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NEWS U CAN USE
Mar 20, 2026
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The Week that was…
16th Mar to 20th Mar
2
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Indian Economy
•India’s wholesale price index (WPI)-based inflation rose 2.13% YoY in Feb 2026,
accelerating from 1.81% in Jan 2026, driven by higher prices of both food and non-food
articles.
•India's unemployment rate eased to 4.9% in Feb 2026, a slight improvement from 5% in
Jan 2026, largely due to a significant decline in the female unemployment rate. Urban
unemployment also decreased, while rural joblessness remained stable. However, youth
unemployment saw a marginal uptick.
•India’s merchandise trade deficit widened to $27.10 billion in Feb 2026, compared with
$14.42 billion in Feb 2025. Exports fell 0.81% YoY to $36.61 billion, while imports rose
24.12% YoY to $63.71 billion over the same period.
•India’s net direct tax collections rose 7.2% YoY to about Rs. 22.8 lakh crore as of Mar 17,
2026, driven mainly by strong corporate tax inflows, with officials expecting last-minute
filings to narrow the gap against full-year estimates.
•According to the Ministry of Commerce & Industry, the combined Index of Eight Core
Industries rose 2.3% YoY in Feb 2026, following an upwardly revised 4.7% rise in Jan 2026.
Cement posted the strongest growth at 9.3%, followed by steel at 7.2%, while crude oil
and natural gas output declined by 5.2% and 5.0%, respectively.
•According to the Solvent Extractors’ Association of India (SEA), India’s oilmeal exports to
China jumped over 20-fold to about 7.79 lakh tonnes in the first eleven months of FY26.
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4
Domestic Equity Market Indices
Indices
20-Mar-26
1 Week Return
YTD Return
BSE Sensex
74,532.96 -0.04% -12.54%
Nifty 50
23,114.50 -0.16% -11.54%
BSE Mid
-Cap 42,138.48 -0.04% -10.26%
BSE Small
-Cap 45,224.97 0.13% -12.23%
Source: Refinitiv Values as on Mar 20, 2026
•Domestic equity markets declined for
the fourth straight week, with
benchmark indices BSE Sensex and
Nifty 50 falling by 0.04% and 0.16%,
respectively.
•Domestic equity markets fell amid
escalating geopolitical tensions in the
Middle East and a surge in global crude
oil prices. Renewed hostilities involving
the U.S. and Iran, along with attacks on
key energy infrastructure in the Gulf
region, heightened supply disruption
concerns and inflationary risks for
oil-importing economies like India.
Market sentiment weakened further
after the U.S. Federal Reserve kept
interest rates unchanged but adopted
a hawkish tone, cautioning that
elevated energy prices could rekindle
inflationary pressures.
Ratios
BSE Sensex
Nifty 50
BSE Mid Cap
BSE Small
Cap
P/E
20.46 20.23 28.44 26.49
P/B
3.99 3.14 4.50 3.16
Dividend Yield
1.23 1.35 0.87 0.72
Source: NSE, BSE Values as on Mar 20, 2026
Indian Equity Market
NSE Advance/Decline Ratio
Date Advances
Declines
Advance/Decline Ratio
16-Mar-26 1,190 2,269 0.52
17-Mar-26 2,007 1,352 1.48
18-Mar-26 2,672 749 3.57
19-Mar-26 447 2,782 0.16
20-Mar-26 1,988 1,427 1.39
Source: NSE
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5
Sectoral Indices
Indices Last Returns (in %)
Closing 1-Wk 1-Mth
BSE Auto
54,717.71 1.56%
-11.41%
BSE Bankex
60,173.31 -0.48%
-12.54%
BSE CD
54,751.36 -0.47% -7.54%
BSE CG
67,344.39 -0.41% -3.26%
BSE FMCG
17,320.21 -1.44% -8.83%
BSE HC
42,306.40 -1.12% -1.81%
BSE IT
28,226.61 0.27% -9.10%
BSE Metal
37,708.20 1.18% -4.66%
BSE Oil & Gas
25,977.38 -3.30%
-10.35%
Source:BSE
Values as on Mar 20, 2026
•On the BSE sectoral front, BSE Oil & Gas fell
3.30% as the escalation of the West Asia
conflict triggered a spike in crude oil prices,
raising concerns over margin pressure for
downstream companies.
•BSE Auto rose 1.56% on fundamental
improvement in margin visibility, as markets
responded positively to price hike actions and
signals across the sector, indicating
manufacturers’ ability to pass on rising input
and commodity costs.
Indian Derivatives Market Review
•Nifty Mar 2026 Futures stood at 23,140.50, a premium of 26.00 points above the spot
closing of 23,114.50.
•The total turnover on NSE’s Futures and Options segment for the week stood at Rs.
1,394.34 lakh crore as against Rs. 1,230.80 lakh crore for the week to Mar 13.
•The Put-Call ratio stood at 0.96 compared with the previous week’s close of 1.
•The Nifty Put-Call ratio stood at 0.57 compared with the previous week’s close of 0.53.
Indian Equity Market (contd.)
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6.68
6.70
6.72
6.74
6.76
16-Mar 17-Mar 18-Mar 20-Mar
Yield in %
10 -Yr Benchmark Bond ( % )
Source: CCIL
6
Debt Indicators
(%)
Current
Value
1-
Wk
Ago
1-
Mth
Ago
6-
Mth
Ago
Call Rate
5.33 5.07 5.11 5.53
91 Day T
-Bill 5.33 5.33 5.31 5.49
06.36% 2031, (5 Yr GOI)
6.46 6.36 6.37 6.15
06.48% 2035, (10 Yr GOI)
6.74 6.68 6.72 6.49
Source: Refinitiv Values as on Mar 20, 2026
•Bond yields rose amid elevated crude oil
prices, which dragged the rupee to
record lows, stoking inflation concerns
and reinforcing expectations of a more
hawkish policy stance from the RBI.
•Yield on the 10-year benchmark paper
(6.48% GS 2035) rose by 6 bps to close at
6.74% from the previous week’s close of
6.68%.
•Data from Reserve Bank of India showed
that India's foreign exchange reserves
decreased to $709.76 billion for the
week ended Mar 13, 2026 compared with
$716.81 billion a week earlier.
Domestic Debt Market
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0
2
4
6
8
10
0.00
2.00
4.00
6.00
8.00
3 Mths 6 Mths 1 Yr 5 Yrs 10 Yrs 20 Yrs 30 Yrs
India Yield Curve Shift (%) (W-o-W)
Change in bps 20-Mar-26 13-Mar-26
Yield in %
Change in bps
Source: Refinitiv
7
Maturity G-
Sec Yield
(%)
Corporate Yield
(%)
Spread
bps
1 Year 5.75 7.22 147
3 Year 6.30 7.33 103
5 Year 6.45 7.34 89
10 Year 6.74 7.43 69
Source: Refinitiv Values as on Mar 20, 2026
•Yields on gilt rose up to 16 bps across the
maturities.
•Corporate bond yields increased between 6 to 11
bps across the curve
•Difference in spread between AAA corporate bond
and gilt contracted between 2 to 7 bps across the
segments, barring 6 & 10 year papers that expanded
by 1 & 4 bps, respectively.
Domestic Debt Market (Spread Analysis)
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8
•The Pension Fund Regulatory and Development Authority (PFRDA) has revised the payout
structure for NPS distributors (Points of Presence), allowing them to earn a Rs. 200
onboarding fee per new subscriber, paid in quarterly instalments, along with an annual
charge of 0.20% of assets under management (AUM), also payable on a quarterly basis. The
AUM-based charge will apply only to active accounts, while dormant accounts are excluded,
and a reduced Rs. 100 onboarding fee will be applicable for fully digital, non-face-to-face
enrolments under NPS All Citizen, NPS Vatsalya and NPS Lite schemes.
•SEBI chairman has warned that India’s fast-expanding capital markets need more regulated
investment advisers, cautioning that the shortfall is increasingly being filled by unregulated
finfluencers, which can distort investor behaviour and erode trust. He highlighted that the
number of registered investment advisers has declined since 2021 even as the investor base
has grown, noting that about 62% of prospective investors are influenced by finfluencers,
and said SEBI is working on regulatory and digital measures to strengthen the advisory
ecosystem and reinforce investor protection.
•The Directorate General of Trade Remedies (DGTR) has initiated an anti-dumping
investigation into ethyl chloroformate imports from China following allegations by domestic
producer Paushak of unfair pricing and material injury to the local industry. The probe will
assess dumping margins for the Oct 2024–Sep 2025 period and could result in import
duties, potentially impacting costs for pharmaceutical and agrochemical manufacturers if
dumping is confirmed.
Regulatory Updates in India
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9
•SEBI data shows a sharp rise in investors opting out of nominations, with about 80% doing
so in Dec 2025 and nearly 70% in Jan 2025 for new mutual fund folios and demat
accounts. To address this trend, SEBI has proposed simplifying nomination norms by
making nomination the default option with an explicit opt out, reducing mandatory
nominee details to only name and relationship, discontinuing nominee operation in case of
incapacitation in favour of the Power of Attorney mechanism, and capping the number of
nominees at four to ease operational complexity.
•NITI Aayog has proposed a seven-point strategy, including Rs. 7,500 crore in incentives and
structural reforms, to boost manufacturing and exports of sports goods, aiming to
position India as a global hub through duty rationalisation, stronger testing infrastructure,
specialised clusters, and branding initiatives, with significant export growth and job
creation targeted by 2036.
•The central government has classified key oil and gas sector data as a national security
matter, mandating real-time reporting of production, imports, inventories, and
consumption by all energy firms to improve monitoring and response to supply disruptions
amid geopolitical risks.
Regulatory Updates in India (contd..)
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•The U.S. Federal Reserve said it decided to maintain the target range for the federal funds
rate at 3.50% to 3.75% on Mar 18, 2026, after also leaving rates unchanged at its previous
meeting in Jan.
•The Bank of England maintained its interest rate but raised market expectations for a
future rate hike, as policymakers said they stand ready to act as necessary to bring inflation
back on track on Mar 19, 2026. The Monetary Policy Committee voted unanimously to keep
the Bank Rate at 3.75%.
•The European Central Bank kept its key interest rates unchanged on Mar 19, 2026, citing
heightened uncertainty stemming from the Middle East conflict. The Bank also raised its
inflation outlook for the eurozone due to concerns over soaring crude oil prices and
signaled its readiness to respond if necessary. The Governing Council left the benchmark
deposit rate steady at 2.00%, while the refinancing rate remained unchanged at 2.15% and
the marginal lending rate at 2.40%.
•U.K. gross domestic product grew in Jan 2026 after a 0.1% rise in Dec 2026, according to
the Office for National Statistics.
•China’s central bank kept its key loan prime rates unchanged for the tenth consecutive
month, as widely expected, on Mar 20, 2026. The People’s Bank of China maintained the
one year loan prime rate at 3.0% and retained the five year LPR the benchmark for
mortgage rates at 3.50%.
10
Global News/Economy
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11
Global Indices
Indices
20
-Mar-
26
1-Week
Return
YTD
Return
Russell 3000
3,360.75 -2.37% -9.49%
Nasdaq 100
23,898.16 -1.98% -5.35%
FTSE 100
9,918.33 -3.34% -0.13%
DAX Index
22,380.19 -4.55% -8.62%
Nikkei Average
[1] 53,372.53 -0.83% 6.03%
Straits Times
4,948.87 2.20% 6.51%
Source: Refinitiv
Value as on Mar 20, 2026, [1]Value as on Mar 19, 2026
U.S.
•U.S. equity markets fell as a risk off tone
persisted following hawkish central bank
signals and diminished expectations for
rate cuts. Energy stocks outperformed
amid elevated crude prices, while growth
and tech names remained under
pressure. Sentiment weakened further as
the U.S.–Israel conflict with Iran showed
no sign of easing and oil prices continued
to rise.
Europe
•European markets declined, weighed down primarily by escalating Middle East tensions
that dampened risk appetite and hit industrials and miners particularly hard. The climb in
oil prices and concerns that major central banks may soon raise interest rates added to the
bearish mood.
Asia
•Asian equity markets mostly fell as rising oil prices following attacks on key energy
infrastructure in the Middle East rekindled concerns about inflation, interest rates, and
regional growth prospects. A cautious tone prevailed as strikes targeting infrastructure in
Iran, Qatar, and Saudi Arabia heightened worries.
Global Equity Markets
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4.10
4.15
4.20
4.25
4.30
4.35
4.40
4.45
16-Mar 17-Mar 18-Mar 19-Mar 20-Mar
Yield in %
US 10-Year Treasury Yield Movement
Source: Refinitiv
12
•Yields on the 10-year U.S. Treasury rose
by 10 bps to close at 4.39% from the
previous week’s close of 4.29%.
•U.S. Treasury prices fell, tracking a
broader selloff in UK and European
government bonds, as escalating Middle
East tensions kept oil prices elevated
and reinforced inflation concerns.
•Prices also declined after the Federal
Reserve left interest rates unchanged,
as widely expected, while maintaining
its projection for a single rate cut in
2026.
Global Debt (U.S.)
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6.00
8.00
10.00
12.00
14.00
16.00
18.00
20-Feb-26 8-Mar-26
Global Commodity Movement
Gold Spot ($/Oz) Silver Spot ($/Oz) Brent ($/bbl)
Global Commodity Prices
Rebased to 10
Source: Refinitiv
13
Performance of various commodities
Commodities
Last Closing*
1-Week Ago
Brent Crude($/Barrel)
118.36 103.36
Gold ($/Oz)
4,487.65 5,018.43
Gold (Rs/10 gm)
146,640 158,013
Silver ($/Oz)
67.76 80.55
Silver (Rs/Kg)
230,503 260,297
Source: Refinitiv Value as
on Mar 20,
2026
Gold
•Gold prices tumbled as global markets
were shaken by rising concerns over the
Iran conflict and escalating inflation.
Brent Crude
•Brent crude oil prices rose after Iran
launched strikes on multiple energy sites
across the Middle East in retaliation for an
earlier attack on its South Pars gas field.
Baltic Dry Index
•The index rose over the week due to
improved capesize and panamax activities.
Commodities Market
05-Jan-24
20-Mar-26
14.51%
-10.58%
-15.88%
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9.60
9.70
9.80
9.90
10.00
10.10
10.20
10.30
20-Feb-26 8-Mar-26
USD GBP Euro JPY
Source: Refinitiv
Currency Prices ( in terms of INR)
Rebased to 10
Currency Movement
14
Movement of Rupee vs Other Currencies
Currency
Last Closing*
1-Wk Ago
US Dollar
93.35 92.44
Pound Sterling
125.16 123.20
EURO
107.94 106.31
100 Yen
58.94 57.99
Source: Refinitiv Figures in INR , *Value as on Mar
20,
2026
Rupee
•The Indian rupee currency weakened against
the U.S. dollar, pressured by foreign fund
outflows, strong dollar demand, and ongoing
geopolitical tensions.
Euro
•The euro gained against the U.S. dollar as major
central banks held interest rates unchanged,
reflecting concerns about inflation driven by
rising oil prices amid ongoing Middle East
tensions.
Pound
•The British pound rose against the U.S. dollar
after major central banks kept interest rates
unchanged.
Yen
•The Japanese yen edged higher against the U.S.
dollar as major central banks maintained their
interest rates.
Currencies Markets
25-Jan-24
20-Mar-26
0.98%
1.64%
1.54%
1.59%
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15
The Week that was…
16th Mar to 20th Mar
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16
The Week that was (Mar 16 – Mar 20)
Date Events
Present
Value
Previous
Value
Monday,
March 16, 2026
• India WPI Inflation YoY FEB
2.13% 2.13%
• India Balance of Trade FEB
$-27.1B
$
-
34.68B
• India Unemployment Rate FEB
4.90% 5.00%
• China Retail Sales (YoY) (Feb)
2.80% 0.90%
Tuesday,
March 17, 2026
• U.S. Pending Home Sales (MoM) (Feb)
1.80% -1.00%
• Japan Tertiary Industry Index (MoM) (Jan)
1.70% -0.80%
Wednesday,
March 18, 2026
• Eurozone Harmonized Index of Consumer Prices (MoM) (Feb)
0.60% 0.70%
• U.S. Producer Price Index ex Food & Energy (MoM) (Feb)
0.50% 0.80%
• U.S. Fed Interest Rate Decision
3.75% 3.75%
Thursday,
March 19, 2026
• Bank of Japan Interest Rate Decision
0.75% 0.75%
• Bank of England Interest Rate Decision
3.75% 3.75%
Friday,
March 20, 2026
• People's Bank of China Interest Rate Decision
3.00% 3.00%
• Germany Producer Price Index (YoY) (Feb)
-3.30% -3.00%
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17
The Week Ahead
23rd Mar to 27th Mar
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18
The Week Ahead
Day Event
Monday,
Mar 23, 2026
•
Germany Buba Monthly Report
•
Eurozone Consumer Confidence (Mar) Prel
Tuesday,
Mar 24, 2026
•
Germany HCOB Composite PMI (Mar) Prel
•
Eurozone HCOB Composite PMI (Mar) Prel
•
U.S. S&P Global Manufacturing PMI (Mar) Prel
Wednesday,
Mar 25, 2026
•
U.K. Consumer Price Index (MoM) (Feb)
•
U.K. Retail Price Index (MoM) (Feb)
•
Japan Leading Economic Index (Jan)
Thursday,
Mar 26, 2026
•
Germany GfK Consumer Confidence Survey (Apr)
•
U.S. Initial Jobless Claims
Friday,
Mar 27, 2026
•
U.K. Retail Sales (MoM) (Feb)
•
U.S. Michigan Consumer Expectations Index (Mar)
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
The information herein is meant only for general reading purposes and contains all factual and statistical information pertaining to Industry and
markets which have been obtained from independent third party sources and which are deemed to be reliable. The information provided cannot be
considered as guidelines, recommendations or as a professional guide for the readers. It may be noted that since Nippon Life India Asset
Management Limited (NAM India) has not independently verified the accuracy or authenticity of such information or data, or for that matter the
reasonableness of the assumptions upon which such data and information has been processed or arrive data; NAM India does not in any manner
assures the accuracy or authenticity of such data and information. Some of the statements & assertions contained in these materials may reflect NAM
India’s views or opinions, which in turn may have been formed on the basis of such data or information. The Sponsor(s), the Investment Manager, the
Trustee or any of their respective directors, employees, associates or representatives do not assume any responsibility for, or warrant the accuracy,
completeness, adequacy and reliability of such data or information. Whilst no action has been solicited based upon the information provided herein,
due care has been taken to ensure that the facts are accurate and opinions given are fair and reasonable, to the extent possible. This information is
not intended to be an offer or solicitation for the purchase or sale of any financial product or instrument. Recipients of this information should rely
on information/data arising out of their own investigations. Before making any investments, the readers are advised to seek independent
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consequential, punitive or exemplary damages, including on account of lost profits arising from the information contained in this material.
All information contained in this document has been obtained by ICRA Analytics Limited from sources believed by it to be accurate and reliable.
Although reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of
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19
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