Weekly Musings – Index performance for week ended March 21, 2025

24 Mar 2025 , 09:54 AM

The week saw FPI selling taper to $(194) Million, taking cumulative FPI selling in equities in the first 11 weeks of 2025 to $(16.6) Billion. VIX tapered to 12.58 levels; although FPI are still in sell mode; and Trump tariffs and Ukraine remain the X-factors.

BSE SENSEX 30 INDEX – FINALLY THERE IS A BIG LEAP

Date	Open	High	Low	Close
21-Mar-25	76,155.00	77,041.94	76,095.26	76,905.51
20-Mar-25	75,917.11	76,456.25	75,684.58	76,348.06
19-Mar-25	75,473.17	75,568.38	75,201.48	75,449.05
18-Mar-25	74,608.66	75,385.76	74,480.15	75,301.26
17-Mar-25	73,830.03	74,376.35	73,796.06	74,169.95
14-Mar-25	74,392.54	74,401.11	73,770.59	73,828.91
		Weekly Returns		+4.16%

Data Source: BSE

For the week March 21, 2025, Sensex rallied +3,077 points or +4.16%. The market rally was driven by liquidity infusion hopes post the Fed policy. Sensex touched a weekly high of 77,042 and a low of 73,796; with Sensex seeing several big rallies in the week.

NIFTY 50 INDEX – STORY OF ACROSS THE BOARD RALLY

Date	Open	High	Low	Close
21-Mar-25	23,168.25	23,402.70	23,132.80	23,350.40
20-Mar-25	23,036.60	23,216.70	22,973.95	23,190.65
19-Mar-25	22,874.95	22,940.70	22,807.95	22,907.60
18-Mar-25	22,662.25	22,857.80	22,599.20	22,834.30
17-Mar-25	22,353.15	22,577.00	22,353.15	22,508.75
14-Mar-25	22,541.50	22,558.05	22,377.35	22,397.20
		Weekly Returns		+4.26%

Data Source: NSE

The IT sector may not have participated in the Nifty rally, but other sectors made up. For the week to March 21, 2025, Nifty rallied +953 points or +4.26%; despite modest net selling from FPIs. Nifty touched a weekly high of 23,403 and a low of 22,353 this week.

NIFTY MID-CAP 100 INDEX – SOME RECOVERY AFTER DEEP CUTS

Date	Open	High	Low	Close
21-Mar-25	51,160.65	51,905.95	51,011.50	51,850.75
20-Mar-25	51,151.00	51,242.95	50,605.85	51,144.40
19-Mar-25	49,739.35	50,899.65	49,662.45	50,817.10
18-Mar-25	48,737.65	49,580.05	48,624.15	49,516.90
17-Mar-25	48,196.90	48,692.85	48,139.50	48,461.80
14-Mar-25	48,683.75	48,743.95	48,036.90	48,125.10
		Weekly Returns		+7.74%

Data Source: NSE

For the week to March 21, 2025, Nifty Mid Cap 100 closed +3,726 points higher or +7.74%. However, this comes after a 23% fall from the top. Nifty Mid-cap touched weekly high of 51,906 and a low of 48,140; marking sharply higher highs and higher lows.

NIFTY SMALL-CAP 100 INDEX – ALPHA STORY BACK WITH A BANG

Date	Open	High	Low	Close
21-Mar-25	15,888.45	16,203.40	15,842.40	16,184.95
20-Mar-25	15,871.55	15,979.05	15,690.00	15,858.05
19-Mar-25	15,436.65	15,783.20	15,417.15	15,747.60
18-Mar-25	15,068.90	15,390.80	15,049.20	15,374.70
17-Mar-25	14,940.00	15,096.10	14,888.60	14,968.40
14-Mar-25	15,090.30	15,118.80	14,881.15	14,897.35
		Weekly Returns		+8.64%

Data Source: NSE

For the week to March 21, 2025, Nifty Small Cap 100 rallied 1,288 points or +8.64%; as liquidity rally hopes brought traders back in small caps. Small caps are 27% down from the peak. Nifty Small-cap touched a weekly high of 16,203 and a low of 14,889.

BANK NIFTY INDEX – PROVIDES THE HEAVYWEIGHT EFFECT

Date	Open	High	Low	Close
21-Mar-25	49,927.10	50,672.15	49,891.95	50,593.55
20-Mar-25	49,947.60	50,155.30	49,771.65	50,062.85
19-Mar-25	49,375.40	49,807.55	49,324.80	49,702.60
18-Mar-25	48,792.90	49,400.30	48,629.45	49,314.50
17-Mar-25	48,219.55	48,481.35	48,196.10	48,354.15
14-Mar-25	48,219.15	48,352.45	48,006.10	48,060.40
		Weekly Returns		+5.27%

Data Source: NSE

For the week to March 21, 2025, Nifty Bank rallied +2,533 points or +5.27%; as macro buying returned in banks, despite IndusInd concerns. The Bank Nifty touched a weekly high of 50,672 and a low of 48,196.

NIFTY IT INDEX – NOT EXACTLY A RALLY PARTICIPANT

Date	Open	High	Low	Close
21-Mar-25	35,942.50	37,033.90	35,674.40	36,702.80
20-Mar-25	36,444.55	37,109.85	36,444.55	36,676.65
19-Mar-25	36,581.65	36,581.65	35,804.60	36,223.50
18-Mar-25	36,242.15	36,681.15	36,008.85	36,619.35
17-Mar-25	35,828.05	36,170.25	35,828.05	36,137.20
14-Mar-25	36,378.20	36,592.95	35,948.25	36,122.50
		Weekly Returns		+1.61%

Data Source: NSE

For the week to March 21, 2025, Nifty IT Index was up +580 points or +1.61%, still feeling the pressure of uncertainty over US tech spending and margins. The IT Index touched a weekly high of 37,034 and a low of 35,674, forming weekly low on Friday.

NIFTY OIL & GAS INDEX – CELEBRATING CRUDE PRICE STABILITY

Date	Open	High	Low	Close
21-Mar-25	10,375.10	10,638.80	10,364.35	10,544.20
20-Mar-25	10,249.70	10,384.50	10,217.90	10,353.95
19-Mar-25	10,106.15	10,221.70	10,092.90	10,191.65
18-Mar-25	10,062.55	10,101.00	10,007.75	10,084.40
17-Mar-25	10,008.80	10,094.90	9,952.15	10,016.40
14-Mar-25	10,110.65	10,135.70	10,002.75	10,021.80
		Weekly Returns		+5.21%

Data Source: NSE

For the week to March 21, 2025, Oil & Gas Index rallied +522 points or +5.21%. A bounce in crude prices on global growth hopes rallied oil & gas stocks. The Nifty Oil & Gas Index touched a weekly high of 10,639 and a low of 9,952 levels.

NIFTY AUTO INDEX – IT WAS A WEEK OF MACRO OPTIMISM

Date	Open	High	Low	Close
21-Mar-25	21,720.95	21,993.95	21,667.35	21,756.00
20-Mar-25	21,444.30	21,672.30	21,368.25	21,623.05
19-Mar-25	21,305.55	21,398.25	21,194.15	21,319.50
18-Mar-25	20,859.20	21,251.30	20,836.05	21,234.95
17-Mar-25	20,539.00	20,926.35	20,538.05	20,741.15
14-Mar-25	20,862.90	20,883.15	20,530.40	20,554.05
		Weekly Returns		+5.85%

Data Source: NSE

For the week to March 21, 2025, Nifty Auto Index rallied +1,202 points or +5.85%. Weak auto numbers in February were overlooked amidst the liquidity euphoria. Nifty Auto Index touched a weekly high of 21,994 and a low of 20,538 levels.

NIFTY FMCG INDEX – RALLIES, BUT NOT QUITE

Date	Open	High	Low	Close
21-Mar-25	53,066.25	53,096.15	52,670.60	52,986.05
20-Mar-25	52,443.45	53,035.40	52,214.55	52,857.90
19-Mar-25	52,612.35	52,677.20	52,151.90	52,184.10
18-Mar-25	52,075.00	52,658.60	51,949.05	52,475.00
17-Mar-25	51,777.15	52,280.65	51,545.35	51,773.15
14-Mar-25	52,047.25	52,327.60	51,781.75	51,879.25
		Weekly Returns		+2.13%

Data Source: NSE

For the week to March 21, 2025, FMCG index closed +2.13% higher. More than urban demand and margins; there are concerns of losing market share to Q-commerce plays. Nifty FMCG Index touched a weekly high of 53,096 and a low of 51,545 levels.