Stock Market Sees Sharpest Decline in Months as Brent Crude Price Surpasses $100, Triggering Widespread Selling

Indian Stock Market Plunges Amid Global Sell-Off

The Sensex benchmark index opened 1,862 points lower at 77,056.75 on Monday, March 9, tracking a broad sell-off in global markets. The Nifty 50 index also witnessed a gap-down opening at 23,868.05, down 583 points.

Market Performance

• Sensex extended losses to its day's low of 76,573.01, crashing 2,345.89 points.
• Nifty 50 hit its day's low of 23,739.2, tanking 711.25 points.

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Global Market Trends

• Crude Oil Prices: Escalating tensions in the US-Iran conflict pushed crude oil prices sharply higher, breaching the $100 per barrel mark for the first time in nearly three years.
• Brent Crude: Prices jumped over 25% to above $116 per barrel, extending the sharp 28% rally registered last week.
• Precious Metals: Spot gold declined 2.12% to $5,049 per ounce, while spot silver prices dropped 3.51% to $81.34 per ounce.

Asian Market Performance

• Japan's Nikkei 225: Fell 6.22%, slipping below the 53,000 mark for the first time since February 6.
• South Korea's Kospi: Dropped 6.68%, prompting authorities to temporarily halt trading in Kospi 200 futures after volatility surged.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline