Indian markets remained volatile on Monday, March 9, as a sharp spike in crude oil prices triggered a broad risk-off sentiment across sectors. However, several stocks managed to recover from intraday lows or show relative strength as crude oil prices cooled slightly from their extreme morning surge.
Earlier in the session, MCX crude oil futures surged more than 21–24%, touching levels above Rs 10,500 per barrel after opening near Rs 8,499 amid fears of supply disruptions linked to the ongoing US–Israel–Iran conflict and potential disruptions in the Strait of Hormuz, a key global oil transit route.
Later in the day, prices pulled back to around Rs 9,551–Rs 9,800 levels, still up about 14–16%, as profit-booking emerged and reports surfaced that G7 nations may discuss a coordinated release of strategic petroleum reserves through the International Energy Agency.
Despite the broader market remaining under pressure, several stocks showed recovery or resilience.
ONGC leads gains among energy stocks
Shares of Oil and Natural Gas Corporation (ONGC) were among the top performers during the session. The stock gained between 0.9% and 3.5% in intraday trade, trading in the Rs 276–Rs 289 range in various updates.
As an upstream oil exploration and production company, ONGC typically benefits from higher crude prices because rising oil realizations directly improve its revenue outlook.
Oil India shows relative strength
Oil India also showed relative strength during the volatile session. The stock held positive territory or posted modest gains of around 0.5–2%, outperforming much of the broader market.
Like ONGC, Oil India’s upstream operations make it a beneficiary of rising crude oil prices.
Coal India gains amid alternative energy demand
Shares of Coal India traded higher by around 0.7–1%, with the stock hovering near Rs 443–Rs 445 levels in several market updates.
Higher crude oil prices often increase the attractiveness of coal as an alternative energy source for power generation and industrial use, which can support demand expectations.
Bharat Electronics remains resilient
Defense stocks also showed resilience during the session. Shares of Bharat Electronics (BEL) gained around 1–2%, supported by heightened geopolitical tensions that often drive investor interest in defense companies.
Reliance Industries shows mixed recovery
Shares of Reliance Industries traded with mixed momentum but performed better than several other large-cap stocks. The stock moved around Rs 1,389–Rs 1,405 levels in intraday trade.
Reliance’s integrated business model, which includes upstream energy exposure along with refining and petrochemicals, helps partially offset the impact of rising crude prices.
Other stocks showing relative stability
Some other stocks that showed stability or partial recovery from session lows include NTPC, supported by coal-linked power generation, and Sun Pharmaceutical Industries, which benefited from defensive buying in the pharmaceutical sector.
Downstream and crude-sensitive stocks remain under pressure
While a few stocks recovered from lows, most crude-sensitive sectors remained under pressure.
Oil marketing companies such as Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation saw sharp declines of 5–9%, as higher crude prices compress refining margins.
Other sectors including aviation and consumption were also impacted. Stocks like InterGlobe Aviation and Asian Paints remained under pressure due to higher input and fuel costs.
Although crude oil prices have cooled slightly from their intraday peaks, markets continue to remain volatile as investors track geopolitical developments and potential policy responses from major economies.