Indian equity markets recorded a b rebound on Friday, March 20, with benchmark indices opening higher amid mixed global cues and early buying interest.
The BSE Sensex opened at 74,997.80, rising 790.56 points or 1.07%. The NSE Nifty 50 advanced 208.05 points or 0.90% to trade at 23,210.20 in early deals.
Gift Nifty had earlier indicated a positive opening, gaining around 90 points in the morning session. Early trade activity and buying interest supported market momentum.
The rebound follows a sharp decline in the previous session. On Thursday, markets had recorded a significant fall after reports of an Iranian attack on energy installations in Qatar triggered investor concern. Investors incurred losses of approximately Rs 13 lakh crore in a single day, marking the largest one-day decline in 21 sessions.
Developments in West Asia remained in focus. Israel Prime Minister Benjamin Netanyahu stated that the conflict could end sooner than expected and claimed that Iran’s military capabilities had weakened, including its ability to develop ballistic missiles or enrich uranium. He also said Israel would not target power infrastructure. US President Donald Trump stated that the United States is not deploying troops in any region at present. These statements contributed to some stability in global markets.
Asian markets showed a mixed trend on Friday. Hong Kong markets were down around 0.5%, while South Korea’s market rose approximately 1%.
In the United States, markets closed lower on Thursday. The S&P 500 declined 0.27%, the Nasdaq fell 0.28%, and the Dow Jones dropped 0.44%. Concerns over rising crude oil prices and inflation persisted. The attack on a gas facility in Qatar raised concerns about potential disruptions to energy supply, keeping investors cautious.
Market breadth remained b in early trade. Of the 50 stocks in the Nifty 50 index, 47 advanced while 3 declined, indicating broad-based buying activity.
Sectorally, IT and metal stocks led the gains. Tech Mahindra rose approximately 3.08%, Infosys gained 2.44%, HCL Tech advanced 2.36%, Tata Steel rose 2.07%, and SBI traded higher by around 1.92%.
Banking stocks showed mild pressure. HDFC Bank declined approximately 1.70% and was among the top losers in early trade. Selling in private banking stocks limited the overall upside, although gains in other sectors offset the impact.
Sectoral trends indicated strength in IT, along with buying in metal and PSU banking stocks, while private banking stocks remained under pressure. Overall market direction remained positive in early trade.
