Indian Stock Market Closes Sharply Lower; Nifty Slips Below 24,900 Amid Iran-Israel Tensions

Mumbai, Mar 02, 2026: Indian benchmark indices ended sharply lower on March 2, with the Nifty slipping below the 24,900 marks amid escalating geopolitical tensions between Iran and Israel, coupled with continued foreign institutional outflows, which weighed on overall market sentiment.

At close, the Sensex declined 1,048.34 points (-1.29%) to settle at 80,238.85, while the Nifty fell 312.95 points (-1.24%) to close at 24,865.70. Adding to investor concerns, crude oil prices surged nearly 8-9% amid rising geopolitical tensions. Higher crude prices remain a key macro headwind for India, as they may exert pressure on inflation, currency stability, and corporate margins, thereby impacting overall equity market sentiment.

On the sectoral front, selling pressure remained broad-based. Nifty Auto, Consumer Durables, Oil & Gas, and Realty indices witnessed notable declines in the range of 1–3%, while most other sectors also ended in the red. Defensive pockets such as Pharma and Metals showed marginal recovery, offering limited support to the market.

The weakness was not confined to frontline indices, as broader markets also faced pressure. The Nifty Midcap index declined nearly 1.5%, while the Small-cap index dropped around 1.75%, highlighting widespread risk reduction across market segments.

Nifty Outlook 

Index traded with high volatility amid escalating geo-political worries. Nifty started the session gap down below 25,000 levels. Thereafter, traded with high volatility in a 400 points range and closed the session below the 24,900 levels. In the process it formed a bull candle with a lower high and lower low and a bearish gap below its base (25141-24989).

Immediate bias remains down below Monday’s gap down area (25178-24989) and pullback should be used as a selling opportunity.   

Volatility is likely to remain elevated amid uncertain global cues and escalating geo-political tension. On an immediate basis the index is likely to trade in the range of 24,570-25,178. A follow through weakness below last month’s low (24,571) will open further downside towards 24,400-24,300 levels in the coming sessions being the low of August 2025.

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Bank Nifty Outlook

Index traded with high volatility amid escalating geo-political worries. Bank Nifty closed below the 60,000 levels. In the process it formed a bull candle with a lower high and lower low and a bearish gap below its base (60438-60177).

Immediate bias remains down below Monday’s gap down area (60438-60177) and pullback should be used as a selling opportunity

Volatility is likely to remain elevated amid uncertain global cues and escalating geo-political tension. On immediate basis the index is likely to trade in the range of 59,200-60,600. A follow through weakness below Monday’s low (59,148) will open further downside towards 58,200-58,000 levels in the coming sessions being the last month low.