Oil prices jumped 7% to their highest levels in months on Monday as Iran and Israel stepped up attacks in the Middle East, damaging tankers and disrupting shipments from the key producing region.
Oil jumps as Iran conflict escalates, disrupts shipping- Daily Market Update 2nd March 2026
Overview and Outlook
Global Stock Market Today
- US equity markets ended lower in range 0.4% to 1%.
- European equity markets,barring FTSE, settled on a negative note.
- Asian equity markets are trading in red.
- GIFT Nifty is trading down by 120 points, Nifty futures likely to open around 25160 levels.
The benchmark Nifty index ended sharply lower at 25179 spot levels after shedding 318 points from its previous closing values.
Broader markets fell in line with the benchmark as Mid and Small cap indices were down over 1% each. Majority of sectoral indices, tracked at NSE, were down in range 1% to over 2%.
Domestic markets will initially react to the conflict in Middle East. The broader chart structure remains negative; the underlying weakness makes it difficult for the Nifty index to sustain higher levels. Immediate support is placed around 25000 spot level. A sustained break below the 25000 spot level could drag the index toward 24600, which serves as crucial technical support.
Derivatives Overview & Outlook
Last Friday, all index futures moved southward on short buildup as Nifty, Banknifty and Finnifty futures shed around 14.5%, 23% and 4.7% of open interest respectively, whereas no significant change was observed in Midcapnifty futures on open interest front.
Institutional Trading Activity
Last week, FIIs sold stocks worth Rs 1587 Cr in the cash segment, sold index futures worth Rs 5673 Cr and bought stocks futures worth Rs 1846 Cr. DIIs were net sellers in the cash segment to the tune of Rs 24313 Cr during the week.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 25450-25580; Supports 25535-25420
Banknifty – Resistances 61200-61500; Supports 60500-60200
Finnifty – Resistances 28100-28200; Supports 27980- 27900
F&O stocks in ban today – SAMMAANCAP
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