Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, fell and the rupee reached an all-time low on Monday, reflecting a widespread risk-averse sentiment across Asia as rising tensions in the Middle East kept oil prices high and heightened worries over economic growth and corporate earnings forecasts.
The Nifty 50 declined by 2.72% to 22,487.65, while the BSE Sensex decreased by 2.59% to 72,606.10, as of 12:26 IST.
India’s equity volatility index, which indicates the market’s expected fluctuations over the next month, surged to 26.1, marking its highest level since early June 2024.
The extensive selloff indicates a swift rise in risk aversion. Asian markets slid 3.3% as the situation in the Middle East escalated, dampening expectations for a quick resolution to the ongoing U.S.-Israeli conflict with Iran, now in its fourth week.
Brent crude oil prices hovering around $113 a barrel create a significant challenge for India, one of the largest oil-importing countries in the world.
High crude oil prices and ongoing foreign withdrawals from local markets are putting pressure on the rupee, which fell to a new all-time low on Monday, surpassing the previous low reached on Friday.
Foreign portfolio investors have withdrawn $9.57 billion from Indian stocks so far in March, on pace for the largest monthly outflow since October 2024.
Market Views – Vinay Rajani, Senior Technical and Derivative Analyst, HDFC Securities
Nifty 50 Outlook
has been in continuation of a down trend. Momentum and intensity of price fall in the stocks and index has been rising for last couple of weeks. Nifty 50 has witnessed a correction of almost 15% from its all-time high of 26,373, registered in January 2026. Nifty 50 is now placed below all key moving averages, which indicates down trend on all time frames. Recently, Nifty 50 also breached crucial long-term support of its previous swing low of 22,930, which acted as a major support and reversal level in the recent past. This development is an alarming signal for the index, which raises the probability of breaching the swing
low support of 21,743 registered in April 2025. On the pullbacks, Nifty 50 could find resistance in the band of 22,900-23,000. On the monthly and quarterly charts, bearish triple top pattern in the band of 26,300-26,400 can be observed, which could turn out to be the top for the medium term in the index.
Percentage of stocks above 200 DEMA reached 23% in NSE500, which is still away from the extreme levels of historical corrections. A reading of 10% to 13% used to be oversold conditions from where we can expect mean reversal in broader markets.Traders are advised to stay cautious. Pullbacks in index can be utilized to lighten long commitments.
2 stocks to sell in the near-term
Sell Indusind Bank March Fut 785| Target ₹720 | Stop-loss ₹825
has given bearish breakout from “flag” pattern on the daily chart. Primary trend of the stock has been bearish with lower tops and lower bottoms.
Sell REC March Fut 315| Target ₹295 | Stop-loss ₹328
has given bearish breakout from the consolidation. Primary trend of the stock is bearish, as it has been holding below all key moving averages.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.