Indian equities end in green, but off highs; Rupee hits record low

Indian markets closed higher on March 20; Sensex up 326 points, Nifty 50 up 112 points. IT stocks led gains, HDFC fell over 2%. Rupee hit a record low of 92.71 per dollar.

By Gareema Bangad

Indian equity markets closed largely in the green on Friday, March 20, but pared gains from intra-day highs, while the rupee hit record lows against the US dollar.

The Sensex rose 326 points to close at 74,533, while the Nifty 50 gained 112 points to end at 23,115.

The Nifty Bank, however, underperformed, slipping 24 points to 53,427 after falling nearly 2% from its intra-day highs. The midcap index outperformed, rising 363 points to 54,856, with market breadth favouring advances at a 3:2 ratio on the NSE.

Among sectors, IT stocks led gains, with Tech Mahindra and LTIMindtree rising over 3% each. Key Nifty gainers included JSW Steel, Tech Mahindra, Tata Steel, Coal India and Infosys. Tata Power gained 1% after signing a power purchase agreement with the Gujarat government for its Mundra plant.

On the downside, HDFC extended losses from the previous session, falling over 2%.

In the broader market, stocks such as Indian Overseas Bank, Aditya Birla Fashion, Tata Elxsi, Bank of Maharashtra and Vodafone Idea were among the top midcap gainers.

The rupee saw sharp volatility, hitting a record low of 93.76 during the session and ending at a record closing low of 92.71 per dollar, compared with 92.63 in Wednesday's session.

Asian markets close lower

Most Asian equity markets closed lower as a surge in oil prices amid the West Asia conflict heightened inflation concerns. Gas prices are also expected to rise after Iran’s attack on Qatar’s Ras Laffan gas facility, a key supplier to South Korea and China.

Japanese markets were among the worst hit, with the Nikkei 225 falling over 3%. In China, indices erased early gains, with the SSE Composite declining more than 1% and the CSI 300 down 0.4%.

Weekly wrap

For the week, benchmark indices ended largely flat amid volatility, with the Sensex, Nifty and midcap index posting marginal gains. Financials lagged, with the Nifty Bank slipping nearly 1%.

The auto index saw buying interest after last week’s sharp correction and emerged as the top sectoral gainer. About half of the Nifty constituents ended the week in the red, with Shriram Finance and HDFC Bank among the top losers.

On the gainers’ side, Eternal, Tata Steel, Mahindra & Mahindra, JSW Steel and Tech Mahindra led the Nifty pack. In the midcap segment, Waaree, Premier Energies, Paytm, Angel One, and Page Industries were top gainers, while Petronet LNG, Bandhan Bank, BPCL and Solar Industries were among the laggards.

The rupee declined 1.4% over the week and remained among the worst-performing Asian currencies.