Indian equity benchmarks began Monday’s session on a weak note but soon recovered some ground in early trade as investors adopted a cautious stance amid escalating geopolitical tensions in West Asia.
The BSE Sensex settled the session above 75,500, rallying close more than 900 points, while the NSE Nifty50 rang the closing bell over 200 points higher and ended beyond 23,350.
Notably, both benchmarks started today’s session in marginal losses, before rallying to recovery during the day. Market sentiment remained fragile amid fears that the widening conflict in West Asia could disrupt global energy supplies. Reports of tanker attacks in the Gulf region and concerns about possible disturbances in the Strait of Hormuz, a key transit route for global oil shipments, added to investor unease.
The region’s instability has heightened volatility across financial markets as crude oil prices remain elevated, fuelling worries about inflation and supply disruptions.
Technical levels in focus for Nifty
Market experts pointed out that the Nifty continues to hover around key technical levels following the recent correction.
Immediate support for the benchmark index is seen in the 23,000-23,100 range, while the 23,400-23,500 zone is expected to act as a near-term resistance band.
Analysts also indicated that a decisive move above the 23,300-23,500 region could trigger short covering and potentially push the index toward the 23,800-24,000 levels. On the downside, a breach of the 23,000 mark may lead to further weakness toward the 22,800-22,700 support zone.
Institutional flows remain mixed
Foreign institutional investors (FIIs) continued their selling streak, extending it to the 11th consecutive session on March 13. During this period, they offloaded equities worth more than Rs 10,000 crore.
Domestic institutional investors (DIIs), however, provided some cushion to the market, purchasing shares worth nearly Rs 10,000 crore during the same period.
Analysts said sustained FII selling, combined with elevated crude oil prices, rupee weakness and geopolitical risks, has kept overall investor sentiment subdued.
