Stock Market Today On March 20: Bulls Fight Back As Sensex Surges 900 pts, Nifty Above 23,300 Amid Oil Prices Dip – Here Are The Key Reasons Behind Market Gain

The benchmark equity indices Sensex and Nifty recovered from the previous day’s sharp fall, rising in early trade as oil prices eased. At around 9:30 am, the Sensex was up 781.12 points or 1.05 percent at 74,988.36, while the broader Nifty stood at 23,254.60, gaining 252.45 points or 1.1 percent.

Key Factors Behind Market Rise

1) Easing crude prices: Softer oil prices provided relief to global markets amid the ongoing war in the West Asia region. Brent crude cooled to $107 per barrel after surging to $119.13 in the previous session following attacks on energy infrastructure. Sentiment also improved after Israeli Prime Minister Netanyahu said Israel supports U.S. efforts to reopen the Strait and would avoid further strikes on Iranian oil and gas targets, raising hopes of an early end to the conflict.

2) Value buying: Investors stepped in to buy at lower levels a day after Indian equity benchmarks plunged over 3 percent in their worst session since June 2024. From a technical standpoint too, analysts had expected a bounce from the key 23,000 mark.

3) Firm global cues: U.S. stocks ended lower on Thursday but rebounded sharply from intraday lows after Israel signalled a pause in strikes on Iranian energy infrastructure and President Trump confirmed there would be no ground troop deployment.

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