Stock Market Update Today, Mar 23: Markets Remain Volatile Amid Heavy FII Selling and Broad-Based Sector Weakness

Market Commentary:

Overnight global action:

• On 20th March 2026, US market delivered a negative performance with S&P500 down by -100.01 pts (-1.51%), Dow Jones down by -443.96 pts (-0.96%) and
• Nasdaq down by -457.12 pts (-1.88%). Gift Nifty declined by -242 pts (-1.33%) indicating Indian markets will open negatively.
• Advance-Decline ratio on NSE was 1884:1337 and on BSE was 2414:1863 which showed balance in the overall markets.

Index Options Data Analysis:

• Sensex max call OI and put OI both are at 75000 with PCR of0.86
• Nifty max call OI is at 23500 max put OI is at 23000 with PCR of 0.78
• Nifty max call OI and put OI both are at 54000 with PCR of0.79

Securities in Ban for F&O Trade:
SAMMAANCAP, SAIL

Sector Performance:

NIFTY AUTO index grew by 0.84% driven by UNO Minda Ltd. (+2.6%) and Bajaj Auto Ltd. (+2.06%)

NIFTY FMCG index grew by 0.31% driven by Radico Khaitan Ltd. (+2.6%) and United Spirits Ltd. (+0.87%)

NIFTY REALTY index declined by -0.93% driven by Lodha Developers Ltd. (- 2.6%) and Brigade Enterprises Ltd. (-2.57%)

NIFTY METAL index grew by 1.45% driven by Lloyds Metals & Energy Ltd. (+5.1%) and Jindal Steel Ltd. (+4.25%)

NIFTY OIL & GAS index grew by 0.55% driven by Hindustan Petroleum Corporation Ltd. (+3.5%) and Reliance Industries Ltd. (+2.14%)

NIFTY PSU BANK index grew by 2.07% driven by Indian Overseas Bank (+6.5%) and Bank Of Maharashtra (+4.55%)

NIFTY CHEMICALS Index grew by 0.69% driven by Bayer CropScience Ltd. (+5.6%) and Aarti Industries Ltd. (+3.76%)

Stocks in the News

HDFC BANK LTD. (CMP: 780, MARKET CAP: 1201267 Cr., SECTOR: BANK - PRIVATE)
Three senior executives — the head of a business division, an Executive Vice-President, and a Senior Vice-President — were asked to leave on March 20, two days after part-time chairman Atanu Chakraborty's shock resignation citing ethics concerns. The bank confirmed the exits are related to identified gaps in client- onboarding procedures at its DIFC branch in the UAE, constituting a misselling review that has now been formally concluded. MD & CEO Sashidhar Jagdishan said the board was "baffled" by the lack of specifics in Chakraborty's resignation, emphasising established governance processes. Meanwhile, interim chairman Keki Mistry (appointed for three months, effective March 19, with RBI approval) faces an uphill task restoring investor confidence; market cap erosion of over ₹65,000 crore has been registered since March 18, with Macquarie downgrading the stock citing a "governance overhang."

JSW CEMENT LTD. (CMP: 116, MARKET CAP: 15808 Cr., SECTOR: CEMENT & CONSTRUCTION MATERIALS)
JSW Cement commissioned its greenfield integrated cement plant in Nagaur, Rajasthan on March 19-20, marking its strategic entry into the North Indian market. The facility carries a cement grinding capacity of 2.5 MTPA and a clinkerisation capacity of 3.3 MTPA. The plant is positioned to serve high-growth markets across Rajasthan, Haryana, Punjab, and NCR, diversifying the company's geographic revenue base hitherto concentrated in South and West India. The entry into North India is significant given the region's accelerating infrastructure capex cycle and cement demand momentum.

NTPC LTD. (CMP: 381, MARKET CAP: 369249 Cr., SECTOR: POWER GENERATION/DISTRIBUTION)
India's largest integrated power utility signed an MoU with Octopus Energy Group on March 19-20, on the sidelines of the Bharat Electricity Summit 2026 (March 19-22). The collaboration scope spans electricity distribution, renewable energy, EV charging infrastructure, smart digital platforms, and joint R&D. Octopus Energy, a UK-based clean energy and technology platform, brings significant expertise in demand-side management and AI-powered grid optimisation. Given India's peak power demand touching
~244-245 GW in early 2026, this partnership aligns with NTPC's transition toward a green, digitally-led utility model.

PATEL ENGINEERING LTD. (CMP: 63, MARKET CAP: 158 Cr., SECTOR: CHEMICALS)
Patel Engineering received two significant Letters of Award (LoA)

Power Corporation (HPPCL) for the Renuka Ji Dam Project (Package-1), valued at ₹910.08 crore (including GST) — after being declared the L1 bidder. Second, it bagged a ₹231 crore order from DHPL to construct a 1,125 MW Hydroelectric Project in Bhutan. The combined order accretion of ~₹1,141 crore reinforces Patel Engineering's dominant position in hydroelectric civil works and adds meaningful visibility to its FY27 order book.

TATA CONSULTANCY SERVICES LTD (CMP: 1420, MARKET CAP: 40479 Cr., SECTOR: TELECOMMUNICATION - SERVICE PROVIDER)

TCS announced a strategic MoU with ABB (Zurich) on March 19, covering IT infrastructure, industrial AI, data centre development, and digital transformation at scale. The partnership is framed as a long-term collaboration to drive operational resilience and sustainable growth through technology-led integration of ABB's industrial automation platforms with TCS's IT and AI stack. TCS shares rallied 2.94% on March 18 amid the CLSA report dismissing AI disruption threats and Accenture's strong Q2 read-through (8% YoY revenue growth, $22.1 billion record bookings). Nifty IT index rebounded ~2.17% on March 20 after the prior day's selloff, though the index remains down ~20% YTD.