Rupee Hits Fresh Record Low; Equities Rebound to Trim Weekly Losses

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

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By Dehuti Jani

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

March 20, 2026 at 11:34 AM IST

Indian equity benchmarks climbed on Friday as investors sought bargains following the previous session's sharp selloff, though gains were capped in the final hour after reports of fresh exchanges of strikes between Iran and Israel resurfaced energy supply worries. The Nifty50 rose 0.49% or 112.35 points to 23,114.50, while the BSE Sensex gained 0.44% or 325.72 points to 74,532.96, with both indices settling well off their day's highs as Brent crude prices spiked late in the session. The rupee breached the 93 per dollar mark for the first time, hitting a fresh all-time low, adding to the macroeconomic pressure on Asia's third-largest economy. Bloomberg reported that oil markets' seaborne buffer is declining rapidly due to the continued West Asia war, raising the prospect of a more severe supply crunch ahead.

Broader markets also pared a significant portion of intraday gains, with the Nifty Midcap 100 closing 0.67% higher and the Nifty SmallCap 100 edging up just 0.09%, while small-caps ended the week down 1.1% and mid-caps posted a marginal weekly gain of 0.2%. Among sectors, Nifty Pharma and Nifty PSU Bank were the top gainers, while Nifty Realty declined 1% to lead losses among peers, with Nifty Financial Services and Nifty Media also underperforming. The weekly scorecard remained deeply in the red for most segments of the market, with investors bracing for continued volatility as the West Asia conflict showed no meaningful signs of de-escalation heading into the weekend.

Top Movers of the Day

HDFC Bank plunged sharply, falling up to 2% ending lower at ₹781 after the sudden resignation of its chairman triggered governance concerns and heavy selling pressure.

Banking stocks remained under pressure, with spillover weakness seen across ICICI Bank and Axis Bank, dragging the Nifty Bank index lower.

SBI rebounded strongly, gaining around 1%, as PSU banks saw value buying after the previous session’s sell-off.

NTPC traded relatively stable with a slight positive bias to end at ₹381 today, supported by defensive buying in PSU utilities amid broader volatility.

Tata Steel rallied about 3%, leading gains in the metal pack on improved outlook and global cues.

Happiest Minds Technologies soared 11% to ₹412.45 on the BSE after reports emerged that private equity firms EQT and Partners Group, along with ITC Infotech, are eyeing a controlling stake in the company.

Brainbees Solutions (FirstCry) hit the 20% upper circuit on Friday, staging a sharp recovery after a heavy selloff in the previous session.

Power Grid Corporation rose 2.7% to an intraday high of ₹304.85 on the BSE, before paring gains slightly to trade 1.58% higher at ₹301.30.

Vodafone Idea advanced 5.59% to an intraday high of ₹9.44 on the NSE after the telecom operator reported a moderation in subscriber attrition on a month-on-month basis.

BHEL rallied 5% to ₹264.75 in intraday trade, continuing to attract buying interest amid strong power sector sentiment.

Tata Power hit a fresh 52-week high of ₹418.40, surging 5% after the Ministry of Power outlined a ₹200 trillion long-term investment roadmap for India's power sector over the next two decades, reigniting investor interest across the space.

Futures & Options
Nifty March 2026 futures closed at 23,146, a premium of 31.50 points over the spot Nifty, which rose 112.35 points or 0.49% to settle at 23,114.50 in the cash market. The narrow premium reflected restrained optimism among traders, with the day's recovery failing to inspire confident bullish positioning as fresh Iran-Israel strikes in the final hour tempered sentiment. India VIX was virtually unchanged, edging up just 0.04% to 22.81, indicating that near-term volatility expectations remain stubbornly elevated and that the market has yet to find a meaningful sense of calm amid the ongoing West Asia conflict. Bajaj Finance, BSE and Coal India 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
The Indian government bond yields rose on Friday, heading for a sixth consecutive session of losses, as traders were forced to reassess risks to the economy and the RBI's policy path following sharp swings in oil prices that battered the rupee. The benchmark 6.48% 2035 bond yield ended marginally higher to 6.7369% from 6.7330% at Wednesday's close, up approximately 10 basis points since the start of the war as persistent energy price volatility continued to cloud the inflation and fiscal outlook. Brent crude retreated to $107 per barrel from a high of $120, after leading European nations and Japan offered to help secure safe passage through the Strait of Hormuz and the US outlined steps to boost supply, though the war showed no signs of abating following a fresh bout of Iranian strikes.

Forex
The Indian rupee breached the 93 per dollar mark for the first time on Friday, logging its worst single-day drop in over four years as worries over the economic impact of Iran war-led disruptions to global energy supplies triggered a fresh wave of selling. The currency fell more than 1% to an intraday low of 93.7350, eclipsing its previous record low of 92.63 touched on Wednesday, before closing at 93.71, down approximately 1.3% on the week, the steepest weekly decline since late 2022. The rupee's accelerating depreciation reflects the mounting toll of elevated crude prices on India's import bill, current account balance and broader macroeconomic stability.

Crypto
Crypto markets traded in a high-stakes consolidation on Friday as investors navigated persistent macroeconomic uncertainty and escalating geopolitical tensions. Bitcoin held near $70,891, successfully defending a key support floor at $69,000 even as the $70,000 psychological level remained a battleground for bulls and bears, with traders watching for a potential breakout above $74,600 as the next meaningful upside trigger. Ethereum showed resilience amid the broader market pullback, holding steady at approximately $2,149, with a rebound toward $2,500 seen as the key level to watch.

US Stock Futures
US stock futures ticked higher early on Friday after comments from Israeli Prime Minister Benjamin Netanyahu appeared to somewhat ease concerns around the US-Iran war. Dow Jones Industrial Average futures rose 108 points or 0.23%, S&P 500 futures gained 0.16% and Nasdaq 100 futures advanced less than 0.1%, as markets drew cautious relief from the diplomatic signals even as the broader geopolitical situation in West Asia remained fluid and unresolved.

US Treasury Notes
Yields on US Treasury edged higher on Friday in what traders described as a hawkish repricing across the curve, driven by persistent inflation concerns linked to the ongoing West Asia conflict. The benchmark 10-year note yield rose to approximately 4.30%, while the policy-sensitive 2-year note jumped to around 3.88% as traders further reduced bets on near-term Federal Reserve rate cuts, reflecting the market's growing conviction that energy-driven inflationary pressures could keep the Fed on hold well into the second half of 2026.

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