It was a rollercoaster morning for Indian stock markets on March 17, as the Sensex and Nifty opened strong but quickly reversed course. By 10:30 am, the Sensex had tumbled 333.59 points, or 0.45%, to 74,230.33, while the Nifty was down 84.90 points, or 0.37%, at 23,066.20. This loss came after an initial burst of optimism, with the opening bell seeing the Sensex up by 145.41 points and the Nifty climbing 81.70 points.
Volatile Start After a Rocky Week
The shaky sentiment comes on the heels of a bruising week for Indian equities. The Nifty 50 had slumped 5.31% and the Sensex 5.5% in the week ending March 13, marking the Nifty’s worst weekly performance since mid-2022 and the steepest fall for the Sensex since 2020. The previous week’s “Friday bloodbath” left investors on edge, and Monday’s early gains proved short-lived.
Investors continue to eye global headlines with caution. The ongoing war involving Iran has pushed oil prices up more than 2% in early Tuesday trade, with the Strait of Hormuz largely shut and supply fears mounting. These developments, alongside concerns over LPG and LNG shortages in India, have stoked inflation worries and added to the market’s nervousness.
Technical Weakness and Global Uncertainty
Despite early signals from GIFT Nifty futures suggesting a positive start—GIFT Nifty was trading at 23,257 around 8:11 am and later up by 131 points, or 0.56%, at 23,516.50—technical indicators remain weak. Options data for Tuesday’s expiry show a trading range between 23,000 and 23,500, with 23,000 puts holding the most open interest at 71 lakh contracts, hinting at short-term support.
Internationally, US market futures edged higher by about 0.3% after reports that President Trump wants China to mediate in the Iran crisis. Still, overall risk appetite remains subdued, with the India–US trade agreement’s uncertainty casting a further shadow over the markets.
For now, analysts recommend caution, even as some see select buying opportunities in top Nifty50 stocks amid this volatility. Investors will be watching closely to see if the Indian stock market can stabilize after a turbulent fortnight.
