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Below the Quote on Market Wrap 30th March, 2026 from Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

"Markets witnessed a sharp sell-off on the monthly expiry day, with the Nifty 50 opening gap-down and slipping below the 22,500 mark amid weak global cues. The index remained under sustained selling pressure throughout the session, with only brief intraday recovery attempts, and eventually closed near the day’s lower band around 22,331 levels, down approximately 2.14%.

Sectorally, the decline was led by banking, financials, realty, and auto stocks, while select defensive and metal names showed relative resilience. Broader markets mirrored the weakness, with midcap and smallcap indices declining in tandem by 2.5%–3%, reflecting broad-based risk aversion.

The downturn was primarily driven by escalating geopolitical tensions in the Middle East, which dashed hopes of de-escalation and pushed crude oil prices higher, raising concerns over inflation and macro stability for oil-importing economies like India. Weak global cues, including declines across Asian and US markets, coupled with continued foreign institutional outflows and a weakening rupee, further weighed on sentiment. Additionally, rising bond yields and concerns over tighter financial conditions exerted pressure, particularly on rate-sensitive sectors such as banking and auto.

From a technical perspective, the Nifty has declined over 11% during March. With the onset of the new series, it will be crucial to watch whether the index holds its long-term moving average, i.e., the 200-week EMA, placed around the 21,900 mark. Persistent weakness in key sectors—especially banking and financials—along with elevated volatility, as indicated by India VIX hovering near 28, suggests continued downside risk. Any pullback is likely to face resistance in the 22,600–23,000 zone, and traders are advised to remain cautious and prioritize risk management until stability returns."

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