Indian equity benchmark indices, the Sensex and Nifty, opened sharply negative on Monday, March 23, 2026, amid volatility in crude oil prices as global sentiment continues to deteriorate amid escalating geopolitical tensions around the Strait of Hormuz. While the 30-share BSE Sensex tumbled 800.28 points or 1.07 per cent to start the session at 73,732.58, the Nifty shed 290.15 points to open at 22,824.35. In the last trading session, the Sensex closed at 74,532.96 and the Nifty 50 at 23,114.50. Similarly, the broader indices traded in the red in the opening session. While the BSE Midcap Select Index fell 164.03 points, or 1.07 per cent, in the early trading session, the BSE Smallcap Select Index was down by 72.10 points or 1.01 per cent, to trade at 7,048.76. The fall in the stock market comes as the rupee crashed 33 paise to a fresh all-time low of 93.86 against the US dollar in early trade. Meanwhile, gold and silver prices in India opened sharply lower amid weakness in global bullion prices.
From the Sensex pack, ITC and UltraTech Cement were among the gainers, with ITC leading the pack by gaining 0.50 per cent in the early trade. On the other hand, Trent, State Bank of India, Eternal, Axis Bank and Tata Steel were in the red, with Trent being the biggest loser by falling 2.81 per cent.
In early trade, market breadth was negative, with 2,035 stocks declining against 315 stocks advancing on the NSE. 115 stocks remained unchanged.
“Weak sentiment is likely to continue as long as it trades below 23,400/75300. On the downside, the market could slide to 22,900–22,800/74000–73700. On the other hand, above 23,400/75300, the pullback could extend to 23,800–24000/76500–77100. A close below 22800/73700 could be negative for the market as it may fall to 22500/72800 or 22100/71200. The strategy should be to buy select stocks between 22000 and 22100 with a medium to long-term view,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
What did Gift Nifty indicate?
Gift Nifty, an early indicator for the Nifty 50, indicated a negative start as it opened with a dip of 386.5 points at 22,750, compared to the previous close of 23,136.50. Foreign Institutional Investors (FIIs) extended their selling streak and offloaded equities worth Rs 5,518.39 crore on March 20, 2026. However, Domestic Institutional Investors (DIIs) largely offset the outflows with purchases of Rs 5,706.23 crore.
Asian Markets Today
Asian stocks opened significantly lower as oil prices continued to climb after US President Donald Trump’s latest comments dashed hopes for an early end to the war in Iran. While Japan’s Nikkei 225 slumped 2,002.53 points or 3.75 per cent to trade at 51,370. However, Hong Kong’s Hang Seng was down by 859.32 points or 3.41 points. South Korea’s Kospi traded in the green with a fall of 329.17 points at the time of writing the report. Shanghai’s SSE Composite index was down by 98.87 points or 2.50 per cent.
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
