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Benchmark equity indices Sensex and Nifty crashed in early trade on Monday (March 2, 2026) tracking a sharp spike in crude oil prices amid escalating tensions in the West Asia.
The 30-share BSE Sensex tanked 2,743.46 points or 3.37% to 78,543.73 in early trade. The 50-share NSE Nifty tumbled 533.55 points or 2.11% to 24,645.10.
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The benchmark NSE Nifty 50 opened down 2% to 24,659.25 points from previous day’s close 25,178.6 after reports emerged of Iran shutting down the strait of Hormuz disrupting about a fifth of the global oil supply.
The decision came-in after U.S. and Israel attacked Iran’s capital Tehran.
The Nifty 50 then rebounded and is trading at 24,960 which 0.8% down previous close. Sensex 30 is now trading at 80,400 levels down 0.9% from the previous close after a similar crash opening.
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The Brent crude futures are up 5.78% trading at $77.8 a barrel. Further gold prices have crossed $5300 an ounce which is up 2.58% from the previous close. The gold rally which had weakened in the past month gained momentum as safe haven demand increases.
“If Brent crude remains around $76 equity markets may remain weak but are unlikely to witness big crash,” said V.K. Vijayakumar, Chief Investment Strategist, Geojit Investments Limited in his early assessment.
Tehran said it has closed navigation through the Strait of Hormuz, through which nearly 20% of global oil flows and over 40% of India’s crude imports transit, prompting governments and refiners to assess oil stockpiles.
Shares of aviation firms, tour operators dive
Shares of airline companies, tour and travel related services providers tumbled amid escalating tensions in West Asia.
The stock of InterGlobe Aviation tanked 7.50%, while SpiceJet declined by 7.27% on the BSE.
Shares of Yatra Online tumbled 11.14%, Easy Trip Planners slumped 9.39%, TBO TEK dived 8.19% and Thomas Cook dropped 5.40 per cent.
In the equity market, the 30-share BSE Sensex traded 1,027.60 points lower at 80,284.17. The 50-share NSE Nifty tumbled 305.95 points to 24,864.35.
The conflict between Israel, the U.S., and Iran has resulted in multiple airspace closures in West Asia, massively disrupting flight operations.
The Indian Association of Tour Operators (IATO) on Sunday (March 1) reported a noticeable rise in booking cancellations and rescheduling requests, particularly for sectors connecting India with Europe via major Gulf hubs, due to airspace restrictions arising from the Middle East crisis.
IATO president Ravi Gosain told PTI that travel agents across the country are working closely with airlines and overseas partners to minimise inconvenience to passengers by facilitating re-bookings, refunds, and alternate routings.
(with inputs from Agencies)
Published – March 02, 2026 09:38 am IST
