Stock Market Update: Nifty 50, Sensex Expected to Open Lower Amid Rising Oil Prices and Rupee Decline

The Indian Stock Markets are expected to open on a weaker note amid ongoing uncertainty surrounding the Middle East conflict and rupee decline. GIFT Nifty also indicates a gap-down open as it is trading at 23,502 with a discount of 275 points from its previous Nifty futures close. 

Market Recap 

On Thursday, 12 March 2026, the Nifty 50 closed at 23,639.15 with 227.70 points or 0.95%, while Sensex declined 829.90 points or 1.08% to settle at 76,034.42.

This weakness also reflected on broader markets, with the BSE midcap index backing 0.4% and the smallcap index declined 0.7%.

Going by sector, the Auto index slipped over 3%, the FMCG index shed 1.7% and the Private Bank index declined 1.6%. At the same time, the Power index gained 2.5%, the Energy index rose 2%, and Oil & Gas, Metal, and Capital Goods rose 0.5% each.

Sensex Outlook

Sensex formed a lower top structure on the daily chart. This suggests that the correction trend may continue in the short term.

The 76,600 may act as a key resistance level. Below this level, the index could decline to 75,300-75,600.

However, a pullback above 76,600 could lead to a short rally towards 77,000-77,500.

Nifty 50 Outlook

The Nifty 50 formed a small-bodied bearish candle with upper and lower wicks on the daily chart. This price action can be seen in the volatility at the lower supports.

Immediate support can be seen at 23,500-23,400. A break below this level could lead to selling toward 23,000-23,200.

The index can regain its bullish momentum with a strong recovery above the 23,830 resistance level. required.

Derivatives data shows significant put writing at the 23,700 strike and notable call writing at the 24,000 strike, indicating the index may trade within this range in the near term.

Also Read: US Stock Market Today: Wall Street Slips as Oil Prices Spike and Hormuz Closure Threat Rattles Markets

Bank Nifty Outlook

The banking benchmark, Bank Nifty, closed at 55,101 with 1.14% or 634.80 points decline on Thursday, 12 March 2026. The graph represented a small-bodied green candle with wicks on both sides, indicating indecision at the current levels.

The 54,600-54,500 range will act as a key support level. A sustained break below 54,500 could extend the decline towards the 53,900 level.

On the upside, 55,500-55,600 is a crucial resistance level, and the short-term sentiment will remain bearish as long as the index trades below this level.