Equities Snap Three-Day Losing Streak on Value Buying and Auto Rebound

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

By Dehuti Jani

Dehuti Jani is an experienced project manager who also works as an independent financial journalist.

March 16, 2026 at 11:50 AM IST

Indian equity benchmarks snapped a three-session losing streak on Monday, rising on value buying in heavyweight stocks and a partial rebound in auto shares following last week's steep declines, even as concerns over elevated crude prices from the West Asia war kept the session volatile. The Nifty50 rose 1.11% to 23,408.80, while the BSE Sensex added 1.26% to 75,502.85, with both indices swinging between gains and losses through the session as traders continued to monitor the US-Iran conflict and volatile energy markets.

HDFC Bank led the recovery among index heavyweights, surging 2.9% after losing 4.7% last week, while Reliance Industries and ICICI Bank each added around 1%, partially clawing back their respective weekly losses of 1.7% and 4.5%. Brent crude continued to trade well above $100 per barrel, with its May futures contract rising 1.66% to $104.85 on the Intercontinental Exchange, as reports emerged that US President Trump was mulling options to strike oil infrastructure at Kharg Island, Iran's key oil export hub.

Broader markets ended on a mixed note, with the Nifty Midcap 100 edging up 0.22% while the Nifty SmallCap 100 slipped 0.45%. Among sectors, Nifty Auto outperformed, staging a recovery after last week's sharp selloff driven by gas supply concerns, while Nifty Realty declined 2% to become the worst-performing sectoral index. Nifty Oil and Gas and Nifty Media also underperformed, reflecting continued pressure from the geopolitical overhang.

Top Movers of the Day

Hindalco Industries gained about 1.20% to around ₹921, leading gains among metal stocks as the sector saw renewed buying interest.

IDBI Bank plunged nearly 17% to around ₹76.31 amid continued speculation around the bank’s long-waited privatisation process.

Tata Power fell roughly 1% to about ₹390, due to a combination of profit booking, high levels of debt, and weak quarterly results.

Coal India ended down about 2% to trade near ₹459, primarily due to profit booking.

Reliance Industries were slightly up around 1% to near ₹1,394, on strong performance from its Jio Platforms subsidiary crossing 506 million subscribers and massive investment in green energy.

BPCL, IOC, and HPCL traded 3-4% lower, extending weakness in oil marketing companies amid volatile crude prices.

Bandhan Bank plunged 12% to ₹154.15 on the BSE amid heavy volumes, extending its losing streak to a third consecutive session with a cumulative decline of 15% over the period.

ITI Limited surged 15.18% to an intraday high of ₹279.10 on the NSE amid heavy demand, with the state-run telecom products maker attracting strong buying interest at the start of the week.

Fino Payments Bank slumped 19.5% to an all-time low of ₹136 on the BSE, hovering near its 20% lower circuit, before partially recovering to trade 16.15% lower at ₹141.75.

Adani Power surged over 5% to an intraday high of ₹154.10 after receiving a letter of award from Maharashtra State Electricity Distribution Company for the supply of 1,600 MW of power from an upcoming ultra-supercritical thermal power project.

Realty stocks came under heavy selling pressure, with Sobha, Anant Raj, Prestige Estates, Oberoi Realty, Signature Global and Lodha Developers falling between 4% and 6% on the NSE, while DLF, Oberoi Realty, Lodha Developers and Brigade Enterprises hit fresh 52-week lows intraday.

Voltas fell nearly 4% after the Assistant Commissioner of State Tax conducted an inspection at the company's Mumbai office regarding GST records.

Futures & Options
Nifty March 2026 futures closed at 23,390, a discount of 18.80 points to the spot Nifty, which rose 257.70 points or 1.11% to settle at 23,408.80 in the cash market. The futures trading at a discount to spot pointed to residual caution among traders, suggesting the day's recovery was not yet accompanied by confident bullish positioning. India VIX declined 4.60% to 21.60, offering a modest reprieve after several sessions of elevated readings, though volatility expectations remained well above comfortable levels as the West Asia conflict continued to dominate market sentiment. HDFC Bank, Reliance Industries and Larsen & Toubro were the most actively traded stock futures contracts in the F&O segment on the NSE. The March 2026 derivative contracts are set to expire on 30 March 2026.

Bonds
Indian government bond yields rose on Monday, with the benchmark 6.48% 2035 bond yield climbing to 6.7059% from 6.6798% at Friday's close, as oil prices remaining well above $100 per barrel and the lack of RBI's a fresh round of bond purchases weighed on sentiment. Brent crude ended at $105 per barrel as the US-Israeli war against Iran entered its third week, with ongoing threats to oil infrastructure and the continued closure of the Strait of Hormuz keeping energy markets on edge and sustaining upward pressure on domestic bond yields.

Forex
The Indian rupee held near its all-time low on Monday, closing nearly flat at 92.42 per dollar and remaining within touching distance of the record low of 92.4750 hit last week, as elevated oil prices from the ongoing West Asia conflict continued to weigh on the currency. Losses were largely averted through likely the RBI intervention via state-run banks, which provided a cushion against further depreciation. Brent crude futures rose over 1% to $104.50 per barrel, with the situation in the Strait of Hormuz remaining a major focus for investors as hostilities in the Gulf showed no signs of abating.

Crypto
Crypto markets displayed remarkable resilience on Monday, with Bitcoin climbing to around $73,735 and holding firmly above $73,000 even as oil prices aggressively approached $100 per barrel three weeks into the US-Iran war, a performance that caught many traditional analysts off guard. Ethereum led the charge among major tokens, surging over 7%, while Solana, Cardano and Dogecoin each posted solid gains of over 4%, pointing to broad-based bullish momentum across the digital asset space and reinforcing the growing narrative of crypto decoupling from traditional risk-off sentiment during periods of geopolitical stress.

US Stock Futures
US stock futures edged higher early on Monday as markets attempted to stabilise following another bruising week for equities, even as surging oil prices from the US-Iran war continued to demand close attention from investors. Dow Jones Industrial Average futures gained 0.2%, while S&P 500 futures and Nasdaq 100 futures both rose around 0.4%, pointing to a tentative start to the week as traders looked for signs of de-escalation in the West Asia conflict that has rattled global markets in recent weeks. ed

US Treasury Notes
Yields on US Treasury held near four-week highs on Monday, with the benchmark 10-year note remaining elevated around 4.27%, as escalating West Asia tensions continued to fuel fears of an energy-driven inflationary spiral. Yields edged slightly lower in early trade as markets turned their attention to this week's Federal Reserve policy meeting, with investors looking for fresh guidance on the rate outlook amid the twin pressures of persistently high oil prices and slowing global growth momentum.

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