Pre-Market 10 Mar 2026: Nifty’s 1.7% Slide; Oil Above $110 in Focus

Indian equity markets head into Tuesday after a sharp sell-off at the start of the week, triggered by geopolitical tensions in the Middle East and a surge in crude oil prices.

Monday’s trading session was volatile from the opening bell. Even after the late recovery, Dalal Street ended deep in the red.

The BSE Sensex closed at 77,566.16, down 1,352.74 points or 1.71%, while the Nifty 50 settled at 24,028.05, falling 422.40 points. At one point during the day, markets were down nearly 3%, briefly erasing over ₹13 lakh crore in investor wealth before some buying emerged in the final hour.

Yesterday’s Market Recap

Selling pressure remained heavy through the morning, although the index managed to stabilise later.

Late buying helped the Nifty recover from the day’s lowest levels, though the index still finished at 24,028. That remains its weakest closing level since May 9, 2025.

Sector Performance: Broad-Based Selling

Every sectoral index finished in negative territory. Auto, capital goods, metals, consumer durables, PSU banks, oil & gas and private banking stocks declined on Monday, reflecting broad risk aversion.

Automobile stocks were among the biggest laggards.

• Maruti Suzuki fell 4.6%
• Mahindra & Mahindra declined 4.35%
• Bajaj Auto dropped 4.41%

In the broader market, mid-cap and small-cap indices each lost around 2%, indicating that selling was not limited to frontline stocks.

Stocks In Focus

Several heavyweight stocks also contributed to the decline.

UltraTech Cement slipped 5.08%, while Kotak Mahindra Bank, Tata Steel, and Adani Ports fell more than 3% each during the session.

A few large-cap names helped cushion the fall.

Reliance Industries gained nearly 1%, while Infosys, Wipro and HCLTech finished in positive territory. Healthcare and technology stocks drew selective demand as investors shifted toward sectors typically viewed as relatively defensive during periods of market volatility.

Oil Surge Triggers Market Jitters

Oil climbed above $110 per barrel, with the surge linked to fears that the escalating conflict in West Asia could disrupt supply routes and tighten global availability.

For India, which imports about 85% of its crude oil, a sustained increase in prices tends to push up the country’s import bill and add to inflationary pressures.

Higher energy costs can also weaken the rupee and complicate the interest-rate outlook. Both factors often weigh on equity markets, particularly when price spikes are driven by geopolitical risks.

Global Markets And Commodities

Global markets have been reacting to the same developments.

On Wall Street, trading opened on a mixed note. The Dow Jones declined 361.79 points, while the S&P 500 slipped 0.48%. The Nasdaq fell 0.18%, reflecting cautious sentiment as investors continued to monitor the situation in the Middle East.

Meanwhile, gold prices climbed above $5,012, and defence stocks saw gains amid the rise in global risk perception.

Technical View

From a technical standpoint, the broader trend remains weak.

Nifty slipped under the 24,055 Fibonacci retracement level during the session and ended the day slightly below it. The index now trades around 4.7% beneath its 200-day EMA at 25,212, pointing to continued downside pressure.

The 23,880–23,850 range is seen as the first support zone. A move below 23,850 may open the way toward 23,700.

On the upside, 24,130–24,150 remains the first resistance area. Only a move above this band may signal a stronger recovery.

Also Read - Post-Market, 9 March 2026: Rising Oil Prices Spook Markets

What Should We Expect In Today’s Market?

Markets move into Tuesday after a volatile session on Monday.

Late buying trimmed part of the losses, suggesting some investors were willing to accumulate stocks at lower levels. But uncertainty remains. Crude oil prices and developments in the Middle East are still shaping sentiment.

Investors, for now, are likely to remain cautious.

Sources:

Moneycontrol

India Today

Sunday Guardian