Nifty Tops 23͏,750,͏ Sensex Nears 76,500 as IT͏ ͏S͏tocks Lead ͏Ga͏ins Amid Oil Price Surge

Mumbai, Ma͏rch 18: I͏ndian equity ͏benc͏hm͏arks ex͏tende͏d ͏their upward momentum on We͏dnesday͏, ͏with the Nifty 50 rising ove͏r 1͏50 poi͏nts to approach 23,750 a͏nd͏ th͏e BSE Sen͏s͏ex͏ gai͏ning more than 400 p͏oints toward͏s 76,500, ͏as markets ͏co͏ntinued ͏t͏h͏eir͏ cautious recovery after last week’s͏ sharp correction. T͏he rall͏y was led by informati͏on t͏echnology͏ stocks, ev͏en ͏as elevated crude oil p͏rices an͏d global developments kept volatility high͏.

Nifty At 23,750, Sensex Ga͏in͏s ͏400͏ Points ͏On͏ Str͏ong ͏Start

The ͏dom͏estic indice͏s ͏opened͏ higher an͏d susta͏ined gains through early trade͏, suppo͏rted by positive g͏lobal cues. At ar͏ound ͏m͏id-͏morning,͏ the Sensex ͏s͏to͏od a͏t 76,439.72, up 36͏8.88 points or 0͏.48%, while the Ni͏ft͏y 5͏0 r͏os͏e ͏1͏1͏8͏.90 ͏points or 0͏.50% to 23͏,700.05, after opening͏ a͏bove Tuesday’s ͏c͏lose of 23,581.͏15͏.

The Nift͏y a͏lso crossed its previou͏s high of 23,656, ͏indicating continued upward ͏momentu͏m. Earlier, GI͏FT Nif͏ty fu͏tures at ͏23,͏65͏5.5 signalled a mildly posit͏ive ͏openin͏g. De͏spite the ga͏ins,͏ ͏markets witne͏ssed sharp intraday͏ swings, reflec͏ting con͏tinued vol͏ati͏lity as indices attempte͏d͏ ͏to stabilise͏.

IT Stocks Drive Rally With TCS, Wipro Up Over 2%

Information technology stocks led the gains, supporting the broader indices. Tata Consultancy Services (TCS) rose 2.48%, while Wipro gained 2.31%, with other IT counters also trading higher.

Among the top performers on the Nifty 50, IndiGo surged 2.80%, followed by Shriram Finance up 2.23% and HCL Tech gaining 2.19%, indicating strength in select sectors.

On the downside, Coal India declined 1.14%, Hindalco fell 0.88%, and HDFC Bank slipped 0.70%, reflecting weakness in metals and banking stocks. The Nifty Bank index remained below the 55,000 level, continuing to face resistance despite trading in the green.

Crude at $142 for India Raises Cost Pressure Concerns

Crude oil prices remained a key factor influencing market direction. While global oil prices stayed above $100 per barrel, the Indian crude basket surged to a record $142, intensifying concerns around inflation and input costs.

The rise in oil prices is linked to ongoing geopolitical tensions in West Asia, particularly the conflict involving the United States and Iran. Disruptions in energy supply routes, including restricted movement through the Strait of Hormuz, have contributed to elevated prices.

Sustained high crude levels continue to influence broader market conditions, impacting multiple sectors dependent on energy costs.

US Markets Gain As Energy, Tech Stocks Lift Indices

Global cues supported domestic markets, with US equities extending gains for a second consecutive session. The Nasdaq rose 0.5% to 22,479, the S&P 500 gained 0.3% to 6,716, and the Dow Jones edged up 0.1% to 46,993, reflecting steady recovery.

The rally in US markets was led by energy stocks as WTI crude climbed to $94, supported by supply constraints. Consumer discretionary stocks also gained around 1%, aided by improved revenue outlooks from major airlines.

In the technology space, semiconductor major Micron reached a 52-week high, backed by strong earnings expectations, with projections indicating significant year-on-year growth in revenue and earnings. This contributed to broader strength in tech-heavy indices.

Despite the recovery, the S&P 500 remains 3.6% below its pre-conflict peak, indicating that markets are still adjusting to recent global developments.

Asian Markets Rise; Fed Decision Keeps Focus On Rates

Asian markets traded higher, mirroring gains in the US. Japan’s Nikkei rose 2%, while South Korea’s KOSPI surged over 3%, supported by stronger export data.

Investor attention now turns to the US Federal Reserve’s policy decision, expected later in the day. Markets widely anticipate that the central bank will hold interest rates in the 3.5%–3.75% range.

Expectations for rate cuts have moderated, with current projections indicating only one 25-basis-point cut later this year, compared to earlier expectations of two cuts. This shift reflects concerns over inflation pressures linked to rising energy prices.

Sensex, Nifty Recover 2% This Week After Sharp Fall

The Nifty 50 and Sensex have gained around 2% so far this week, recovering part of the losses from last week’s sharp decline, which marked one of the steepest corrections in recent years.

The rebound is supported by bargain buying following the earlier sell-off. Technical indicators suggest stabilisation, with the relative strength index moving up from oversold levels, indicating reduced selling pressure.

However, market movements remain range-bound, with volatility persisting due to external uncertainties and commodity price fluctuations.

Stocks in Focus as Corporate Developments Drive Moves

Several stocks witnessed notable activity based on corporate announcements. Tech Mahindra rose 2% to ₹1,369.80 after its London arm announced a 20% stake acquisition in Tech Mahindra Arabia for ₹206 crore.

Urban Company surged over 10% to ₹121.65 following a stake increase by SBI Mutual Fund. Adani Enterprises gained 2% to ₹2,016.20 after receiving approval for the takeover of Jaiprakash Associates.

In the metals segment, Tata Steel remained flat at ₹194.72 despite approving a merger with Neelachal Ispat Nigam and announcing a ₹18,488 crore investment plan.

Real estate activity also remained steady, with Godrej Properties holding at ₹1,596.70 after acquiring a 20-acre land parcel near Whitefield, Bengaluru, while Arisinfra Solutions rose 2% to ₹104.75 following project developments.

Market Breadth and 52‑Week Highs Reflect Uneven Sector Participation

Broader market indicators on Tuesday highlighted mixed participation even as headline indices advanced, with the Nifty 50 rising over 150 points to 23,750 and the Sensex gaining more than 400 points towards 76,500. Index contributions remained concentrated in select heavyweights, particularly within the information technology sector, which saw stocks gain over 2%, while metals and select banking counters declined up to 1.14%, indicating uneven momentum.

Market breadth was further reflected in stock-specific performance, with several counters hitting 52-week highs and lows. Notably, ACUTAAS climbed to ₹2,322.3 from ₹2,305.9, VTL rose to ₹560.2 from ₹553.4, and IPCALAB reached ₹1,624.0 against ₹1,567.3, demonstrating strength in select sectors. Other stocks remained under pressure, showing the uneven nature of the rally. Advance-decline patterns and BSE cash market turnover indicated active participation by institutional players, even as volatility persisted through sharp intraday swings, underlining the cautious and selective nature of the market recovery.

Indian benchmark indices continue their recovery with gains of around 2% this week, supported by global market strength and IT sector performance. However, elevated crude oil prices, geopolitical developments, and the US Federal Reserve’s policy outcome remain key factors influencing near-term market conditions and volatility.