Indian Stock Market Rebounds Partially, Sensex Gains 700 Points from Intraday Low Amid Crude Oil Price Relief and Other Factors

Market Update: Sensex and Nifty Partially Rebound on March 9

Key Figures:

• Sensex: down 1,900.27 points or 2.41 percent at 77,018.63
• Nifty: down 603.30 points or 2.47 percent at 23,847.15

Market Activity:

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On March 9, the Sensex and Nifty staged a partial recovery due to various reasons, including partial relief in crude oil surge. At 11:25 am, 636 shares advanced, 3,179 shares declined, and 136 shares were unchanged. The Sensex rose over 700 points from day's low, and the Nifty reclaimed the 23,850 level. The intraday low of Sensex was 76,424.55, while that of Nifty was 23,697.8.

Market Drivers:

1. Crude Oil Relief The US oil prices fell $15 per barrel in under two hours on March 9 and were trading below $104 per barrel on reports that G7 countries are considering releasing 400 million barrels of crude oil reserves. This development provided partial relief in crude oil surge.
2. IT Sector Heavyweight IT stocks saw the least impact of the crude oil surge, and the Nifty IT index was trading only 0.4% lower. Weaker rupee also kept the losses capped on the sectoral index. LTIMindtree, Wipro, and Persistent Systems led the gains on the index.
3. Technical Analysis According to Anand James, Chief Market Strategist, Geojit Investments, further fall in markets will happen only after Nifty falls below 23,535. A breach of this level should see multi-leg downsides initially aiming the March 2025 low near 22,000 and November 2023 low near 19,000. Near-term upside prospects depend on the ability to float above 24,000.