opened lower on Friday morning, weighed down by negative global cues, with the declining 283.08 points (0.35 per cent) to trade at 79,732.82 against its previous close of 80,015.90 after opening at 79,658.99.
slipped 84.70 points (0.34 per cent) to 24,681.20, opening at 24,656.40 compared to its previous close of 24,765.90, as of 9.45 am on March 6, 2026.
The sell-off came on the back of a sharp fall on Wall Street overnight. The Dow Jones Industrial Average fell 784.67 points or 1.6 per cent to 47,954, the S&P 500 slid 38.79 points or 0.6 per cent to 6,830, and the Nasdaq declined 58.50 points or 0.3 per cent to 22,748.
The CBOE VIX spiked 18 per cent, reflecting heightened investor anxiety, while the 10-year US Treasury yield climbed to 4.13 per cent, its highest in three weeks.
Escalating geopolitical tensions in West Asia continued to roil global markets. European natural gas futures surged nearly 70 per cent over the week after Qatar suspended liquefied natural gas loadings following Iranian drone strikes on its primary export facilities.
Devarsh Vakil, Head of Prime Research, HDFC Securities, noted that “…gas stockpiles across Europe have fallen to multi-year lows, and even December 2026 contracts rose around 40 per cent as traders positioned for a prolonged tightening in global gas supply.”
A partial offset came from a US Treasury Department waiver permitting Indian refiners to purchase Russian crude already in transit for 30 days, a move intended to ease pressure on global oil markets.
, down 1 per cent, while WTI April futures were at $80.07, down 1.16 per cent, as of 9:23 am on Friday.
On the MCX, March crude oil futures traded at ₹7,338, up 0.30 per cent from the previous close of ₹7,316, while April futures were at ₹7,180, down 0.51 per cent from ₹7,217.
Vakil noted that “…currency markets will breathe a sigh of relief as India secures a crude oil import waiver,” adding that the Indian rupee had already appreciated 55 paise on Thursday.
as the escalating Middle East conflict drove safe-haven demand, with investors shifting into precious metals and the Japanese yen to hedge geopolitical risks.
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, cautioned: “…so long as Brent crude moves around $85 levels, the market is unlikely to be impacted. On the other hand, if Brent price spikes above $90 and moves towards $100, globally markets will be impacted. Therefore, watch out for crude prices.”
Among Nifty 50 gainers, BEL led the pack, rising 2.75 per cent to ₹470.65, followed by Reliance Industries up 1.95 per cent to ₹1,416.50, NTPC gaining 1.90 per cent to ₹385.25, Wipro up 1.52 per cent to ₹198.65, and TCS advancing 1.18 per cent to ₹2,609.30.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, noted that “…the capital markets, defense, and metal indices gained more than 2 per cent” in the previous session, though IT stocks witnessed intraday profit booking.
On the losing side, IndiGo fell the most, shedding 2.26 per cent to ₹4,410.60, followed by ICICI Bank down 1.84 per cent to ₹1,332.60, Larsen & Toubro declining 1.82 per cent to ₹3,965, Max Healthcare falling 1.62 per cent to ₹1,041.10, and HDFC Life dropping 1.41 per cent to ₹674.65.
The banking sector remained under pressure, with Hariprasad K, SEBI-registered Research Analyst and Founder of Livelong Wealth, flagging that “…58,500 remains the immediate support, a level from which the index has rebounded multiple times, while 58,000 continues to act as the crucial support zone.”
On the institutional front, Foreign Institutional Investors extended their selling streak for the fifth consecutive session on March 5, offloading equities worth approximately ₹3,752 crore, while Domestic Institutional Investors continued their buying trend for the seventh straight session, purchasing shares worth over ₹5,000 crore.
Ponmudi R, CEO of Enrich Money, a SEBI-registered wealth tech firm, stated: “…persistent geopolitical tensions in the Middle East continue to keep crude oil prices elevated, heightening concerns over renewed global inflationary pressures and the possibility of tighter monetary policy conditions ahead.” Aakash Shah, Technical Research Analyst at Choice Equity Broking, advised that “…fresh long positions should ideally be considered only after a clear and sustained breakout above the 25,000 level on the Nifty, as such a move would signal improving sentiment.”
Key technical levels to watch: Nifty support is at 24,600–24,500, with resistance at 24,850–25,000. Bank Nifty holds support at 58,700–58,800, with resistance at 59,300–59,400.