The week gone by had four trading sessions, but it seemed like the week did not just get over. We began with a sharp fall on Monday and then more than made up with smart rallies on both Tuesday and Wednesday. Thursday was a holiday and Friday when markets reopened, all hell was let loose. Markets just collapsed and we ended the week with decent losses. BSESENSEX lost 949.74 points or 1.27% to close at 73,583.22 points while NIFTY lost 294.90 points or 1.28% to close at 22,819.60 points. BANKNIFTY lost 1,152.45 points or 2.16% to close at 52,274.60 points. The broader markets saw BSE100, BSE200 AND BSE500 lose 1.40%, 1.50% and 1.46% respectively. BSEMIDCAP lost 1.27% while BSESMALLCAP lost 1.76%. The top sectorial loser was BSEREALTY down 3.95% while the top gainer was BSEIT up 0.78%. Markets gained on two of the four trading sessions and lost on two. Lows of the week were made on Monday the 23rd of March at 72,696.39 points on BSESENSEX and at 22,471.25 points on NIFTY. The highs were made on Friday at 74,904.91 points and 23,186.10 points respectively. These levels would play an important part to act as supports and resistances in the coming weeks. 

The India Rupee continued to be under pressure and lost 95 paisa or 1.01% to close at Rs 94.73 to the US dollar. Dow Jones lost on three of the five trading sessions and gained on two. It was down 410.83 points or 0.90% to close at 45,166.65 points. 

I am no expert on war matters but am compelled to offer my two-bit understanding on the Israel-US led war on Iran. Couple of points to be taken care off. There is apparently no intention on any side to discuss and normalize relations. This ten day ceasefire is only a smokescreen created by USA to move in ground troops and be better positioned for the next round. Israel is running low on ammunition and it appears that they do not have enough to take them through the coming days when fighting on the ground begins. Thirdly, Iran is better positioned to fight on the ground and would have an upper hand. Further when body bags are carried by aircraft back to the USA, there would be a hue and cry raised by Americans which could cause trouble for Trump. One other point while addressing his cabinet, Trump spoke about the ‘Strait of Trump’ instead of Strait of Hormuz. It shows his current mindset and how arrogant and pompous he currently is. 

Markets when they open next week in India will see March futures expire on Monday the 30th of March, as Tuesday is a trading holiday. Further, Friday is again a trading holiday for Good Friday, which would see many global markets also shut. In short, it would be just a three day week with a break in momentum, because of the Tuesday holiday.

Coming to the primary markets, we saw three issues list during the week and four IPOs close for subscription. If one were to use one sentence to describe what happened- Not satisfactory. There is fatigue and investors are not willing to put in new money at current valuations.

Coming to the listings first. The first to list was Innovision Limited which had issued shares at Rs 519. The share closed at lower circuit of Rs 372.80 on Monday. By Friday, the share lost further ground and closed at Rs 357.50, a loss of Rs 161.50 or 31.12%. 

The second share to list was the Invit from NHAI, Raaj Marg Infra Limited which had issued units at Rs 100. The Invit closed day one (Tuesday 24th March) at Rs 106.83, a gain of Rs 6.83 or 6.83%. By weekend, it gained further to close at Rs 109.82, a gain of Rs 9.82 or 9.82%. 

The third share to list was GSP Crop Science Limited which had issued shares at Rs 320. Shares closed day one (Tuesday 24th March) at Rs 356.10, a gain of Rs 36.10 or 11.28%. By weekend, it lost marginally to close at Rs 355.25, a gain of Rs 35.25 or 11.02%. 

The first of the four IPOs was from Coal India subsidiary, CMPDI which closed on Tuesday the 24th of March. The issue was subscribed 1.05 times total with QIB portion subscribed 3.48 times, HNI portion subscribed 0.35 times, Retail portion was subscribed 0.33 times. 

The remaining three issues all opened on Tuesday the 24th of March and closed on Friday the 27th of March. The first was from Sai Parenterals Limited which had issued shares in a price band of Rs 372-392. The issue was subscribed 1.08 times total with QIB portion subscribed 1.73 times, HNI portion subscribed 2.45 times, Retail portion was subscribed 0.12 times. 

The second issue was from Amir Chand Jagdish Kumar (Exports) Limited. The issue was subscribed 3.41 times total with QIB portion subscribed 1.18 times, HNI portion subscribed 13.41 times, Retail portion subscribed 1.44 times. The issue size was Rs 440 crores. 

The third issue was from Powerica Limited which was of a size of Rs 1,100 crore issue. The issue was subscribed 1.53 times total with QIB portion subscribed 4.74 times, HNI portion subscribed 0.47 times, Retail portion subscribed 0.15 times.

Subscription levels clearly suggest that investors were not quite enthused by this late spurt in IPOs at the fag end of the year in such turmoil. The only reason for the rush appears that many of the documents would expire, hence the urgency, come what may. Let us see what listing has in store and post listing after 15 days, where these shares trade.  

Coming to the markets in the week ahead, it would be an action packed week. We begin the week with March futures expiry. The current level of NIFTY is at 22,819.60 points which is down 2,605.05 points or 10.25% lower than the series open at 25,424.65 points. While Bulls will hope to end the series with minor gains on expiry day, geo-politics indicate that bears will press the pedal. This would be followed by a Tuesday holiday and then trading for the financial year 2026-2027 would begin on Wednesday the 1st of April. Friday would again be a holiday and that weekend would be the self-imposed 10 day ceasefire expiring imposed by USA, making markets uncertain when we close on Thursday. 

In short, extremely choppy, volatile and nervous times for the markets with little or no avenue of optimism round the corner. For this war to end, someone has to lose the war and that is not happening immediately. Iran is the underdog and has nothing to lose. 

Key levels of support are the lows made on Monday the 23rd of March at 72,700 and 22,450 points. Lower down we have support at 22,300 points and then in a broad band of 21,700-21,900 points. Even though we have just three trading sessions to go next week, I am alerting you about support levels. On the resistance side, immediate resistance is at 74,900 and at 23,200 levels. 

Trade cautiously using the mind and not emotions.

The week gone by was wild, volatile, topsy-turvy, unpredictable, burned both bulls and bears and the worst, left all confused and worrisome. The US-Israel-Iran war has entered its fourth week and the only loser as of today is the common man. Energy security is the worst thing that could have happened and we are sitting a few meters away from the current war spreading globally. USA President Donald Trump seems to be changing his mind at the drop of a hat and is totally confused, a situation which can boomerang when you are up against someone as deadly as Iran. What do the last six trading days for financial year 2026 have in store for all of us, is anybody’s guess. The only thing clear at this point of time is that this has been a bad year and even the change from this year to the next is not going to matter. 

BSESENSEX lost 30.96 points or 0.04% to close at 74,532.96 points while NIFTY lost 36.60 points or 0.16% to close at 23,114.50 points. BANKNIFTY lost 330.80 points or 0.62% to close at 53,427.05 points. The broader markets saw BSE100, BSE200 and BSE500 lose 0.22%, 0.26% and 0.28% respectively. BSEMIDCAP lost 0.04% while BSESMALLCAP gained 0.13%. The top sectorial gainer was BSEAUTO which was up 1.56% while the top loser was BSEOIL&GAS which lost 3.30%. 

The weekly statistics do not convey the volatility that markets witnessed and experienced. After a massive 4,354 points fall on the BSESENSEX and 1,299 points on NIFTY in the previous week, markets gained an impressive 50% or thereabouts on the next three days. The highs made were 74,563.92 points on BSESENSEX and 23,862.25 points on NIFTY. From there on Thursday, all hell was let loose and we slipped to levels which were even lower than that of Friday week. These levels were at 74,207 points on BSESENSEX and at 23,002 on NIFTY. A small recovery on Friday was not enough for markets to end the week in positive territory. Our markets lost on just one session in the week and gained on four sessions. 

The Indian Rupee was under big pressure and lost Rs 1.20 or 1.30% to close at Rs 93.78 to the US Dollar. Dow Jones lost 981 points or 2.11% to close at 45,577.47 points. Dow lost on three of the five trading sessions and gained on two. 

In primary market news we had one listing last week from Rajputana Stainless Limited which had issued shares at Rs 122. Shares listed on Thursday the 19th of March. They closed at Rs 112.90, a loss of Rs 9.10. They recovered marginally on Friday to close at Rs 113.30, a loss of Rs 8.70 or 7.13%. 

The week ahead will see the listing of three issues. These would happen on Monday and Tuesday. The issue from Innovision Limited would list on Monday the 23rd of March while the issues from Raajmarg Infra Investment Trust and GSP Crop Science Limited would happen on Tuesday the 24th of March. 

There is one mainboard IPO which has opened on Friday and would close on Tuesday the 24th of March. The issue is from Coal India Limited subsidiary, CMPDI (Central Mine Planning & Design Institute Limited). The price band is Rs 163-172 and the issue is entirely an offer for sale. The company would be raising Rs 1,842 crores. The company is a near monopoly and offers survey for mines, mine planning and offers a detailed mine closure scheme for mines where resources have been extracted. It has been working for coal and allied minerals and has also been entrusted with rare earth minerals as the central agency. 

The remaining three issues would open on Tuesday the 24th of March and close on Friday the 27th of March. The first of these is from Powerica Limited which is into the assembly, supply and installation of standby generators and alternators for varied applications. It also has a renewable power division which owns wind assets and acts as an IPP and EPC contractor. The price band of the issue is Rs375-395. The issue consists of a fresh issue of Rs 700 crores and an offer for sale of Rs 400 crores. 

The second issue is from Sai Parentals Limited which is a fresh issue of Rs 285 crores and an offer for sale of Rs 123.79 crores in a price band of Rs 372-392. 

The third and final issue is from rice processor and exporter, Amir Chand Jagdish Kumar (Exports) limited which consists of a fresh issue of Rs 440 crores in a price band of Rs 201-212. The company is a processor of rice having two plants in Punjab and Haryana. It sells about 35% of its produce in exports and 65% domestically. In terms of capacity utilization it is currently 50% having improved from 37% in the previous year. It expects to do better as it raises capital for working capital. It has also entered the FMCG segment to take advantage of its dealer network. 

Market conditions are quite choppy and uncertain. We have a mere six trading sessions before the financial year ends and no clarity on what will happen in the Middle East. As far as the four new IPOs are concerned there must be a compelling reason for one to subscribe in these trying times. If one were to ask me, I would like to wait out this period and look at these issues when they list, even if it means buying at higher prices. 

Coming to the markets in the coming week, new levels were shown on the downside along with accelerated speed and turmoil. For the current week, immediate support exists at 22,500-22,700 points on NIFTY. On the lower side we have support at 22,150-22,200 points. Immediate resistance exists at 23,300-23,400 points and if this were to break at 23,800 points. The strategy would be to keep it simple. Look for trading opportunities to buy on sharp dips and sell on rallies intraday with no overnight positions. Please remember we have a trading holiday on Thursday the 26th of March and the fact that mid-week holidays break market momentum. 

Finally besides trading cautiously it’s time to keep one’s fingers crossed and hope that Trump has clarity in what he wants to do.