Massive crash on Dalal Street, investors lose ₹15 lakh crore in minutes

Mumbai (The Uttam Hindu) - The Indian stock market opened in the red on Monday, the first trading day of the week, due to the escalating tension between the US and Iran and a sharp rise in crude oil prices. Growing global uncertainty increased risk aversion among investors, putting pressure on the market. The market decline resulted in investors losing approximately ₹15 lakh crore in wealth in a matter of minutes.

During this period, major benchmarks of the domestic market witnessed a huge fall. The 30-share BSE Sensex opened at 77,056.75, down 1,862.15 points from its previous close (78,918.90), while the NSE Nifty also opened at 23,868.05, down 582.4 points from its previous close (24,450.45). At the time of writing this news (around 9.28 am), the Sensex was trading at 76,514.48, down 2,404.42 points or 3.05 percent, while the Nifty recorded a fall of 727.40 (2.97 percent) points and was seen trading at 23,723.05.

Along with the benchmark indices, the broader market also came under pressure. Nifty Midcap fell by about 3.07 percent and Nifty Smallcap by about 3.18 percent. Sectorally, Nifty PSU Bank index fell the most and fell by more than 4 percent at the opening. Apart from this, Nifty Auto (down by 3.99 percent), Nifty Bank (down by 3.87 percent), Nifty Financial Services (down by 3.75 percent) and Nifty FMCG (down by 2.14 percent) also performed weakly. However, Nifty IT recorded the least decline of 1.06 percent.

In the Sensex pack, IndiGo, SBI, L&T, Tata Steel, Maruti Suzuki, Asian Paints, Axis Bank and Mahindra & Mahindra were the top losers.

The global oil market witnessed major turmoil after the US-Iran conflict escalated. In the early Asian trading session, the price of crude oil (Brent crude) jumped by about 21 percent to reach $112 per barrel. According to reports, the Strait of Hormuz was closed after Iran attacked ships, which increased the fear of disruption of global oil supply. Following this, major oil producing countries like Kuwait, United Arab Emirates and Iran announced a cut in oil production. Meanwhile, US President Donald Trump said that the increase in oil prices is a small price to pay for the security and peace of America and the world.

Hitesh Taylor, research analyst at Choice Broking, noted that last week, the Nifty 50 witnessed sharp volatility and sustained selling pressure. Technically, the weak candle on the weekly chart and the close below the 50-week EMA indicate weakness in the market. Currently, the 24,700 to 25,150 range is considered key resistance, while the 23,850 and 23,600 levels are seen as immediate support. If the Nifty falls below 23,500, the market could decline further.

Experts further noted that, according to preliminary exchange data, foreign investors (FIIs) sold shares worth approximately ₹6,030 crore on March 6, 2026, putting pressure on the market. Meanwhile, domestic investors provided some support by buying shares worth approximately ₹6,972 crore.

Experts said that given global uncertainties and increasing market volatility, investors are advised to remain cautious and disciplined. During a downturn, it's best to focus on stocks with strong fundamentals. According to market experts, a new buying strategy in the Nifty should only be adopted if the index delivers a strong and consistent breakout above the 25,000 level. This will strengthen positive market sentiment and likely initiate a new bullish phase.