SENSEX plunges over 1,900 pts, NIFTY50 below 23,900 in noon deals; Cupid, Meesho among buzzing stocks

The Indian benchmark indices, SENSEX and NIFTY50, continued trading in deep red in the afternoon session on Monday, March 9, as soaring oil prices amid increasing hostilities in the Middle East weighed on investor sentiment. Furthermore, the rupee hit its record low of 92.32 against the US dollar.

The SENSEX crashed by as many as 2,494.35 points to reach an intraday low of 76,424.55. Meanwhile, the NIFTY50 touched the session’s low of 23,697.80.

At 12:37 PM, the S&P BSE SENSEX tanked by 1,948.28 points, or 2.47%, to 76,970.62, while NSE’s NIFTY50 was trading at 23,851.65, marking a 598.80 points, or 2.45% decline.

On Friday, the foreign institutional investors (FIIs) sold stocks worth ₹6,030.38 crore, while the domestic institutional investors (DIIs) purchased equities worth ₹6,971.51 crore on a net basis, according to exchange data.

Shares of Tata Motors PV, which fell 5.65%, contributed to the decline of the NIFTY50 index. It was followed by selling 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.

Conversely, only the shares of Wipro (0.56%) were trading with gains on the index.

Buzzing stocks on March 9: Check list

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

Oil prices surged over 25% on Monday, reaching their highest levels since mid-2022, after major producers cut supplies and market fears rose over shipping disruptions due to the expanding U.S.-Israeli war with Iran.

Brent futures rose $24.96 (27%) to $117.65 per barrel, while U.S. WTI increased $25.72 (28.3%) to $116.62, both on track for their largest single-day gains.

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

Shares of aviation companies such as InterGlobe Aviation, which operates budget carrier IndiGo, slid as much as 8.38% to ₹4,035 apiece on the National Stock Exchange (NSE), while SpiceJet stock was down 5.29% to ₹13.26 apiece on the BSE.

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

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

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

Shares of Cupid surged over 12% to an intraday high of ₹92.90 per unit, as it traded ex-bonus issue today on March 9.

The company’s board of directors had approved a bonus issue of 1 07,57,28,560 fully paid-up bonus equity shares of ₹1 each in a 4:1 ratio.

This means eligible shareholders would get four new fully paid-up equity shares of ₹1 for every one existing fully paid-up equity share of ₹1.

The company had fixed Monday, March 9, as the record date. Furthermore, it had deemed the allotment date as Tuesday, March 10, 2026.

Meesho stock hit its 10% lower circuit as it touched its 52-week low of ₹143.34 per equity share on the NSE, after it received 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 Assessment Year 2023-24, the Income Tax Department has made certain additions/adjustments to the income reported by the company,” Meesho said in a regulatory filing in post-market hours on March 6.

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

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

In early trade, the stock had tumbled as much as 3.24% to a fresh 52-week low of ₹238.45 per equity share, amid a crash in broader markets.

In a regulatory filing dated Saturday, the company said that its subsidiary, Sonata Software North America (SSNA), instituted proceedings against one of its clients, 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, it added.