Market Outlook for 09 March 2026

The NIFTY 50 closed lower by 315.45 points (-1.27%) at 24,450.45, as broad-based selling in banking and financial stocks weighed on market sentiment. Losses were led by ICICIBANK (-3.13%), ETERNAL (-2.96%), and SHRIRAMFIN (-2.77%), while AXISBANK (-2.54%) and SBIN (-2.54%) also remained under pressure, capping the index’s performance. Additional weakness from HDFCBANK, ULTRACEMCO, and LT also dragged the benchmark lower. On the upside, BEL (+2.52%) emerged as the top gainer, followed by ONGC (+1.28%) and RELIANCE (+1.27%), while NTPC and HINDALCO also ended with modest gains, offering limited support to the index. Market breadth remained negative, with 13 stocks advancing and 37 declining.

The NIFTY 50 opened at 24,656.40, touched a low of 24,415.75, hit a high of 24,700.90, and closed at 24,450.45, down 315.45 points (-1.27%). Middle East tensions continued to be the primary worry. News flow related to a reprieve over oil imports from Russia also did not improve sentiment as oil prices surged during the day. Technically, the RSI is nearing the 30 level, indicating the index is approaching oversold territory. Near-term support levels are at 24,050/23,819, and resistance levels are at 24,795/25,026.

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Nifty Corrects as Middle East Tensions Continue

Bank Nifty Commentary for 09 March 2026

The NIFTY BANK closed lower by 1,272.60 points (-2.15%) at 57,783.25, pressured by broad-based weakness across both private and PSU banking stocks. The decline was led by ICICIBANK (-3.13%), followed by PNB (-2.62%), SBIN (-2.54%), and AXISBANK (-2.54%), while HDFCBANK (-2.34%) and BANKBARODA (-2.27%) also weighed on the index. Further downside from INDUSINDBK (-2.26%) and CANBK (-1.68%) added to the overall pressure in the banking pack. Market breadth remained weak, with all 14 constituents ending in negative territory.

The NIFTY BANK opened at 58,629.60, touched a low of 57,696.40, hit a high of 58,807.15, and closed at 57,783.25, down 1,272.60 points (-2.15%). The index opened lower and traded with a persistent downward bias through the session, with selling pressure intensifying in the afternoon. In addition to the broader correction in the market, banking stocks were under additional pressure after the RBI proposed stricter rules that require explicit customer consent for loan-linked insurance sales. Technically, the RSI fell below the 40 level, indicating weakening momentum. Near-term support levels are at 56,843/56,262, and resistance levels are at 58,723/59,305.

Quick Comment on FINNIFTY And SENSEX

The NIFTY FINANCIAL SERVICES ended lower by 583.35 points (-2.14%) at 26,652.45, as widespread weakness across banking and financial stocks weighed on the index. The downside was led by ICICIBANK (-3.13%), followed by CHOLAFIN (-2.85%), SHRIRAMFIN (-2.77%), SBIN (-2.54%), and AXISBANK (-2.54%). Further pressure came from HDFCBANK (-2.34%), HDFCLIFE (-2.24%), and BAJAJFINSV (-2.17%), while MUTHOOTFIN (-2.04%) and ICICIPRULI (-2.01%) also traded lower. On the positive side, SBILIFE (+0.19%) and ICICIGI (+0.18%) managed to post modest gains. Market breadth remained negative, with 2 stocks advancing and 18 declining. Near-term support levels are at 26,166/25,881, and resistance levels are at 27,088/27,373.

The BSE SENSEX ended lower by 1,097.00 points (-1.37%) at 78,918.90, as broad-based selling across banking and financial heavyweights weighed on the benchmark index. The downside was partly cushioned by gains in BEL (+1.82%), followed by RELIANCE (+1.11%), SUNPHARMA (+0.68%), NTPC (+0.61%), POWERGRID (+0.35%), and INFY (+0.26%), which provided limited support to the index. However, losses were led by ETERNAL (-3.39%) and ICICIBANK (-3.19%), followed by AXISBANK (-2.58%), ULTRACEMCO (-2.56%), HDFCBANK (-2.39%), and SBIN (-2.37%), exerting significant pressure on the benchmark. Market breadth remained negative, with 7 stocks advancing and 23 declining. Near-term support levels are at 77,613/76,804, and resistance levels are at 80,226/81,034.

Intraday levels for NIFTY, BANK NIFTY, SENSEX and FINNIFTY Levels: