Stock Market Update: Indian Shares Rise as Oil Prices Decline
March 20 — Indian stock markets opened on a positive note this Friday, rebounding after experiencing their biggest drop in almost two years during the previous session. This recovery comes as oil prices have eased, providing some relief to global markets affected by the ongoing conflict in the Middle East.
As of 9:18 AM IST, the Nifty 50 index was up by 1.1%, reaching 23,457.05, while the BSE Sensex rose by 1.14% to 75,085.78.
In a concerning turn, the Indian rupee has fallen to a record low against the U.S. dollar. Despite this, all major sectors saw gains today, with both small-cap and mid-cap stocks increasing by 0.8%.
Yesterday’s decline marked a significant 3.3% drop for both benchmark indices, their worst performance since June 2024. The slump was largely driven by HDFC Bank’s shares, which suffered after the unexpected resignation of its part-time chairman.
On the oil front, Brent crude prices have settled around $107 per barrel, down from a peak of $119.13 per barrel the day before, driven by attacks on energy infrastructure in the Middle East.
This decline in oil prices follows offers from major European nations and Japan to help ensure safe shipping through the Strait of Hormuz, alongside U.S. initiatives aimed at increasing oil supply.
(Reported by Bharath Rajeswaran in Bengaluru; Edited by Sonia Cheema and Mrigank Dhaniwala)
