Stock market today: Sensex falls 547 pts, Nifty below 24,650; IndiGo, ICICI Bank lead losers
The rise in crude prices is likely to keep stocks like ONGC and Oil India in the spotlight, as higher oil prices typically benefit upstream energy producers, said Hariprasad K.
- Mar 6, 2026,
- Updated Mar 6, 2026 9:30 AM IST
Domestic benchmark indices Sensex and Nifty opened on a negative note on Friday, tracking weak cues from global markets and rising crude oil prices amid tensions between the US, Israel and Iran.
At 9:15 am, the BSE Sensex plunged 547.49 points, or 0.68%, to 79,468.41. The NSE Nifty slipped 155.45 points, or 0.63%, to 24,610.45.
As the war rages on and uncertainty looms, crude prices will influence markets, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd. “It is important to understand that even though crude has spiked by about 16% since the war began this is not among the major spikes in crude compared to earlier geopolitical crises which impacted crude,” he said.
Among Sensex constituents, InterGlobe Aviation (IndiGo) plunged 2.25% to Rs 4403.40. ICICI Bank declined 1.84%, while Ultratech Cement, Asian Paints and HDFC Bank fell 1.54%, 1% and 0.96%, respectively.
The rise in crude prices is likely to keep stocks like ONGC and Oil India in the spotlight, as higher oil prices typically benefit upstream energy producers, said Hariprasad K, SEBI-registered research analyst and founder, Livelong Wealth.
“However, sustained strength in crude also raises broader macro concerns for oil-importing economies like India, which could weigh on overall market sentiment if the trend persists,” Hariprasad added.
Broader Asian markets traded mixed. Japan’s Nikkei 225 was up 0.38% to 55,490.04, while South Korea’s Kospi declined 1.34% to 5,509.25, and Hong Kong’s Hang Seng jumped 1.44% to 25,685.31.
Wall Street ended the overnight session on a negative note, with all three major indices closed in the red zone. The S&P 500 declined 0.56% to settle at 6,830.71, while the Dow Jones Industrial Average plunged 1.61% to close at 47,954.74. The Nasdaq Composite edged down 0.26% to end at 22,748.99.
Vijayakumar said that this reflects the potential large supply of oil available in the global market. “Once the West Asian crisis deescalates, crude prices will dip sharply and markets will bounce back.”
“Therefore, crude price will continue to influence the market in the near-term. 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," Vijayakumar added.
In the last session on Thursday, the Sensex jumped 899.71 points, or 1.14%, to close at 80,015.90, while the Nifty gained 285.40 points, or 1.17%, to settle at 24,765.90.
Domestic benchmark indices Sensex and Nifty opened on a negative note on Friday, tracking weak cues from global markets and rising crude oil prices amid tensions between the US, Israel and Iran.
At 9:15 am, the BSE Sensex plunged 547.49 points, or 0.68%, to 79,468.41. The NSE Nifty slipped 155.45 points, or 0.63%, to 24,610.45.
As the war rages on and uncertainty looms, crude prices will influence markets, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd. “It is important to understand that even though crude has spiked by about 16% since the war began this is not among the major spikes in crude compared to earlier geopolitical crises which impacted crude,” he said.
Among Sensex constituents, InterGlobe Aviation (IndiGo) plunged 2.25% to Rs 4403.40. ICICI Bank declined 1.84%, while Ultratech Cement, Asian Paints and HDFC Bank fell 1.54%, 1% and 0.96%, respectively.
The rise in crude prices is likely to keep stocks like ONGC and Oil India in the spotlight, as higher oil prices typically benefit upstream energy producers, said Hariprasad K, SEBI-registered research analyst and founder, Livelong Wealth.
“However, sustained strength in crude also raises broader macro concerns for oil-importing economies like India, which could weigh on overall market sentiment if the trend persists,” Hariprasad added.
Broader Asian markets traded mixed. Japan’s Nikkei 225 was up 0.38% to 55,490.04, while South Korea’s Kospi declined 1.34% to 5,509.25, and Hong Kong’s Hang Seng jumped 1.44% to 25,685.31.
Wall Street ended the overnight session on a negative note, with all three major indices closed in the red zone. The S&P 500 declined 0.56% to settle at 6,830.71, while the Dow Jones Industrial Average plunged 1.61% to close at 47,954.74. The Nasdaq Composite edged down 0.26% to end at 22,748.99.
Vijayakumar said that this reflects the potential large supply of oil available in the global market. “Once the West Asian crisis deescalates, crude prices will dip sharply and markets will bounce back.”
“Therefore, crude price will continue to influence the market in the near-term. 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," Vijayakumar added.
In the last session on Thursday, the Sensex jumped 899.71 points, or 1.14%, to close at 80,015.90, while the Nifty gained 285.40 points, or 1.17%, to settle at 24,765.90.