India’s benchmark indices climbed 1.1% after concerns over energy supply eased with two Indian ships transporting LPG to India for the first time since the war in Iran began.
Nifty50 and BSESensex30 opened at 23,116.10 and 74,415.79 respectively with a slight dip reaching the day’s low after trading for more than an hour. The indices gradually gained and touched a high of 23,502 and 75,805.27 before closing at 23,408.80 and 75,502.85 points respectively.
The optimism was not broad-based with about 2,212 stocks advancing and 1,074 stocks declining in over 3371 stocks that traded on Monday the NSE. Just six of the 21 NSE sectoral indices were positive.
The slow uptake in the indices comes after three consecutive weeks of negative returns with the benchmark indices declining over 5% in the past week.
While the indices show signs of optimism, it has not reflected on oil prices and the foreign exchange rates. The Brent Crude Futures continued to trade at about $102 a barrel and rupee at over ₹92 a dollar.
Wholesale inflation had come in at 2.3% in February 2026 further dampening the sentiments.
“The sentiment remained under pressure during the first half, due to the global oil benchmark rose about 1.7% to $105 per barrel, while tensions escalated after Iran reportedly deployed its advanced Sejjil missile in the ongoing conflict involving the US and Israel. However, markets rebounded sharply during the mid-session, with the Nifty closing at 23,408, up 257 points or 1%. The recovery followed reports that U.S. is preparing to form a coalition to escort ships through the Strait of Hormuz, easing concerns over disruptions to global energy supplies. In addition, two India-flagged LPG carriers, Shivalik and Nanda Devi, successfully crossed the strait carrying about 92,712 metric tonne of LPG to India, alleviating supply concerns. The rebound was further supported by value buying at lower levels, led by gains in banking, cement, and auto stocks,” said Siddhartha Khemka, Head of Research , Wealth Management, Motilal Oswal Financial Services Ltd.
Published – March 16, 2026 09:31 pm IST
