Closing Bell: Nifty 50 Ends 0.5% Higher, Sensex Up 326 as IT Stocks Lead; Rupee Hits Record Low

Market Update at 04:10 PM: On Friday, March 20, India’s benchmark indices, the Nifty 50 and the Sensex, ended in positive terrain, surging over 0.5 per cent. The rally was led by a rebound in information technology stocks and broader Asian gains as oil prices eased, following assurances from leading European nations and Japan to secure safe passage for ships through the Strait of Hormuz.

The Nifty 50 opened with a gap-up and surged to a day high of 23,345. However, after midday trade, the index declined by 230 points from the day’s high, forming a doji candlestick pattern. By the close, the Nifty 50 ended up 112.35 points, or 0.49 per cent, at 23,114.50. On a weekly basis, the index recorded a marginal loss of 0.16 per cent.

The Sensex advanced by 325.72 points, or 0.44 per cent, to 74,532.96 on Friday, while posting a minor weekly decline of 0.05 per cent. The Bank Nifty index fell slightly by 0.04 per cent, closing at 53,427.05. The Indian fear gauge, India VIX, remained flat at 22.81.

The rupee depreciated to a record low against the U.S. dollar as markets reopened after a local holiday on Thursday. Brent crude moderated to USD 107 per barrel, down from USD 119.13 per barrel on Thursday, following attacks on energy infrastructure in the Middle East. The decline came after major European nations and Japan offered to join efforts to ensure safe passage through the Strait of Hormuz, and the U.S. outlined measures to boost oil supply.

On the sectoral front, seven out of eleven key indices ended in positive territory. Broader indices such as the Nifty Midcap and Nifty Smallcap 100 ended higher by 0.67 per cent and 0.09 per cent, respectively. The Nifty IT index emerged as the top gainer, rising 2.17 per cent with nine out of ten constituents closing in positive territory. In contrast, the Nifty Realty index plunged 0.93 per cent for the second consecutive session, with eight out of nine constituents ending in the red. Following the decline in realty, the Nifty Financial Services, Bank Nifty, and Nifty Media indices also ended lower.

Among individual stocks, Happiest Minds gained 10.55 per cent as private equity firms reportedly showed interest in a majority stake, though the company denied involvement in any discussions. GMDC surged over 7 per cent following a record auction of 200 mineral blocks in FY26.

As of March 20, 2026, market breadth was positive. Out of 3,325 stocks traded on the NSE, 1,884 advanced, 1,337 declined, and 104 remained unchanged. A total of 26 stocks touched their 52-week highs, while 232 hit 52-week lows. Additionally, 83 stocks were locked in Upper Circuits, and 71 stocks in Lower Circuits.

Market Update at 2:10 PM: India’s benchmark indices, the Nifty50 and the Sensex, pared some gains from the day’s high as financial stocks moderated the rally. The Nifty50 was trading 0.82 per cent or 189.40 points higher at 23,191.55 (as of 20 March 2026, 13:59 IST), while the Sensex was up 0.77 per cent or 574.54 points at 74,781.78 (as of 14:00 IST).

Broader markets also trimmed gains from their day’s peak. The Nifty MidCap and Nifty SmallCap indices were trading 1.38 per cent and 0.56 per cent higher, respectively, showing mixed sentiment across market segments.

Sector-wise, the Nifty PSU Bank index outperformed other sectoral indices, while the Nifty IT and Nifty Oil and Gas indices also recorded strong gains. Conversely, the Nifty Realty index underperformed, posting the least gains among sectoral indices.

In the commodities market, Brent crude prices retraced from the day’s low, trading 0.12 per cent down at USD 108.37 per barrel amid cautious global cues.

Market Update at 12:17 PM: India’s benchmark indices traded higher during the session, supported by gains in IT and PSU bank stocks. The Nifty 50 was trading 233.05 points, or 1.01 per cent, higher at 23,235.20 as of 12:03 IST on March 20, 2026. The Sensex rose 708.17 points, or 0.95 per cent, to 74,915.41 as of 12:02 IST.

The Nifty India Volatility Index declined 4.9 per cent to 21.69 shortly after the opening, indicating easing market volatility.

The Indian rupee weakened further, depreciating by 46 paise to hit a fresh low of 93.1 against the USD. It had settled at 92.64 per USD on Wednesday.

Broader markets also moved higher in line with the benchmark indices. The Nifty MidCap index gained 1.4 per cent, while the Nifty SmallCap index advanced 0.54 per cent.

On the sectoral front, the Nifty PSU Bank index emerged as the top performer. The Nifty IT and Nifty Oil and Gas indices also outperformed, while the Nifty Financial Services index was the worst-performing sector with the least gains.

In the commodities market, Brent crude prices declined in the early Asian session after Japan and leading European nations stepped in to ensure safe passage of ships through the Strait of Hormuz. Brent’s May futures contract was trading 1.59 per cent lower at USD 106.92 per barrel.
 

Market Update at 09:31 AM: India’s benchmark indices opened sharply higher on Friday, supported by strong gains in IT and PSU bank stocks. The Nifty 50 rose 269.15 points, or 1.18 per cent, to trade at 23,271 as of 9:18 AM, while the Sensex gained 680 points, or 0.92 per cent, to 74,888.06.

The Indian rupee weakened further, falling 30 paise to hit a fresh low of 92.94 against the USD. It had settled at 92.64 per USD in the previous session on Wednesday.

Broader markets mirrored the positive trend seen in frontline indices. The Nifty MidCap index was trading 1.43 per cent higher, while the Nifty SmallCap index advanced 1.05 per cent, indicating broad-based buying interest across segments.

In the commodities market, Brent crude prices declined during the early Asian session after Japan and key European nations stepped in to ensure safe passage of ships through the Strait of Hormuz. Brent’s May futures contract was down 2.24 per cent at USD 105.37 per barrel.

Meanwhile, precious metals witnessed an upward move, with gold futures rising 1.77 per cent and silver futures surging 3.7 per cent.

Pre-Market Update at 7:48 AM: India’s benchmark indices, the Sensex and Nifty 50, are likely to open higher on Friday, supported by short-covering after the previous session’s sharp decline and mixed global cues. As of 7:27 am, GIFT Nifty was trading around the 23,202 level, up by nearly 82 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market.

Asian markets traded on a mixed note, while U.S. markets ended lower overnight as rising crude oil prices amid the U.S.-Iran conflict fueled inflation concerns and dampened expectations of interest rate cuts. The MSCI Asia Pacific Index rose 0.3 per cent after losing 2.6 per cent in the previous session. Japan’s markets were closed for a public holiday. South Korea’s Kospi gained 0.64 per cent, while the Kosdaq rose 1.55 per cent. Hong Kong’s Hang Seng index declined 0.66 per cent.

Crude oil prices declined from their highest close since July 2022. Brent crude futures fell 1.01 per cent to USD 107.57 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped 1.74 per cent to USD 93.89. Meanwhile, geopolitical tensions remained elevated as Iran stepped up attacks on oil and gas facilities across the Gulf in response to an Israeli strike. U.S. President Donald Trump warned of severe retaliation, while Israeli Prime Minister Benjamin Netanyahu stated that Iran would be prevented from developing nuclear and missile capabilities.

On the policy front, the European Central Bank kept its key interest rate unchanged at 2 per cent, highlighting uncertainty due to the Iran conflict and its potential impact on inflation and growth. The Bank of England also held its benchmark rate steady at 3.75 per cent, warning that inflation could rise to 3.5 per cent over the next two quarters. In China, the one-year Loan Prime Rate (LPR) remained at 3.0 per cent, while the five-year LPR stayed unchanged at 3.5 per cent for the tenth consecutive month.

From a derivatives perspective, the Put-Call Ratio (PCR) stands at 0.64. On the Put side, the 23,500 strike witnessed notable open interest addition, while 23,000 holds significant open interest, making it a key support level. A major support is placed at 22,500 based on open interest data. On the Call side, additions were seen from 23,300 onwards, indicating strong resistance at higher levels and suggesting selling pressure on any upside.

Technically, 22,470 is expected to act as strong support for the Nifty 50. A fall below 22,920 could lead to a test of 22,500, while on the upside, 23,350 is likely to act as resistance.

In the F&O segment, Sammaan Capital and SAIL remain under the ban list for March 20.

Institutional flows remained negative, with Foreign Institutional Investors (FIIs) selling equities worth Rs 7,558.19 crore on March 19, marking their 15th consecutive session of net selling. Domestic Institutional Investors (DIIs) bought shares worth Rs 3,863.96 crore during the same period.

On Thursday, Indian markets witnessed a sharp sell-off. The Sensex plunged 2,496.89 points, or 3.26 per cent, to close at 74,207.24, while the Nifty 50 dropped 775.65 points, or 3.26 per cent, to settle at 23,002.15.

U.S. markets ended lower on Thursday amid concerns that rising oil prices could keep inflation elevated and delay rate cuts. The Dow Jones Industrial Average fell 0.44 per cent to 46,021.43, the S&P 500 declined 0.27 per cent to 6,606.49, and the Nasdaq Composite slipped 0.28 per cent to 22,090.69. Among stocks, NVIDIA declined 1.02 per cent, AMD gained 2.91 per cent, Apple fell 0.39 per cent, Micron Technology dropped 3.8 per cent, and Tesla declined 3.2 per cent.

In commodities, gold prices are heading for their biggest weekly loss in six years, pressured by rising energy prices and reduced expectations of rate cuts. Gold was little changed at USD 4,684 per ounce and is down nearly 6.64 per cent this week. Silver also declined to around USD 73.88 per ounce, falling about 8.37 per cent during the week.

Disclaimer: The article is for informational purposes only and not investment advice.