Crude oil update, Asian market cues, FII activity, key things to know before markets open on March 9

The Indian equity benchmarks are set to stage a massive gap down opening on Monday, March 9, as indicated by GIFT NIFTY futures. NIFTY futures at GIFT City in Ahmedabad dropped a whopping 825 points or 3.36% to 23,720 amid weak cues from global markets after crude oil prices in international markets surged past $100 per barrel as Iran war intensified.

Crude oil price update

Oil prices surged 29% to $119 per barrel for the first time since 2022 on Monday as the Iran war intensified, threatening production and shipping in the Middle East.

West Texas Intermediate, the light, sweet crude oil produced in the United States, also was selling for about $114 a barrel. That’s 25% higher than its close Friday at $90.90, news AP reported.

The war’s toll on civilian targets grew early Monday as Bahrain accused Iran of striking a desalination plant vital to drinking water supplies, and oil depots in Tehran smoldered following overnight Israeli strikes.

Asian market update

Asian markets were trading sharply lower on Monday as surging crude oil price sent wave of fear of inflationary shock across the global markets. Japan’s Nikkei dropped 6.58%, China’s Shanghai Composite declined 1%, Hong Kong’s Hang Seng declined 3.71% and South Korea’s KOSPI plunged 7%.

Wall Street update

US stocks ended lower on Friday as S&P 500 index dropped 1.33%, Dow Jones Industrial Average fell 0.95% and tech heavy Nasdaq tumbled 1.6%.

FII/DII activity

Foreign institutional investors sold shares worth ₹6,030 crore on Friday while domestic institutional investors bought shares worth ₹6,971 crore, data from the National Stock Exchange showed.

The FIIs have sold shares worth ₹21,000 crore in March compared with shares worth ₹22,615 bought by them in February, according to the data from National Securities Depository Limited (NSDL).

Stocks to watch

Crude oil-sensitive stocks: Oil-sensitive stocks such as upstream companies (ONGC, Oil India), OMCs (IOCL, BPCL, and HPCL), paints (Asian Paints and Kansai Nerolac), tyres (MRF, JK Tyres, and others), and aviation will be in focus, as oil prices have surged past the crucial $100 per barrel mark amid the escalating US-Iran war, raising concerns over global supply disruptions and inflationary pressures.

Cipla: Shares of Cipla are expected to hog the limelight on Monday, March 9, as the company’s US-based subsidiary is recalling over 400 cartons of generic anti-cancer medication due to a manufacturing issue, according to the US Food and Drug Administration (USFDA).

Warren (New Jersey)-based Cipla USA, Inc. is recalling Nilotinib Capsules in two strengths (150 mg and 200 mg), the US health regulator said in its latest Enforcement Report.

The company is recalling the affected lot (271 and 164 cartons) due to “failed tablet/capsule specifications”, it stated.

Cipla USA, Inc. initiated the Class III voluntary recall on February 18 this year.

According to the USFDA, a Class III recall is initiated in a “situation in which use of, or exposure to, a violative product is not likely to cause adverse health consequences”.

AC stocks: Companies such as Voltas, Blue Star, and LG Electronics India, among others, will be in focus as leading room air conditioner makers are increasing prices in the range of 5-15% to offset sustained increases in raw material costs and supply chain expenses.

The hikes, being rolled out between February and April, come just ahead of the peak summer season when demand typically surges.

Leading players, including Daikin, Voltas, Blue Star, LG, Haier, and Mitsubishi Heavy Industries, have announced increases across models, passing on higher input costs for key raw materials such as copper, a weaker rupee, new energy-efficiency norms, and an increase in freight costs.

Industry executives said while adjustments are unavoidable, they expect strong sales momentum this year, aided by forecasts of a hotter summer and improved energy savings from new star-rated models.

Blue Star Managing Director B Thiagarajan said the company has already taken a price increase of 8-10% in the middle of February. However, old-priced inventory is still in the market; hence, there is not much difference in the market.

“Dealers lifted stocks earlier as a price increase was going to happen. They bought in early, so they will be selling the old stock,” he said, adding that a new batch, priced higher, will take some time to reach the market.

Gold and other metal stocks: Gold financiers, as well as gold jewellery stocks and MCX, will be in focus as gold prices are expected to remain volatile this week, as investors track geopolitical developments in the Middle East and key macroeconomic data releases that could shape the sentiment in the domestic market.

“Focus will again be on the developments in the Middle East, and further escalation would be positive for gold prices, but a sign of de-escalation may trigger sharp selling,” Pranav Mer, vice president, EBG – Commodity & Currency Research, JM Financial Services Ltd, said.

Mer added that silver is also undergoing a consolidation phase but remains highly volatile.

“Silver too is passing through a consolidation phase but trading with high volatility as gains are capped by consolidative moves in gold and industrial metals like copper and zinc,” he said.

Lupin: The US FDA concluded an inspection at its manufacturing facility at Ankleshwar, India. The inspection was conducted from March 02, 2026, to March 07, 2026, and closed with the issuance of a Form 483 with two observations.

“We will address the observations and respond to the U.S. FDA within the stipulated timeframe. We are committed to being compliant with CGMP standards across all our facilities,” the company said.

RailTel Corporation of India (RailTel): The company has received a letter of acceptance (LoA) worth ₹26.72 crore from South East Central Railway for an optical fibre cable (OFC) project.

Max Estates: Max Estates Limited (Max Estates), a leading real estate developer in the National Capital Region (NCR), has secured the RERA for Max One, the development around Max Towers, Sector 16B, Noida.

“This brings renewed optimism for customers after the insolvency of the erstwhile developer. With construction to commence shortly at Max One, the focus firmly shifts to the future, signalling momentum and progress,” the company said in its press release.

“Located right at the edge of South Delhi, Max One is taking shape as a walkable, green campus that brings together residences, workspaces, and cultural and entertainment spaces in one place. It offers a more intuitive way of living in Delhi NCR, bringing new experiences closer and reducing the need to constantly be on the move,” it added.

Jyoti Ltd: The company has secured a purchase order of around ₹5.38 crore (excluding GST) for 10 large-capacity VT pumps from M/s PVR Projects LTD, Hyderabad, for the JAWAHAR LIFT IRRIGATION SCHEME, located at Khammam, Telangana.

Tata Power: The company has announced its collaboration with Salesforce to digitally transform its rapidly expanding rooftop solar (RTS), EV charging, and smart home solutions businesses. The collaboration reinforces Tata Power’s long-term clean energy roadmap aligned with India’s net-zero ambitions by establishing a secure, intelligent, and fully integrated clean energy ecosystem powered by AI, automation, and data-driven insights.

The platform will enable scalable growth, deeper partner and customer engagement, and operational excellence across the renewable energy value chain.

Trade setup

The GIFT NIFTY futures traded 800 points lower near the 23,700 levels, indicating a sharp gap-down opening on Monday morning. The crude oil prices skyrocketed 20% to trade above $100 per barrel as key Middle Eastern oil-producing nations curtail oil production owing to the deepening crisis. Additionally, the transit activity in the Strait of Hormuz is at a standstill as exporters sound cautious about the safety of the ships.

On the Technical front, the 23,700 now remains a crucial support, considering the big gap-down opening in the markets. The NIFTY50 will test the April 2025 breakout levels on Monday; further, a weekly closing above these levels could provide some cushion and support in the near term.

With inputs from PTI

Disclaimer: This article is purely for informational purposes and should not be considered investment advice from Upstox. Please consult with a financial advisor before making any investment decisions.