Stock Market LIVE: Sensex, Nifty 50 set for gap-down open as Iran war puts crude oil on the boil

Mar 02, 2026 9:04:57 AM

IST

Stock Market LIVE: Crude oil prices surge to #76/barrel

Global crude oil prices have surged to $76 per barrel, after rallying by as much as 13% to the highest since January 2025.

Tanker traffic through the Strait of Hormuz—the chokepoint off Iran’s coast that handles a fifth of the world’s oil and large volumes of gas—has largely halted, with a self-imposed pause in place by shipowners and traders as the Iran war spreads.

The spike in crude prices is set to pile fresh pressure on Indian markets, with aviation stocks, oil marketing companies, and sectors like paints, tyres and automobiles likely to open weak.

Analysts warn that a sustained rise in crude oil prices above $75 could shave off 20-30 basis points from India's GDP growth and widen the current account deficit.

One basis point is one-hundredth of a percentage point.

Mar 02, 2026 8:53:42 AM

IST

Subdued GIFT Nifty signals Nifty 50 to test 25,000 levels

GIFT Nifty futures have slipped below the 25,000 mark, indicating a cautious start for India's stock market today.

The weak GIFT Nifty reading suggests Nifty 50 could test critical support at the 25,000 level, having already closed below the 200-day moving average of approximately 25,200 on Friday.

With India VIX already elevated, foreign portfolio investors are likely to intensify selling pressure, particularly in oil-sensitive sectors like aviation, paints, and automobiles.