West Asia conflict oil hike, market reactions LIVE: Crude oil surpasses $114 a barrel for the first time in four years
Investors in Indian stock market sold big at open pushing the benchmark indices down by 3% on March 9, 2026.
Nifty opened at 23,868.05 points, down and Sensex at 77,056.75 points. As of 9:37 a.m, they’re trading at 23,769 points and 76,715.44 points. These levels are amongst the lowest in nearly 6 months.
Barring a few hundred stocks, all of them are declining since open at 9:00 a.m.
After increasing at a rate of 7% or 8% in a single session consistently for more than a week, global crude prices hit $100 a barrel as Iran shutdown Strait of Hormuz, the route which supplies a fifth of India’s oil needs. The action was taken in retaliation to the U.S. and Israel attack on Iran and the subsequent assassination of the head of State Ayatollah Khamenei.
The blockade more than increasing prices has also brought in uncertainties regarding sustained supply of oil and natural gas which, on prolonged conflict in West Asia, may even lead to plant shutdowns, experts have been warning.
The fear of broad sectoral impact and their second order effects are reflected in the market with almost all sectoral indices opening and trading below their previous closes. — Ashokamithran T
