Main winners and losers: Indian benchmark indices SENSEX and NIFTY50 closed deep in negative territory on Monday, March 2, as escalating hostilities in West Asia sent shock waves through global markets and shook investor sentiment.
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Over the weekend, the United States and Israel attacked Iran, and the crisis intensified following the death of Iran’s supreme leader, Ayatollah Ali Khamenei. The escalation has rattled global energy markets, with traders focusing on the Strait of Hormuz, the narrow waterway linking the Persian Gulf to the Gulf of Oman. Nearly 20% of global petroleum liquids and about a fifth of global liquefied natural gas shipments transit the strait.
Oil prices rose sharply as Brent crude oil (futures for May delivery) rose as much as 13.04% to a 52-week high of $82.37 per barrel.
On Friday, foreign institutional investors (FIIs) sold shares worth Rs 7,536.36 crore, while domestic institutional investors (DIIs) bought shares worth Rs 12,292.81 crore on a net basis, according to exchange data.
The SENSEX plunged as low as 2,743.46 points to hit an intraday low of 78,543.73. Meanwhile, the NIFTY50 plunged to touch the day’s low of 24,603.50.
The SENSEX fell 1,048.34 points or 1.29% to end at 80,238.85. Similarly, the NIFTY50 closed lower by 328.05 points or 1.30% at 24,850.60.
NIFTY50 Top Gainers and Losers
The 50-share NIFTY index was dragged down by the sale of shares of InterGlobe Aviation (IndiGo), which closed down 6.09%, amid a decline in tourism and tourism-adjacent stocks, as major airspace and airports in the Middle East remain closed due to the ongoing conflict. Additionally, aviation stocks are largely sensitive to rising oil prices, with aviation fuel and oil accounting for a substantial 28.7% of airlines’ total costs, according to WATS.
It was followed by Larsen and Toubro (-5.24%), which fell as the company remains one of the largest Indian players in the Middle East, with significant business exposure to the region.
According to JM Financial estimates, as reported by news channels, nearly 37% of the company’s order book is tied to Middle East projects, while around 33% of its order intakes in 9MFY26 came from the region.
Adani Ports and Special Economic Zone (-3.43%), Maruti Suzuki India (-3.29%) and Asian Paints (-3.08%) were among the top losers of the day.
Shares of Asian Paints fell because it is an oil-sensitive company.
On the other hand, the biggest gainer group was led by Bharat Electronics, which rose 2.13%, as investor sentiment remained strong towards defense stocks amid the Middle East conflict.
Hindalco Industries (1.70%), Sun Pharmaceutical Industries (0.93%), Oil & Natural Gas Corporation (0.63%) and ITC (0.35%) followed BEL.
ONGC stock rose because it is an upstream company, meaning it explores and produces crude oil. When global oil prices rise, the oil they sell fetches a higher price, which directly increases their revenue and profit margins (assuming production costs remain largely unchanged). In simple terms, higher crude oil prices mean they earn more for the same barrel of oil, which improves earnings expectations and makes their stocks more attractive to investors.
Only eight of the 50 stocks in the NIFTY50 index advanced, the rest fell.
NIFTY Midcap Top 100 Gainers and Losers
NSE’s midcap gauge NIFTY Midcap 100 fell 935.10 points, or 1.58%, to close at 58,180.50 on Monday. Of its 100 stocks, only 10 stocks advanced, while the remaining 90 fell.
The index was weighed down by Rail Vikas Nigam (-5.15%), Indian Renewable Energy Development Agency (-4.70%), Swiggy (-3.94%), Voltas (-3.93%) and Suzlon Energy (-3.91%), which were among the major laggards.
On the other hand, top gainers included Tube Investments of India (3.47%), Muthoot Finance (3.35%), KEI Industries (2.75%), National Aluminum Company (2.09%) and Lupine (0.66%).
NIFTY Smallcap Top 100 Gainers and Losers
The NIFTY Smallcap 100 ended at 16,632.40, down 296.50 points or 1.75% from March 2.
Redington (-6.90%), IFCI (-5.92%), Himadri Specialty Chemical (-5.74%), Aegis Vopak Terminals (-4.94%) and JBM Auto (-4.68%) were its top losers.
On the contrary, its top gainers were Tejas Networks (6.90%), Multi-Commodity Exchange (2.55%), Neuland Laboratories (2.21%), Anand Rathi Wealth (2.01%) and Hindustan Copper (1.71%).
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.