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Informist, Monday, Mar. 16, 2026

By Arya S. Biju

MUMBAI – Benchmark indices ended sharply higher Monday, after the sharp sell-off last week. The Nifty 50 ended sharply higher after a choppy session as traders covered their short positions in the futures contract of the 50-stock index, according to technical analysts. After opening largely flat, the benchmark indices rose in the early trade, rebounding from their worst week in nearly four years. However, they failed to hold on to the gains and turned choppy soon after, but rose sharply towards the last hour of trading and closed over 1% higher each.

Monday, the Nifty 50 ended at 23408.80 points, up 257.70 points or 1.1%. The BSE Sensex closed at 75502.85, up 938.93 points or 1.3%. The indices rose after falling for three straight sessions, in which they lost nearly 5% each. So far, the indices have lost over 7% each since the beginning of the conflict between Iran and the US-Israel combine. 

However, higher oil prices continued to weigh on the market sentiment. Crude oil prices remained higher Monday, with the May futures contract of Brent Crude Oil rising over 3% to an intraday high of $106.50 per barrel. The contract stayed above the $100 per barrel level for the third straight session Monday as geopolitical tensions in West Asia entered the third week with no clear path to de-escalation. 

The US and Israel continued to carry out attacks on Iranian cities, including Tehran, Hamadan and Isfahan, as Iranian counterattacks continued, with damage reported in several Israeli cities. US President Donald Trump told the Financial Times in an interview that it would be "very bad for the future of NATO (North Atlantic Treaty Organisation)" if allies don't help secure the Strait of Hormuz, a critical waterway for global oil shipping. This comes after Trump on Saturday asked France, Japan, South Korea, Britain, and China, among others, to send their warships to keep the Strait of Hormuz "open and safe."

In the domestic equity market, broader market indices closed lower, extending losses for the fourth straight session. The decline in the broader market was led by small-cap indices, which fell 0.4-0.5% and the Nifty Mid-cap 150 index, down 0.4%. Meanwhile, the sectoral indices closed on a mixed note. Nifty Auto, Nifty Financial Services, Nifty Private Bank, and Nifty Bank led the gains among the sectoral indices, up 1.2-1.7%, while Nifty Healthcare, Nifty Realty, and Nifty Oil & Gas were the worst hit, down 1.4-1.6%. 

"The equity market staged a late-session rebound, supported by value buying in domestically oriented sectors such as auto, banking, and FMCG (fast-moving consumer goods), a relief rally following the recent sell-off," Vinod Nair, Head of Research, Geojit Investments, said in a note. After a weak start, automobile stocks rallied sharply towards the market close, staging a rebound from last week's sharp fall. Last week, the Nifty Auto index declined by nearly 11%, its worst weekly performance since March 2020, when a nationwide lockdown was announced amid the COVID-19 pandemic. 

Shares of oil marketing companies such as Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp. fell 4-5% as crude oil prices stayed above the crucial $100 per barrel mark and amid no signs of de-escalation of the conflict in West Asia. Further adding to the negative sentiment, a brokerage firm downgraded its recommendations on all three stocks to 'hold' from 'buy' amid ongoing hostilities in West Asia, according to an NDTV Profit report. The brokerage also trimmed its target price on the stocks by 28–42%. 

Select cement stocks such as UltraTech Cement, Grasim Industries, Shree Cement, JK Cement, India Cements, and Ambuja Cements rose Monday. Brokerages expect domestic cement companies to implement price hikes in the near term to offset the impact of rising fuel costs driven by escalating geopolitical tensions in West Asia, Nomura and Emkay Global Financial Services said in separate reports. 

Among individual stocks, shares of IDBI Bank closed nearly 17% lower after the government's plan to privatise the bank came to a halt as the financial bids were below the reserve price set for the transaction. However, the bank later clarified that it has not received any communication from the government regarding the scrapping of the disinvestment process. 

Shares of Bandhan Bank closed over 7% lower. The stock fell after media reports said that promoter Bandhan Financial Services is exploring options such as a stake sale or an initial public offering to allow long-term investors to exit the company. However, later in the day, the bank said it was not aware of any information that its promoter was exploring a stake sale. Similarly, shares of Fino Payments Bank fell around 17% after media reports said that the Directorate General of Goods and Services Tax intelligence may recommend that the Enforcement Directorate investigate the bank's transactions related to online gaming. Later, the bank clarified that it is not subject to investigation by any authority other than the Directorate General of GST Intelligence, Hyderabad, in connection with the evasion of goods and services tax, which led to the arrest of Managing Director and Chief Executive Officer Rishi Gupta. 

Meanwhile, shares of One 97 Communications saw a sharp rally in the second half of the session after reports said its competitor in the digital payments space, PhonePe, has paused its plans to go public, citing geopolitical headwinds and market volatility.

* Of the Nifty 50 stocks, 35 rose and 15 fell

* Of the Sensex stocks, 24 rose and 6 fell

* On the NSE, 1,074 stocks rose, 2,214 fell, and 86 were unchanged

* On the BSE, 1,470 stocks rose, 2,910  fell, and 157 were unchanged

* Nifty Auto: up 1.7%; Nifty Financial Services: up 1.5%; Nifty Oil & Gas: down 1.6%

BSE                                              NSE

Sensex: 75502.85, up 938.93 points or 1.3%    Nifty 50: 23408.80, up 257.70 points or 1.1%

End

US$1 = INR 92.4200

Edited by Saji George Titus

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