GIFT Nifty Opening Update
GIFT Nifty opened today at 22,750.00. It is down -384.00 points (-1.66%) from yesterday’s close of 23,136.50— so the trend is negative.
The Indian equity benchmarks are poised for a gap down opening on Monday, March 23, as suggested by GIFT NIFTY futures. NIFTY futures at GIFT City in Ahmedabad plummeted by as much as 309 points or 1.34% to 22,831, reflecting negative signals from Asian markets. On Friday, March 20, benchmark indices SENSEX and NIFTY50 concluded the trading session in positive territory, supported by advancements in IT, PSU bank, and pharmaceutical stocks. The SENSEX concluded the trading session with an increase of 325.96 points, representing a rise of 0.44%, finishing at 74,532.96. The 50-share NIFTY rose by 112.35 points, reflecting an increase of 0.49%, closing at 23,114.50.
Stocks to monitor:
- HDFC Bank has requested the departure of three executives due to their purported involvement in the mis-selling of Credit Suisse’s Additional Tier 1 bonds, as reported by Moneycontrol, citing sources. The development arises shortly after the abrupt resignation of its on-executive chairman, Atanu Chakraborty, on March 18. He cited differences over “values and ethics” – a reason that the management of the country’s second-largest lender found perplexing, as the former bureaucrat did not provide any specific examples despite multiple requests.
- Crude oil sensitive stocks – Companies involved in paint, tyres, oil refining, and fertilisers that are sensitive to crude oil will attract attention as tensions between Iran and the US intensify. This follows Iran’s declaration to target energy and water infrastructure throughout the Gulf should US President Donald Trump act on his threat to assault its electricity grid.
- IDBI Bank shares are set to attract attention following reports indicating that the government may contemplate selling a stake in the lender via the Offer-for-Sale (OFS) method to boost public shareholding. This comes after an unsuccessful attempt to divest a stake in the LIC-controlled lender, as reported by PTI. The public float in IDBI Bank stands at a mere 5.29%, thereby constraining the potential for equitable valuation. The remaining shares are held by the insurance giant Life Insurance Corporation of India (LIC), which possesses a controlling stake of 49.24%, while the Government of India’s (GoI) holding is at 45.48%.
- Vedanta and Adani Enterprises shares of are set to attract attention as the Vedanta Group has taken steps to challenge the National Company Law Tribunal’s (NCLT) approval of Adani Group’s bid to acquire Jaiprakash Associates Ltd for Rs 14,535 crore at the National Company Law Appellate Tribunal (NCLAT). The Vedanta Group, led by Anil Agarwal, was competing to acquire Jaiprakash Associates Ltd (JAL) via an insolvency process; however, in November of the previous year, lenders approved the resolution plan submitted by Adani Enterprises Ltd. On March 17, the National Company Law Tribunal (NCLT), Allahabad bench, sanctioned Adani Enterprises Ltd’s Rs 14,535 crore bid to acquire Jaiprakash Associates Ltd (JAL) via the insolvency process. In a regulatory filing, JAL disclosed that the NCLT, Allahabad bench, had “orally pronounced an order on March 17, 2026” approving the resolution plan submitted by Adani Enterprises Ltd. Mining giant Vedanta has now filed an appeal against the aforementioned NCLT order before the appellate insolvency tribunal, NCLAT. Additionally, Vedanta will deliberate on the third interim dividend for the current fiscal year today.
- L&T has not experienced any significant business impact due to the ongoing conflict in the Middle East, with nearly 95 percent of the projects continuing to operate, according to a senior official. The company, which derives more than 35% of its revenue from the region experiencing turmoil following the US and Israel’s assault on Iran and the ensuing retaliatory actions, has highlighted logistics and supply chain as significant challenges and cautioned about revenue risks if the circumstances persist. L&T does not anticipate any immediate effect on revenues, as the 5% of projects that have been stalled do not significantly contribute to the topline, Subramanian Sarma, its deputy managing director, informed reporters over the weekend. However, he added, if the logistical issues do not get resolved in three months, there can be an impact through revenue deferment.
- Tata Capital has announced that it has received a reassessment order from tax authorities, which has resulted in a demand of Rs 413.18 crore for the financial year 2017-18. The order, issued by the Deputy Commissioner of Income Tax, Mumbai, under the Income Tax Act and uploaded on March 20, 2026, pertains to Tata Capital Financial Services Ltd (TCFSL), which has since been merged with Tata Capital effective April 1, 2023. Tata Capital stated in a stock exchange filing on Saturday that the demand encompasses interest amounting to Rs 202.72 crore, primarily stemming from alleged short credit of taxes paid and specific disallowances.
- Godrej Properties and Lodha Developers are optimistic about India’s housing demand, having acquired over 25 land parcels this fiscal year to develop residential projects with a combined revenue potential exceeding Rs 1 lakh crore. Lodha Developers has acquired 11 land parcels across the Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune, and Bengaluru during the first nine months of this fiscal year, as stated in an investor’s presentation, to develop housing projects. The Lodha Group has acquired 11 land parcels, which boast an estimated saleable area of 20.6 million sq ft and an anticipated sales value of Rs 58,800 crore. In a similar vein, Godrej Properties is actively pursuing the acquisition of land parcels in Tier I and II cities for group housing and residential plotted development projects. Godrej Properties has secured nearly 20 land parcels this fiscal year, aiming to develop housing projects valued at Rs 42,000 crore.
- Fertiliser stocks – Shares of fertiliser companies including Coromandel International, Chambal Fertilisers, Paradeep Phosphates, and FACT are likely to attract attention as government incentives for fertilisers are anticipated.
- InterGlobe Aviation, SpiceJet – The government has lifted the temporary caps on domestic airfares that were established following the IndiGo flight disruptions in December of the previous year. The civil aviation ministry has announced that the removal of airfare caps will take effect from March 23. The removal coincides with a period when airlines are experiencing considerable operational disruptions in international routes as a result of the West Asia conflict. The ministry stated in the order that airlines must adhere to pricing discipline and conduct themselves responsibly.
- Hindustan Zinc, Vedanta, and gold loan financiers – Shares are set to attract attention as gold and silver prices continue to experience volatility. On Friday, silver prices saw a rebound of Rs 1,800, reaching Rs 2.40 lakh per kg, while gold prices experienced a decline of Rs 650, settling at Rs 1.52 lakh per 10 grams in the national capital, as reported by the All India Sarafa Association. The prices of white metal rose by Rs 1,800, or almost 1%, reaching Rs 2,40,500 per kg (including all taxes) from Thursday’s closing figure of Rs 2,38,700 per kg. Gold of 99.9% purity continued its downward trend for the third consecutive day, falling by Rs 650, or 0.42%, to Rs 1,52,650 per 10 grams (inclusive of all taxes). The yellow metal concluded the previous session at Rs 1,53,300 per 10 grams. Experts indicated that gold prices continue to face pressure stemming from macroeconomic uncertainties and global indicators that favor the US dollar.