The domestic market rebounded on Friday after the previous day’s steep selloff. The recovery was driven by easing crude oil prices, hopes of de-escalation in Middle East tensions and value buying at lower levels. Broad-based gains were seen across sectors, particularly in IT and PSU banks, although HDFC Bank remained under pressure. The Nifty briefly crossed 23,300 before trimming gains to close above 23,100. However, underlying risks remain, including persistent foreign investor selling, elevated crude prices, rising US bond yields and a weakening rupee, which hit a record low of 93 against the dollar.

The S&P BSE Sensex rallied 325.72 points or 0.44% to 74,532.96. The Nifty 50 index advanced 112.35 points or 0.49% to 23,114.50.

In the broader market, the BSE 150 MidCap Index added 0.66% and the BSE 250 SmallCap Index rose 0.47%.

The market breadth was positive. On the BSE, 2,458 shares rose and 1,804 shares fell. A total of 170 shares were unchanged.

Numbers to Track:

The yield on India’s 10-year benchmark federal paper rose 0.65% to 6.773 compared with the previous session close of 6.729.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 93.7150 compared with its close of 92.8900 during the previous trading session.

MCX Gold futures for the 2 April 2026 settlement advanced 1.23% to Rs 146,705.

The US Dollar Index (DXY), which tracks the greenback’s value against a basket of currencies, was up 0.28% to 99.33.

The United States 10-year bond yield added 0.40% to 4.300.

In the commodities market, Brent crude for May 2026 settlement jumped $1.47 or 1.35% to $110.12 a barrel.

Global Markets:

Dow Jones futures are down by 200 points, signaling a negative start for US stocks today.

Most European shares advanced on Friday as investors assessed the cautious tone struck by central banks across the region in the previous session.

The Bank of England kept its key rate unchanged at 3.75% and warned of faster price rises due to a fresh economic shock, with inflation seen near 3.5%.

Meanwhile, investors are pricing in over a 50% probability of a rate hike at the ECBs April meeting.

Both the Swiss National Bank and Swedens Riksbank also held rates steady, citing uncertainty around the war in the Middle East. The decisions followed a hold from the U.S. Federal Reserve on Wednesday, which also took a cautious approach amid the escalating conflict.

Most Asian indices ended lower, following volatile trading on Wall Street overnight, as the Middle East war and disruptions to energy supply keep investors jittery.

Japans markets were closed for a public holiday.

Meanwhile, the Peoples Bank of China kept its key lending rates steady in March, with the one-year LPR at 3.0% and the five-year LPR at 3.5%, in line with expectations. The decision reflects a cautious stance amid global uncertainties, even as domestic data shows resilience, while property weakness and soft demand persist.

Signaling efforts at calming concerns, U.S. President Donald Trump said that he was not deploying ground troops, and Israeli Prime Minister Benjamin Netanyahu stated that Israel would refrain from repeating attacks on Iranian energy facilities.

U.S.-aligned countries, including Britain, Canada, France, Germany and Japan issued a joint statement expressing “our readiness to contribute to appropriate efforts to ensure safe passage through the Strait” of Hormuz.

Overnight on Wall Street, the Dow Jones Industrial Average declined 0.44% to 46,021.43 points. The S&P 500 fell 0.27% to end the session at 6,606.49 points, while the Nasdaq Composite slumped 0.28% to 22,090.69.

Stocks in Spotlight:

HDFC Bank fell 2.41% to Rs 780.45, extending its previous sessions 5.13% decline after the resignation of its part-time chairman and independent director, Atanu Chakraborty, effective 18 March 2026. In his resignation letter, he cited certain developments and practices within the bank over the past two years that were not aligned with his personal values and ethics. The Reserve Bank of India has approved the appointment of Keki Mistry as interim part-time chairman for three months, effective 19 March 2026. Chakraborty had joined the board in May 2021 and oversaw the banks merger with HDFC.

Happiest Minds Technologies surged 10.70%, following reports that EQT, Partners Group and ITC Infotech are exploring a controlling stake buyout. The stake sale is said to be from founder and chairman Ashok Soota, who holds around 44% in the company.

According to reports, the promoter holding is valued at around Rs 2,500 crore. Discussions are said to be at an early stage, with one of the Big Four firms conducting commercial due diligence, and a report expected to be shared with potential bidders in the coming weeks.

State Bank of India (SBI) climbed 0.90%. The banks subsidiary company, SBI Funds Management (SBIFM) has filed a draft red herring prospectus (DRHP) with SEBI for an initial public offer (IPO).

Tata Steel gained 3.23% after the company inaugurated its first scrap-based Electric Arc Furnace (EAF) facility in India at Ludhiana, marking a significant step in its sustainability roadmap.

Tata Consultancy Services (TCS) rose 1.44% after the company stated that it has entered into a pact with ABB for a strategic IT, AI, and engineering partnership.

Tata Power Company rose 1.07% after reports of a Power Purchase Agreement for its Mundra power plant. The company clarified that the Gujarat cabinet has approved a supplementary PPA and a government order has been issued. Following regulatory clearances, the agreement will be signed between the company and Gujarat Urja Vikas Nigam Limited (GUVNL).

Natco Pharma jumped 2.92% ahead of launching generic Semaglutide in India on patent expiry, with multi-dose vials priced from Rs 1,290 per month, significantly undercutting existing therapies.

NTPC advanced 1.89% after the company signed a memorandum of understanding (MoU) with Octopus Energy Group, a leader in clean energy and digital energy platforms, to explore strategic collaboration across the power and energy sector.

VA Tech WABAG added 2.91% after it secured a ‘large’ consortium order from United Water Supply Company of Georgia LLC for setting up a 19 MLD wastewater treatment plant in Georgia, marking its entry into the CIS region.

P N Gadgil Jewellers gained 0.81%. The company announced that it has crossed the Rs 10,000 crore revenue milestone in FY26, reflecting strong business momentum.

Highway Infrastructure rose 0.33%. The company said that it has secured a work order worth approximately Rs 14.60 crore from Sacham Highway Real Estates for construction and development work in Indore.

Artson jumped 4.99% after the company announced it has secured an order worth Rs 42.22 crore from Anuppur Thermal Energy in Madhya Pradesh.

IPO Update:

The initial public offer (IPO) of Central Mine Planning & Design Institute received bids for 52,23,920 shares as against 7,97,89,500 shares on offer, according to stock exchange data at 16:51 IST on Friday (20 March 2026). The issue was subscribed 0.07 times.

The issue opened for bidding on 20 March 2026 and it will close on 24 March 2026. The price band of the IPO is fixed between Rs 163 and 172 per share.

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