Indian benchmark indices, Sensex and Nifty50, traded deep in the red in the afternoon session on Monday, March 9, as rising oil prices weighed on investor sentiment amid escalating hostilities in the Middle East. Moreover, the rupee hit a record low of 92.32 against the US dollar.
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The Sensex fell 2,494.35 points to a low of 76,424.55. Meanwhile, NIFTY50 touched session low of 23,697.80.
At 12:37 pm, the S&P BSE Sensex fell 1,948.28 points or 2.47% to 76,970.62, while the NSE Nifty50 was down 598.80 points or 2.45% at 23,851.65.
According to exchange data, on Friday, foreign institutional investors (FIIs) sold shares worth ₹6,030.38 crore, while domestic institutional investors (DIIs) bought equities worth ₹6,971.51 crore on a net basis.
Shares of Tata Motors PV fell 5.65%, which contributed to the decline in the Nifty50 index. This was followed by selling in State Bank of India (-5.36%), Mahindra & Mahindra (-5.18%), UltraTech Cement (-4.99%) and Maruti Suzuki India (-4.98%) which were among the top losers.
In contrast, only Wipro (0.56%) shares were trading with gains on the index.
Gulzar Stocks on March 9: Check List
oil-sensitive stocks
Shares of oil marketing companies (OMCs) and paint makers fell on Monday, March 9, amid a sharp rise in crude oil prices due to the deepening conflict in West Asia.
Oil prices rose more than 25% on Monday, reaching their highest since mid-2022, after major producers cut supplies and heightened market fears over shipping disruptions due to the escalating US-Israel war with Iran.
Brent futures rose $24.96 (27%) to $117.65 a barrel, while US WTI rose $25.72 (28.3%) to $116.62, both on track for their biggest single-day gains.
Near-term sentiment remains under pressure amid rising tensions in the Middle East, which have kept crude prices high and raised concerns over inflation risks and India’s rising import bill.
aviation stock
Shares of aviation companies like InterGlobe Aviation, which operates budget carrier IndiGo, fell 8.38% to ₹4,035 per share on the National Stock Exchange (NSE), while SpiceJet’s stock fell 5.29% to ₹13.26 per share on the BSE.
Aviation stocks were hit by the ongoing crisis in the Middle East as crude oil prices rose above $100 a barrel, raising concerns about high aviation turbine fuel (ATF) costs, which form a significant portion of airlines’ operating costs. Reductions in operations due to the war between the US, Israel and Iran have also impacted the industry.
GNFC
Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) stock fell as much as 6% to hit a 52-week low of ₹405.45 on the NSE on Monday, March 9, after the company shared a business update last week amid the ongoing conflict in West Asia.
The ongoing war in the Middle East region has adversely impacted the supply of liquefied natural gas (LNG), it said in a regulatory filing on March 6. In this regard, GAIL (India) Limited (GAIL), a supplier of regasified liquefied natural gas (RLNG), has received a force majeure notice from its upstream supplier, Petronet LNG Limited (PLL), citing transit constraints affecting the supply of LNG.
Cupid
Shares of Cupid surged over 12% to hit an intraday high of ₹92.90 per unit as it traded on its ex-bonus issue today, March 9.
The Board of Directors of the company had approved the bonus issue of 1,07,57,28,560 fully paid-up bonus equity shares of ₹1 each in the ratio of 4:1.
This means that eligible shareholders will get four new fully paid-up equity shares of ₹1 each for every existing fully paid-up equity share of ₹1.
The company had set the record date for Monday, March 9. Further, it had considered the allotment date as Tuesday, March 10, 2026.
Meesho
After receiving the assessment order along with tax demand notice of ₹1,499.73 crore (including applicable interest) from the assessment unit of the Income Tax Department, Meesho stock hit its 10% lower circuit, touching its 52-week low of ₹143.34 per equity share on the NSE.
“Pursuant to the assessment order passed under section 143(3) of the Income Tax Act, 1961 for the assessment year 2023-24, the Income Tax Department has made certain additions/adjustments to the income reported by the company,” Meesho said in a regulatory filing in post-market hours on March 6.
It said the assessment order along with the demand notice will not have any material adverse impact on its financial position, operations or other activities.
sonata software
Shares of Sonata Software rose as much as 5.25% to hit an intraday high of ₹259.40 per unit, recovering from its 52-week low hit today on March 9.
In early trade, the stock fell 3.24% to a 52-week low of ₹238.45 per equity share, amid a fall in broader markets.
In a regulatory filing on Saturday, the company said its subsidiary, Sonata Software North America (SSNA), has initiated proceedings against one of its customers, OBSA Operating Company, for the collection of $10.64 million of accounts receivable and damages.
It said the lawsuit was filed in the United States Bankruptcy Court for the District of Delaware.
Disclaimer: This article is purely for informational purposes and should not be considered investment advice from Upstox. Please consult a financial advisor before taking any investment decisions.