36 during peak geopolitical uncertainty, is expected to cool significantly as tensions ease. A contraction toward the 17 level or below could sharply compress options premiums. Aakash Shah cautioned that given today coincides with Nifty’s weekly expiry, “…initiating fresh long positions may be advisable only after the Nifty decisively breaks and sustains above the 25,000 level…,” flagging the risk of a volatility crush for derivatives traders.
Key technical levels
Technically, Shrikant Chouhan flagged that the market is forming a lower top on the daily and intraday charts, indicating lingering weakness. “…The current market texture is weak but oversold…,” he said, identifying 24,000–23,900 as key support and 24,200–24,300 as resistance. Today’s rally is seen facing a stiff hurdle in the 24,300–24,400 band, according to Devarsh Vakil.
Crude relief boost
For the broader economy, the retreat in crude is a meaningful positive. India imports roughly 85 percent of its crude requirements, and lower oil prices ease inflation, support the rupee, and improve the macroeconomic outlook. “…The lesson from history is that geopolitical issues like wars will have only short-term impact on the economy and markets…,” said Vijayakumar, advising investors to remain invested and treat the correction as an opportunity in financials, automobiles, pharmaceuticals and defence. “…Crises are opportunities to buy for investors who are not risk averse…,” he added.
Short-term bounce likely
With the RSI on the Nifty hovering near 29 — deep in oversold territory — and global cues turning supportive, a short-term technical bounce is widely anticipated. However, analysts stressed that the broader trend remains fragile until a decisive and sustained move above 25,000 materialises.
Published on March 10, 2026