Quote on Market Wrap 09th March, 2026 from Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
Below the Quote on Market Wrap 09th March, 2026 from Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd
"Markets started the week on a weak note, witnessing a sharp sell-off on Monday and extending the recent downtrend amid negative global cues and rising geopolitical tensions. The Nifty opened with a significant gap-down and remained under pressure for most of the session; however, a mild rebound in the final hour helped trim some of the losses. Consequently, the Nifty index settled at 24,028.05, down 1.73%.
Sectoral participation remained largely negative, reflecting broad-based selling across the market. Auto, banking, and metal stocks were among the major losers, while a few defensive pockets such as IT and pharma showed relative resilience and ended flat to marginally lower. The broader indices also came under pressure, with both midcap and smallcap indices declining nearly 2% each.
Investor sentiment remained fragile due to escalating geopolitical tensions in the Middle East, which triggered a sharp surge in crude oil prices, with Brent crude testing the ~$119.5 mark, raising concerns over inflation and economic growth. The spike in oil prices, weakness in the rupee, and continued foreign institutional investor (FII) selling further intensified the sell-off in domestic equities.
On the technical front, the Nifty declined sharply, breaching several key support levels alongside a sharp rise in the volatility index, India VIX. The next immediate support is placed around 23,500, followed by the 23,200 zone. On the upside, any recovery towards the 24,000–24,300 band is likely to face stiff resistance. Considering the prevailing scenario and scheduled weekly expiry, we maintain a cautious stance. We recommend staying selective while focusing on strict risk management until market stability returns."
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