Market͏ Bounc͏es Back 640 P͏oints as͏ Crude͏ Coo͏l͏s;͏ N͏i͏fty C͏los͏es Above 24͏,25͏0 Af͏ter T͏wo͏ Day͏s of Selling

Mumbai, Mar͏ch 10:͏ Indian equ͏ity benchmarks witnessed a ͏strong relief rally on Tuesday,͏ rebounding a͏fter͏ two consecutive se͏ssion͏s of͏ heavy ͏s͏elling, driven by easing͏ crud͏e oil͏ prices an͏dho͏pes of geopolitical d͏e-esc͏al͏a͏tion. The Sensex surged 639.82 p͏oin͏ts (0.82͏ per͏ cent) to close at 78,205͏.98,͏ while t͏he Nifty climbed 23͏3.55 points (0.97 per͏ cent)͏ to settle at͏ ͏24,2͏61.60,͏ snapping͏ its two-day lo͏singstr͏eak.

T͏h͏e total market c͏apitalisation of BSE-li͏sted compan͏ie͏s͏ surged b͏y ₹6.5 l͏a͏kh crore to ₹447.59 la͏kh crore, rest͏oring a signif͏icant portio͏n of the ₹8.5 ͏la͏kh crore in͏vestor ͏weal͏th that was wi͏ped out in Mo͏nday’s crash whe͏n the Sensex͏ h͏ad f͏all͏en over ͏1͏,35͏0 po͏ints ͏and the Nift͏y dropped close to the ͏24,000 level.

Crud͏e Cools Below $100 Afte͏r Trump Hint͏s at End to ͏Iran Confli͏ct, Easing Supply Shock Fear͏s

The primary trigger for today’s sharp rebound was a decline in global crude oil prices following US President Donald Trump’s indication that American military operations in Iran could be coming to an end. Brent crude slipped below the psychologically important $100 per barrel mark, while US West Texas Intermediate plunged nearly 10 per cent, significantly easing fears of a prolonged supply shock that had rattled global financial markets.

The cooling of oil prices, coupled with positive global cues from US and Asian markets, improved risk appetite among domestic investors. The India VIX, or volatility index, cooled during the session after surging over 70 per cent in the past month, indicating reduced market anxiety.

Auto Index Rallies 3%, PSU Bank Jumps 2.2%; IT and Oil & Gas Remain Under Pressure

Sectoral indices displayed a mixed trend with nine of the 11 major sectors closing in positive territory. The Nifty Auto index emerged as the best performer, rallying 3 per cent, followed by the Consumer Durables index which added 2.6 per cent, and the PSU Bank index gaining 2.2 per cent. Nifty Realty and Metal indices also witnessed strong buying interest throughout the session.

However, the Nifty IT index declined 0.46 per cent, while the Nifty Oil & Gas index remained under pressure, reflecting profit booking in technology and energy stocks despite the broader market rebound. The Nifty Bank settled with gains of 1.66 per cent or 931 points at 56,950.80.

Shriram Finance Jumps 7.7%, Auto Stocks Shine; Infosys, Airtel, Reliance Among Top Losers

Among Nifty 50 constituents, Shriram Finance emerged as the biggest gainer, surging 7.67 per cent to close at ₹1,062.90. Auto stocks witnessed robust buying, with Tata Motors Passenger Vehicle advancing 3.98 per cent to ₹345.20, Eicher Motors rising 3.72 per cent to ₹7,536.50, Interglobe Aviation gaining 3.39 per cent to ₹4,380.40, and Mahindra & Mahindra adding 3.33 per cent to ₹3,293.70.

On the losing side, Infosys declined 1.48 per cent to ₹1,295.60, becoming the top Nifty loser. Eternal Ltd slipped 1.28 per cent to ₹226.62, Bharti Airtel fell 0.87 per cent to ₹1,850.40, Reliance Industries ended 1.07 per cent lower at ₹1,408.80, and TCS declined 0.57 per cent to ₹2,513.10. ONGC was also among the losers in the oil and gas space.

Midcap, Smallcap Indices Jump 2% Each in Broad-Based Rebound; 2,998 Stocks Advance

The broader market outperformed benchmarks significantly, with the Nifty Midcap index adding 1.6 per cent and the Smallcap index rising 2 per cent, marking a potential rebound for these segments which had been correcting since September 2024 and underperforming the Nifty 50. Market breadth remained strongly positive, with 2,998 shares advancing, 1,111 declining, and 125 remaining unchanged on the BSE.

More than 220 stocks touched their 52-week low during the session, including Sapphire Foods, Jubilant Pharmova, TCS, Bajaj Holdings, Devyani International, Amara Raja, Bata India, Procter and Gamble Hygiene and Health Care, and Gujarat Gas, indicating that the recovery remained selective despite headline indices gaining ground.

Dixon Technologies Soars 12% on Govt Approval; Hinduja Global Solutions Jumps 9% on UP MoU

In stock-specific action, Dixon Technologies shares soared 12 per cent after the government approved HKC Overseas investment in its display manufacturing arm. Hinduja Global Solutions rallied 9 per cent following its arm signing a Memorandum of Understanding with the State Transformation Commission, Uttar Pradesh.

Borosil added 12 per cent after the board approved setting up a new manufacturing facility at Bharuch and expanding production capacity at its Jaipur plant. Cyient gained 5 per cent on announcing a strategic partnership with Prospecta, while Ramco Systems rose 6.5 per cent after being selected by Tata Advanced Systems.

Solex Energy surged 6 per cent on capacity addition approval, Uno Minda rose 3 per cent after upgrade in its rating, and Marine Electricals gained nearly 2 per cent on winning orders worth ₹27.21 crore.

Rupee Gains 53 Paise to ₹91.80, Recovering from Record Low of ₹92.02

The Indian rupee strengthened by 53 paise (0.57 per cent) to close at ₹91.80 against the US dollar, recovering from its record low of ₹92.02 hit just before the Union Budget 2026. Intraday gains of over 1 per cent for the currency have occurred only 10 times since 2014, making today’s move significant.

The rebound was driven by the cooling of crude prices, hopes of renewed foreign portfolio inflows following the US-India trade deal announced on February 2, 2026, and active intervention by the Reserve Bank of India to curb volatility.

The rupee had depreciated by 4.7 per cent in calendar year 2025, with the pace of depreciation accelerating in recent years.

NSE Directs Brokers to Disclose and Remit Excess STT Collected for FY24 and Earlier Years

In a regulatory development, the National Stock Exchange directed brokers to report and return any excess Securities Transaction Tax collected but not deposited with the government for financial year 2023-24 and preceding years. The directive follows a communication from the Joint Commissioner of Income Tax, Range 7(1), dated March 5, flagging that some brokers had retained excess STT instead of remitting it to the government account.

The exchange mandated that brokers must furnish details of excess STT collected and retained as of March 31, 2023, within seven days, and remit the excess amount along with interest at 1 per cent for every month of delay. STT collections have shown a steady rise, increasing from ₹23,191 crore in FY22 to ₹25,085 crore in FY23, further to ₹33,778 crore in FY24, and jumping sharply to ₹52,197 crore in FY25, with revised estimates for FY26 projecting collections at ₹63,670 crore.