Mumbai: Indian equity benchmarks staged a positive start on Friday, March 20, rebounding from Thursday’s severe downturn where the Sensex plunged over 2,400 points and investors saw approximately Rs 13 trillion wiped off market value.
The BSE Sensex opened at 74,559.38, gaining 532.14 points or 0.47%. The NSE Nifty50 commenced with an advance of 108 points or 0.47% at 23,110.15. GIFT Nifty futures were trading at 23,247, up 191 points, signaling optimism ahead of the session.
The recovery follows a major sell-off on Thursday triggered by escalating crude oil prices amid geopolitical tensions in the Middle East, which had pushed Brent crude sharply higher and dampened sentiment. On Friday, Brent’s May futures contract retreated 2.61% to $105.80 per barrel, providing relief to investors wary of sustained energy cost pressures.
Overnight, US markets closed lower, while Asian indices initially declined but recovered somewhat as oil cooled. The Indian rupee weakened further, dropping 30 paise to a fresh low of 92.94 against the US dollar (with another update noting a 25-paise slide to 92.89; it had settled at 92.64 on Wednesday).
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Broader market segments showed strength early on, with the Nifty Midcap100 rising 1.27% and Nifty Smallcap100 up 0.76%. The Nifty India Volatility Index declined 4.9% to 21.69 shortly after opening, indicating reduced near-term uncertainty.
Sectoral focus included IT stocks, buoyed by strong quarterly earnings from Accenture. Banking attention centered on State Bank of India’s positive outlook regarding the SBI Funds IPO (OFS). Analysts noted that the crude oil cool-off combined with easing global tensions contributed to the improved mood.
Thursday’s close saw the BSE market capitalization at Rs 4,26,13,557.95 crore, reflecting the heavy losses from the prior session’s crash.
Market participants remain watchful for ongoing geopolitical developments and oil price movements, which continue to influence sentiment amid persistent foreign fund outflows in recent periods.