Indian benchmark indices SENSEX and NIFTY50 continued to trade in deep red in the afternoon session on Monday, March 9, as rising oil prices amid rising hostilities in the Middle East weighed on investor sentiment. Furthermore, the rupee hit its all-time low of 92.32 against the US dollar.

The SENSEX plunged as low as 2,494.35 points to hit an intraday low of 76,424.55. Meanwhile, NIFTY50 touched the session low of 23,697.80.

At 12:37 pm, the S&P BSE SENSEX plunged 1,948.28 points, or 2.47%, to 76,970.62, while the NSE’s NIFTY50 was trading at 23,851.65, down 598.80 points, or 2.45%.

On Friday, foreign institutional investors (FIIs) sold shares worth Rs 6,030.38 crore, while domestic institutional investors (DIIs) bought shares worth Rs 6,971.51 crore on a net basis, according to exchange data.

Shares of Tata Motors PV, which fell 5.65%, contributed to the fall of the NIFTY50 index. It was followed by sales in State Bank of India (-5.36%), Mahindra & Mahindra (-5.18%), UltraTech Cement (-4.99%) and Maruti Suzuki India (-4.98%), which were among the top losers.

On the contrary, only Wipro stock (0.56%) was trading with gains in the index.

Stocks Rising on March 9: Checklist

Oil Sensitive Stocks

Shares of oil marketing companies (OMC) and paint manufacturers plunged on Monday, March 9, amid a sharp rise in crude oil prices driven by the deepening conflict in West Asia.

Oil prices rose more than 25% on Monday, hitting their highest levels since mid-2022, after major producers cut supply and market fears grew about shipping disruptions due to the escalating US-Israeli war with Iran.

Brent futures rose $24.96 (27%) to $117.65 a barrel, while US WTI rose $25.72 (28.3%) to $116.62, both on track to record their biggest single-day gains.

Short-term sentiment remains under pressure amid rising tensions in the Middle East, which have kept crude oil prices elevated and raised concerns about inflation risks and India’s rising import bill.

Aviation stocks

Shares of aviation companies like InterGlobe Aviation, which operates low-cost airline IndiGo, fell as much as 8.38% to ₹4,035 each on the National Stock Exchange (NSE), while shares of SpiceJet fell 5.29% to ₹13.26 each on the BSE.

Aviation stocks were hit by the ongoing crisis in the Middle East as crude oil prices surpassed $100 per barrel, raising concerns about higher costs of aviation turbine fuel (ATF), which account for a significant portion of airline operating costs. Restricted operations due to the war between the United States, Israel and Iran have also affected the industry.

GNFC

Shares of Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) fell as much as 6% to hit a 52-week low of ₹405.45 apiece on the NSE on Monday, March 9, as the company last week shared a trading update amid the ongoing conflict in West Asia.

In a regulatory filing dated March 6, it said the ongoing war in the Middle East region has negatively impacted the supply of liquefied natural gas (LNG). In this regard, GAIL (India) Limited (GAIL), the company’s regasified liquefied natural gas (RLNG) supplier, has received a force majeure notice from its upstream supplier, Petronet LNG Limited (PLL), citing traffic restrictions affecting LNG supply.

Cupid

Cupid shares rose over 12% to an intraday high of Rs 92.90 per unit as they traded without bonus issue today, March 9.

The board of directors of the company had approved a bonus issue of 1,07,57,28,560 fully paid bonus shares of Rs 1 each in the ratio of 4:1.

This means that eligible shareholders would get four new ₹1 fully paid up shares for every existing ₹1 fully paid up share.

The company had set Monday, March 9 as the registration date. In addition, it had considered Tuesday, March 10, 2026 as the award date.

Meesho

Meesho stock reached its lower circuit of 10% when it hit its 52-week low of ₹143.34 per share on the NSE, after receiving an assessment order with a tax demand notice worth ₹1,499.73 crore (including applicable interest) from the assessment unit of the Income Tax department.

“As per the Assessment Order passed under Section 143(3) of the Income Tax Act, 1961, for the assessment year 2023-24, the Income Tax Department has made certain additions/adjustments to the income declared by the company,” Meesho said in a regulatory filing in post-market hours on March 6.

It added that the assessment order, together with the demand notice, will not have any material adverse impact on its financial condition, operations or other activities.

sonata software

Sonata Software shares advanced as much as 5.25% to an intraday high of Rs 259.40 per unit, recovering from its 52-week low, which it hit today, March 9.

In early trade, the stock had fallen as much as 3.24% to a new 52-week low of Rs 238.45 per share, amid a decline in broader markets.

In a regulatory filing dated Saturday, the company said its subsidiary, Sonata Software North America (SSNA), initiated proceedings against one of its customers, OBSA Operating Company, for the collection of accounts receivable and damages worth $10.64 million.

The litigation was filed in the United States Bankruptcy Court for the District of Delaware, he added.

Disclaimer: This article is for purely informational purposes and should not be considered investment advice from Upstox. Consult a financial advisor before making any investment decisions.