Equity benchmarks opened lower on Monday, March 16, weighed down by relentless foreign institutional selling, a record-weak rupee, and surging crude oil prices tied to the escalating Iran–Israel–US conflict. The , which closed Friday at 74,563.92, opened at 74,415.79 and was trading at 74,467.99, down 95.93 points or 0.13 per cent, as of 9.25 AM. The , which ended the previous session at 23,151.10, opened at 23,116.10 and was at 23,124.15, shedding 26.95 points or 0.12 per cent at the same time.
Last week alone, the Nifty shed 5.20 per cent while the Sensex dropped over 4,300 points, breaching the critical support levels of 24,000 and 79,000 respectively. The Nifty 50 recorded its fourth consecutive session of losses on March 13, touching an intraday low of around 23,112 before settling at 23,151.10.
Heavy selling
Foreign Institutional Investors have now sold equities for 11 consecutive sessions, offloading over ₹10,000 crore on March 13 alone. Total FII outflows in the first half of March stood at approximately ₹56,883 crore, including a single-day outflow of nearly ₹10,717 crore — the largest recorded in 2026 so far. Domestic Institutional Investors have partially offset the exodus, purchasing around ₹10,000 crore on the same day.
”With the uncertainty surrounding the war continuing, markets are in unchartered territory. The sustained heavy selling by FIIs and the weakness in rupee are contributing to the market weakness. In the near-term, FIIs are likely to continue selling in the market, particularly when there is a mild rally,” said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Rupee at record low
The Indian rupee recently slipped to a record low of ₹92.45 against the US dollar, as surging oil import costs stoked fears over India’s current account deficit. Brent crude prices have pushed toward the $90–$100 per barrel range as tanker attacks in the Gulf and threats to the Strait of Hormuit raised supply disruption concerns. India VIX remained above the 22 mark, keeping option premiums elevated and traders cautious.
”Currency weakness has also added to the concerns. Although the Reserve Bank of India has intervened to manage volatility, the currency may remain under pressure if crude prices stay elevated,” said Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth.
Top gainers and losers
Among the top Nifty 50 gainers on Monday morning, UltraTech Cement led with a rise of 2.58 per cent to ₹10,890, after opening at ₹10,670. Grasim Industries climbed 2.42 per cent to ₹2,630.80. JSW Steel added 1.52 per cent to ₹1,136.30. ITC edged up 0.73 per cent to ₹303.65, and Cipla gained 0.62 per cent to ₹1,322.90 — with pharma and FMCG emerging as relative safe havens amid broader weakness.
On the losing side, BEL fell 2.88 per cent to ₹426.75, while Shriram Finance dropped 2.82 per cent to ₹975.30. ONGC slipped 1.55 per cent to ₹260.00 as oil sector dynamics remained complex despite elevated crude. Max Healthcare declined 1.10 per cent to ₹979.10, and Trent lost 1.01 per cent to ₹3,452.50.
The Auto sector was the worst performer last week, shedding over 10.50 per cent. Sectors sensitive to fuel costs — airlines, tourism and automobiles — are expected to remain volatile. ”Even in the weak market environment, pharmaceuticals and telecom stocks are exhibiting resilience,” noted Vijayakumar.
The Bank Nifty has also remained under pressure, with PSU and private banking stocks facing sustained selling. The index must hold the 53,500 level; a break below could accelerate declines toward the 53,000–52,200 zone. Its RSI is hovering near 23, deep in oversold territory, while the MACD continues to expand bearishly.
Technicals
”The Nifty 50 recorded its fourth consecutive session of losses on March 13, opening with a gap-down of nearly 177 points. Technically, immediate support is positioned in the 23,000–23,100 zone,” said Hitesh Tailor, Research Analyst, Choice Equity Broking.
Ponmudi R, CEO of Enrich Money, noted that while oversold conditions may produce intermittent pullbacks, the broader structure of lower highs and lower lows keeps the near-term outlook bearish. On the upside, 23,300–23,500 is the immediate resistance zone; a decisive move above could trigger short-covering toward 23,800–24,000.
”There are times when doing nothing is a good strategy. This appears to be the case now. However, investors with risk appetite can certainly nibble at high quality stocks across sectors, now available at fair valuations,” Vijayakumar added.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, advised that fresh long positions should be considered only above 23,500/75,300, with a potential pullback target of 23,600–23,800/75,600–76,100. ”The strategy should be to buy select stocks between 22,850/22,750 levels with a medium to long-term view,” he said.