Last Updated on March 17, 2026 9:41 pm by BIZNAMA NEWS
BIZ DESK
Equity benchmarks extended their gains for a second straight session on Tuesday, with the Nifty 50 rising 172.35 points (0.74%) to close at 23,581.15, while the BSE Sensex advanced 567.99 points (0.75%) to settle at 76,070.84. However, underlying market sentiment remained cautious, as a large number of stocks continued to hit fresh 52-week lows despite overall gains.
The market opened on a subdued note, with the Nifty dipping early in the session before recovering sharply on buying interest. The rebound was aided by short covering ahead of weekly derivatives expiry, which added momentum in the latter half of the day.
Among top performers, Eternal led the gains with a strong rise of over 5%, followed by Tata Steel and Mahindra & Mahindra, which posted solid advances. HDFC Life and Bharat Electronics also ended higher. On the downside, IT stocks remained under pressure, with Wipro and Infosys among the key laggards, while Cipla, Tata Consumer Products, and ITC also closed in the red.
Sector-wise, metals, auto, and realty stocks led the rally, each gaining between 1–2%. In contrast, the IT sector continued to struggle, slipping over 2% and hovering near multi-year lows, while FMCG stocks also ended weaker. Broader markets showed resilience, with midcap and smallcap indices closing in positive territory.
A notable positive for the markets was the sharp decline in the India VIX, which fell over 8% to 19.79, easing volatility concerns and helping stabilise sentiment after recent turbulence.
In stock-specific action, Reliance Industries attracted attention after signing a long-term green ammonia supply deal with Samsung C&T, boosting prospects for its clean energy business. Meanwhile, Fino Payments Bank remained in focus following strong deposit growth, though investor caution persisted due to ongoing legal concerns.
On the currency front, the Indian rupee strengthened slightly to close at 92.37 against the US dollar, supported by equity market gains and firmer Asian currencies. However, elevated crude oil prices and a strong dollar index continue to pose challenges for the economy.
Market participants remain watchful ahead of the upcoming policy decision by the US Federal Reserve, which is expected to provide cues on inflation and future rate trajectory. Analysts caution that while the recent rebound is encouraging, global uncertainties and high crude prices may limit sustained upside in the near term.
Sector-wise Performance
🔼 Gainers
- Metals: Strong rally led by stocks like Tata Steel, supported by global cues and demand outlook.
- Auto: Buying interest seen in frontline auto stocks such as Mahindra & Mahindra.
- Realty: Sector gained on improved sentiment and value buying.
🔽 Losers
- IT: Major drag on the market; index fell over 2%, hovering near multi-year lows with stocks like Wipro and Infosys under pressure.
- FMCG: Mild decline of around 0.7%, with selling seen in defensive names like ITC and Tata Consumer.
Broader Markets
- Midcaps: Positive trend, gaining around 1%.
- Smallcaps: Modest rise of about 0.65%, indicating selective buying.
Key Market Drivers
- Volatility Eases: Sharp fall in India VIX reduced risk premium, supporting sentiment.
- Short Covering: Weekly expiry triggered buying momentum in the latter half.
- Global Cues: Focus on upcoming policy decision by the US Federal Reserve.
- Crude Pressure: Elevated oil prices continue to cap upside.
Stock-Specific Highlights
- Top Gainers: Eternal (+5.59%), Tata Steel, M&M, HDFC Life, BEL
- Top Losers: Wipro, Cipla, Infosys, ITC, Tata Consumer
Technical Outlook
- Nifty Resistance: 23,700–23,740
- Nifty Support: 23,350–23,400
- Bank Nifty Range: Resistance at 55,250–55,300 | Support at 54,300–54,400
