India’s benchmark equity indices NIFTY50 and SENSEX are likely to open on a positive note on Monday, March 16, supported by gains in GIFT NIFTY futures. NIFTY futures at GIFT City in Ahmedabad rose 68 points (0.3%) to 23,267, indicating a firm start for the domestic markets despite mixed signals from Asian markets.
However, the previous session saw a sharp decline in the markets. On Friday, March 13, both indices ended deep in the red, extending losses for the third consecutive day amid broad-based selling pressure. Investor sentiment weakened further as crude oil prices surged above $101 per barrel due to escalating tensions in West Asia.
The 30-share BSE SENSEX plunged 1,470.50 points (1.93%) to close at 74,563.92, while the NIFTY50 dropped 488.05 points (2.06%) to settle at 23,151.10.
Asian Markets
Most Asian markets traded lower on Monday as rising geopolitical tensions in the Middle East pushed oil prices higher and raised concerns over global inflation. According to Reuters, the surge in crude prices could force central banks to remain cautious on policy decisions this week.
Japan’s Nikkei slipped 1.2%, China’s Shanghai Composite fell 0.9%, and South Korea’s KOSPI declined 0.6%, while Hong Kong’s Hang Seng edged up 0.3%.
Wall Street Recap
US markets also closed lower on Friday following the sharp rise in crude oil prices. The Dow Jones Industrial Average slipped 0.26%, the S&P 500 declined 0.6%, and the Nasdaq dropped 0.9%, reflecting investor caution in global markets.
Crude Oil and Middle East Tensions
Global crude oil prices climbed above $100 per barrel as tensions in the Middle East intensified. US President Donald Trump said his administration is in talks with several countries to secure the Strait of Hormuz, a crucial oil shipping route that has faced disruptions amid the ongoing US-Israel conflict with Iran.
The conflict, now in its third week, has caused significant volatility in global energy markets and raised concerns over oil supply disruptions.
Rupee Weakness and FII Outflows
The Indian rupee touched a fresh record low of 92.45 against the US dollar, largely due to continued outflows from foreign investors.
On Friday, Foreign Institutional Investors (FIIs) sold equities worth ₹10,717 crore, while Domestic Institutional Investors (DIIs) purchased shares worth ₹9,977 crore, according to NSE data.
So far in March, FIIs have sold equities worth ₹52,704 crore, compared to ₹22,615 crore of buying in February, as per data from the National Securities Depository Limited (NSDL).
Stocks to Watch Today
Adani Power: The company received a Letter of Award (LoA) from the Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) to supply 1,600 MW of power from one of its upcoming ultra-supercritical thermal power projects.
JSW Steel: The company announced the Minas de Revuboè (MdR) coking coal mining project in Mozambique, giving it access to significant reserves of premium hard coking coal used in steel production.
InterGlobe Aviation (IndiGo): The airline has introduced a fuel surcharge on domestic and international flights from March 14, 2026, following a steep rise in aviation fuel prices due to geopolitical tensions.
Ramky Infrastructure: The company signed a concession agreement with the Maharashtra Industrial Development Corporation (MIDC) to develop a high-tech pharmaceutical park at the Dighi Port Industrial Area in Maharashtra’s Raigad district.
VA Tech Wabag: The company secured a Letter of Award from the Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB) for a major water transmission project under the Chennai Climate Resilient Water Security and Sewerage Project, funded by the Asian Development Bank.
Waaree Energies: The firm announced plans to set up India’s largest integrated 10 GW ingot and wafer manufacturing facility in Nagpur, strengthening the country’s solar manufacturing ecosystem.
Zydus Lifesciences: Its innovative drug Desidustat tablets has been approved in China for the treatment of renal anaemia by the National Medical Products Administration.
Adani Total Gas: The company reduced the price of excess natural gas supplied to certain industrial customers to ₹82.95 per SCM from ₹119.90, effective March 16.
Vedanta: The mining major plans to raise ₹2,575 crore through a non-convertible debenture (NCD) issue after strong demand from institutional investors.
Market Outlook
Technical indicators suggest a strong bearish trend in the short term. Hourly charts show the RSI at 22 and ADX at 43, reflecting heavy selling pressure.
On the broader weekly charts, NIFTY50 has broken key support levels, with the next major long-term support seen around 21,900–22,000, close to the 200-week EMA.
Options data indicates 23,500 as the near-term resistance for NIFTY50, where the highest call open interest is concentrated. Meanwhile, 23,000 has emerged as the key support level, with the highest put open interest of 71 lakh contracts ahead of the weekly expiry.
