The benchmark equity indices opened lower on Monday but soon recovered to trade flat in the early session as investors remained cautious amid rising geopolitical tensions in the Middle East.
The BSE Sensex opened 148 points or 0.19 per cent lower at 74,415 compared with the previous close. The index later pared losses and traded nearly flat at 74,611, up about 50 points in early trade.
Similarly, the Nifty 50 began the session on a flat note at 23,116, rising 35 points or 0.15 per cent from Friday’s close, as investors tracked developments involving Iran, Israel and the United States.
Among the major laggards were Infosys, Asian Paints, Maruti Suzuki, Wipro and Mahindra & Mahindra.
Sector-wise, Nifty FMCG emerged as the top gainer, rising 0.51 per cent to 48,166.70. Nifty Pharma advanced 0.27 per cent, while Nifty Metal added 0.19 per cent. On the losing side, Nifty Chemicals slipped 0.24 per cent to 26,256.10.
Market sentiment remained fragile due to concerns over the widening conflict in West Asia, tanker attacks in the Gulf region and potential disruptions in the Strait of Hormuz, a crucial corridor for global oil supplies.
Analysts said domestic markets may see a slightly firm to steady trend supported by GIFT Nifty, which was trading around 23,248, up nearly 49 points or 0.21 per cent, indicating a modest recovery after the recent correction.
Key Technical Levels
Technically, analysts see the 23,000-23,100 zone as immediate support for the Nifty 50, while the 23,400–23,500 range may act as a key resistance area in the near term.
Foreign institutional investors extended their selling streak to the 11th consecutive session on March 13, offloading equities worth over Rs 10,000 crore. Domestic institutional investors helped cushion the market with purchases of nearly Rs 10,000 crore.
Experts said investor sentiment remains cautious due to rising crude prices, rupee weakness and geopolitical uncertainty.
Since the latest escalation in the Middle East, markets have witnessed heightened volatility as Brent crude prices moved toward the $90–$100 per barrel range, raising concerns about inflation and potential supply disruptions.
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