Last Updated on March 20, 2026 11:59 pm by BIZNAMA NEWS
Nifty Reclaims 23,100 as IT & PSU Banks Lead Recovery; Rupee Hits Record Low of 93
BIZ DESK
The Indian domestic market staged a resilient comeback on Friday, paring the previous session’s steep losses. The recovery was fueled by a cooling in crude oil prices and renewed optimism following diplomatic signals from the U.S. and Israel suggesting a potential de-escalation in Middle East tensions.
The S&P BSE Sensex climbed 325.72 points (0.44%) to settle at 74,532.96, while the Nifty 50 advanced 112.35 points (0.49%) to close at 23,114.50. Despite the rebound, the macro environment remains fragile as the Indian Rupee hit a historic low of 93.71 against the dollar, and U.S. 10-year bond yields climbed to 4.30%.
Sector-Wise Performance & Key Triggers
1. Technology & IT: The Growth Engine
IT stocks led the charge, buoyed by strategic deal wins. TCS rose 1.44% following a major AI and engineering pact with ABB. However, the standout performer was Happiest Minds Technologies, which skyrocketed 10.70% amid reports that global giants like EQT and ITC Infotech are eyeing a controlling stake buyout from founder Ashok Soota.
2. Banking & Financials: A Tale of Two Giants
The sector saw mixed fortunes. PSU Banks showed strength, with SBI gaining 0.90% after its mutual fund arm, SBIFM, filed for a highly anticipated IPO. Conversely, HDFC Bank remained a drag, sliding 2.41%. The private lender is grappling with the sudden resignation of Chairman Atanu Chakraborty, who cited ethical misalignments within the bank’s recent practices.
3. Energy & Infrastructure: Strategic Expansions
Tata Power gained 1.07% on the back of a new PPA approval for its Mundra plant, while NTPC advanced 1.89% after partnering with Octopus Energy for clean energy digital platforms. In the mid-cap space, VA Tech WABAG surged 2.91% after securing a major wastewater project in Georgia, marking its strategic entry into the CIS region.
4. Commodities & Metals: Sustainability in Focus
Tata Steel outperformed with a 3.23% jump after inaugurating India’s first scrap-based Electric Arc Furnace in Ludhiana. In the healthcare space, Natco Pharma rose 2.92% as it prepares to disrupt the weight-loss market with a low-cost generic Semaglutide.
The Road Ahead
While “value buying” supported Friday’s bounce, investors remain wary. Persistent FII selling and the US Dollar Index (DXY) hovering near 99.33 suggest that volatility is far from over.
