Falling Gold Prices, Rising Oil Prices & FII Outflows Dominate Headlines

23 Mar 2026 , 06:27 PM

Weekly Musings – Index Performance for the week ended 20 Mar, 2026

As the US-Israel-Iran war entered the 3^rd week, investors remain cautious. FII outflows continued. At about INR 29,897.67 cr during the week, they were a key headwind. Volatility remained elevated as India VIX stood at 22.81. While the overall indices did not correct materially, weakness was pervasive. FMCG stocks fell on inflation worries. The banking sector continued its correction. The pessimism was evident in gold as well, as it corrected sharply last week. From its January peak, gold is down more than 20%. Overall, barring a few sectors that saw selective buying and offered support to the indices, sentiment remained negative.

BSE SENSEX 30 INDEX – Ends Nearly Flat After Consecutive Weeks of Sharp Falls

Weekly Performance: -0.04%

Date	Open	High	Low	Close
20 Mar, 2026	74568.8	75286.4	74385.0	74533.0
19 Mar, 2026	74752.3	75354.2	73950.9	74207.2
18 Mar, 2026	76359.3	77000.2	76187.9	76704.1
17 Mar, 2026	75824.2	76304.3	75324.7	76070.8
16 Mar, 2026	74425.8	75805.3	73949.8	75502.9
13 Mar, 2026	75452.2	75576.2	74454.6	74563.9

Source: BSE

The BSE SENSEX 30 index edged lower by 0.04% during the week ended 20 March 2026, as Middle East tensions and rising crude oil prices weighed on investor sentiment, while sustained foreign investor selling further limited upside. While IT stocks witnessed moderate buying after Accenture’s healthy earnings, FMCG stocks remained under pressure. The index hit a high of 77,000.2 and a low of 73,949.8 during the week. It closed at 74,533.0 on 20 Mar, recording a weekly loss of 31.0 pts.

NIFTY 50 INDEX – Similar to Sensex, Ends Flat

Weekly Performance: -0.16%

Date	Open	High	Low	Close
20 Mar, 2026	23110.2	23345.2	23067.6	23114.5
19 Mar, 2026	23197.8	23378.7	22930.3	23002.2
18 Mar, 2026	23632.9	23862.2	23618.5	23777.8
17 Mar, 2026	23493.2	23656.8	23346.6	23581.2
16 Mar, 2026	23116.1	23502.0	22955.2	23408.8
13 Mar, 2026	23462.5	23492.4	23112.0	23151.1

Source: NSE

The NIFTY 50 index slipped by 0.16% during the week ended 20 March 2026, as weak global cues and higher crude oil prices weighed on sentiment. The index hit a high of 23,862.2 and a low of 22,930.3 during the week. It closed at 23,114.5 on 20 Mar, recording a weekly loss of 36.6 pts.

NIFTY MIDCAP 100 INDEX – Select Buying Supports Slight Weekly Gain

Weekly Performance: 0.17%

Date	Open	High	Low	Close
20 Mar, 2026	54903.3	55560.3	54768.6	54855.5
19 Mar, 2026	55391.2	55419.8	54253.7	54492.3
18 Mar, 2026	55289.1	56497.8	55253.3	56289.8
17 Mar, 2026	54880.8	55304.7	54446.1	55174.4
16 Mar, 2026	54652.6	55013.3	53712.6	54614.9
13 Mar, 2026	55997.2	56140.6	54633.6	54761.1

Source: NSE

The NIFTY MIDCAP 100 index posted a slight gain of 0.17% during the week ended 20 March 2026, supported by buying interest in select sectors, including capital goods and utilities. The index saw steady participation across mid-cap stocks, which helped it maintain a positive trend during the week. The index hit a high of 56,497.8 and a low of 53,712.6 during the week. It closed at 54,855.5 on 20 Mar, recording a weekly gain of 94.4 pts.

NIFTY SMALLCAP 100 INDEX – Selling Pressure Weighs on Small-Caps

Weekly Performance: -1.11%

Date	Open	High	Low	Close
20 Mar, 2026	15829.7	15929.1	15694.9	15718.6
19 Mar, 2026	15933.1	15959.4	15656.9	15704.2
18 Mar, 2026	15976.1	16230.7	15946.3	16179.1
17 Mar, 2026	15888.2	15957.6	15765.7	15912.9
16 Mar, 2026	15858.2	15892.2	15526.8	15810.4
13 Mar, 2026	16246.9	16253.5	15832.9	15895.2

Source: NSE

The NIFTY SMALLCAP 100 index declined by 1.11% during the week ended 20 March 2026, as rising crude oil prices and ongoing global trade concerns weighed on investor sentiment. Selling pressure was seen across small-cap stocks, with names like Kaynes Technology and Reliance Power acting as key drags during the week. The index hit a high of 16,253.5 and a low of 15,526.8 during the week. It closed at 15,718.6 on 20 Mar, recording a weekly loss of 176.6 pts.

NIFTY BANK INDEX – Slide Continues

Weekly Performance: -0.62%

Date	Open	High	Low	Close
20 Mar, 2026	53548.2	54382.4	53297.6	53427.1
19 Mar, 2026	53474.6	54150.3	53240.6	53451.0
18 Mar, 2026	54927.1	55554.2	54689.1	55326.1
17 Mar, 2026	54649.1	54996.0	54113.2	54876.0
16 Mar, 2026	53721.5	54664.2	53258.2	54413.4
13 Mar, 2026	54592.1	54713.8	53675.7	53757.8

Source: NSE

The NIFTY BANK index slipped by 0.62% during the week ended 20 March 2026, as sustained FII outflows and inflationary worries continued to be a drag on the index. In addition, the abrupt exit of HDFC Bank’s non-exec chairman led to concerns over its corporate governance and a sharp fall in its stock price. Overall, the index hit a high of 55,554.2 and a low of 53,240.6 during the week. It closed at 53,427.1 on 20 Mar, recording a weekly loss of 330.8 pts.

NIFTY IT INDEX – IT Stocks Gain on Improved Sentiment

Weekly Performance: 0.44%

Date	Open	High	Low	Close
20 Mar, 2026	28993.0	29322.4	28844.4	29199.6
19 Mar, 2026	29141.9	29321.8	28477.5	28579.6
18 Mar, 2026	28912.1	30055.6	28912.1	29559.3
17 Mar, 2026	29080.8	29080.8	28288.1	28760.9
16 Mar, 2026	28934.6	29202.7	28586.9	29042.6
13 Mar, 2026	29381.7	29508.4	28936.8	29071.3

Source: NSE

The NIFTY IT index rose by 0.44% during the week ended 20 March 2026, supported by buying in major IT stocks on the back of healthy earnings from Accenture. Key contributors included Infosys, TCS, and HCLTech, which helped lift the index during the week. The index hit a high of 30,055.6 and a low of 28,288.1 during the week. It closed at 29,199.6 on 20 Mar, recording a weekly gain of 128.3 pts.

NIFTY OIL & GAS INDEX – Rising Oil Prices & Geopolitical Tensions Weigh on the Sector

Weekly Performance: -2.23%

Date	Open	High	Low	Close
20 Mar, 2026	11057.4	11200.6	11013.7	11035.0
19 Mar, 2026	11074.4	11192.5	10930.2	10974.6
18 Mar, 2026	11149.9	11243.5	11127.0	11196.9
17 Mar, 2026	11135.1	11162.6	11040.9	11127.2
16 Mar, 2026	11248.5	11304.8	10985.4	11108.8
13 Mar, 2026	11506.1	11560.0	11260.1	11286.8

Source: NSE

The NIFTY OIL & GAS index declined by 2.23% during the week ended 20 March 2026, as rising crude oil prices and geopolitical tensions kept the sector under pressure. Higher oil prices added to inflation concerns and impacted overall sentiment during the week. The index hit a high of 11,560.0 and a low of 10,930.2 during the week. It closed at 11,035.0 on 20 Mar, recording a weekly loss of 251.8 pts.

NIFTY FMCG INDEX – Inflation Worries Drag FMCG Stocks

Weekly Performance: -1.91%

Date	Open	High	Low	Close
20 Mar, 2026	47321.9	47688.4	46925.4	47007.6
19 Mar, 2026	47549.1	47914.6	46740.4	46861.9
18 Mar, 2026	48215.4	48368.7	47997.0	48079.0
17 Mar, 2026	48612.6	48612.6	48040.1	48104.4
16 Mar, 2026	48005.9	48622.4	47826.4	48468.9
13 Mar, 2026	48047.8	48642.9	47852.2	47924.1

Source: NSE

The NIFTY FMCG index declined by 1.91% during the week ended 20 March 2026, as inflationary worries weighed on the sector. The index hit a high of 48,642.9 and a low of 46,740.4 during the week. It closed at 47,007.6 on 20 Mar, recording a weekly loss of 916.6 pts.