Markets remained deep in the red at midday on Monday, March 9, with the trading at 77,012.54 — down 1,906.36 points or 2.42 per cent from its previous close of 78,918.90 — continued to hammer investor sentiment. The 50 stood at 23,859.80 by 12:50 pm IST, shedding 590.65 points or 2.42 per cent from its prior close, having opened at 77,056.75 and slid further through the session.
The selloff, which began at the opening bell with a sharp gap-down, shows limited signs of recovery heading into the afternoon. On the BSE, 3,467 stocks declined against only 742 advances out of 4,381 traded, with 787 stocks hitting 52-week lows — a stark indicator of the breadth of selling pressure across the market.
Broader indices fared no better. The Nifty Bank tumbled 2,046.30 points or 3.54 per cent to 55,736.95, weighed down by heavy selling in PSU banking stocks. The Nifty Financial Services fell 766.15 points or 2.87 per cent to 25,886.30, the Nifty Next 50 lost 1,804.10 points or 2.67 per cent to 65,672.55, the Nifty Midcap 100 shed 1,458.05 points or 2.54 per cent to 55,935.30, and the Nifty Smallcap 100 declined 422.40 points or 2.56 per cent to 16,076.50.
Among Nifty 50 stocks, was the sole gainer by midday, rising 0.46 per cent to ₹196.29. Every other index constituent was in the red. The steepest losses were in auto and banking. Tata Motors Passenger Vehicles fell 5.69 per cent to ₹330.80, Maruti Suzuki dropped 5.51 per cent to ₹13,379, Mahindra & Mahindra declined 5.40 per cent to ₹3,152.70, and State Bank of India shed 5.38 per cent to ₹1,081.50. UltraTech Cement fell 4.97 per cent to ₹11,391.
From a technical standpoint, the Nifty 50 opened near 23,872 and extended its decline toward 23,697, with immediate support seen near 23,600 — a level that aligns with a key breakout zone from April 2025. “Immediate support is now seen near the 23,600 level. A decisive breach below this support could trigger further downside momentum, potentially dragging the index toward the 23,400–23,300 zone,” said Ponmudi R, CEO of Enrich Money. The RSI for the Nifty is in the mid-20s, indicating deeply oversold conditions, while the MACD remains in negative territory with a widening histogram.
On Bank Nifty, support is placed around 55,000, and a break below that level could push the index into the 54,200–53,600 zone, according to Enrich Money’s analysis.
In the currency market, the USD/INR pair is trading at fresh all-time highs near 92.30–92.32, as higher oil import costs and dollar strength exert sustained downward pressure on the rupee. Gold, meanwhile, continues to attract safe-haven demand, with COMEX Gold trading near $5,100 and MCX Gold futures near ₹1,60,000.
Crude oil benchmarks reflect the severity of the supply concern, with USOIL trading above $115 and retesting the $116–$124 resistance band following a breach of the $111 resistance zone. MCX Crude Oil is trading above ₹9,100, with a potential extension toward ₹9,500–₹9,650 if the $9,300 level is decisively cleared.
“The Indian stock market opened with a sharp gap-down and continues to hover near a critical support zone, reflecting lingering investor caution after last week’s steep correction,” said Ponmudi R. “Trading is likely to stay volatile and largely range-bound with a downside bias in the near term, unless geopolitical tensions show signs of easing, crude oil prices stabilize, or stronger macroeconomic triggers emerge.”
With 278 stocks in lower circuit against 147 in upper circuit on the BSE, the market’s downward bias remains entrenched heading into the second half of Monday’s session.