Sensex, Nifty down ~2% as oil spikes amid Iran‑Israel
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- Sensex and Nifty closed nearly 2% lower after opening about 3% lower, following a sharp crash driven by Middle‑East tensions.
- Brent crude rose 29% to exceed $100 per barrel as the Iran–Israel–US conflict entered its 10th day, keeping the Strait of Hormuz shut.
- Oil prices fell back after Bloomberg reported Saudi prompt crude supply, with Brent up 19% and WTI up 17.6% after earlier >25% gains.
- Rajputana Stainless launched its IPO at Rs 116–122 per share, targeting Rs 255 crore, with the issue closing on March 11.
- Low‑beta stocks attracted investors, with 135 BSE 500 stocks up ≥1% and 35 up double‑digit, over half having beta ≤0.9.
- Nifty faces volatility, with support at 24,400 and a required rise above 24,700–24,800 to stabilize market sentiment.
Why it matters: The market tumble hurts equity holders, while the rally in low‑beta stocks and the Rajputana Stainless IPO offer pockets of upside; the oil price spike underscores how geopolitical tension can quickly depress Indian indices, prompting investors to favor less‑volatile shares.
