Prime End of the Day Summary: View on Market Performance 16 March 2026

Nifty Snaps Three-Day Losing Streak with 500 Points Intraday Rebound

Nifty snapped a three-day losing streak in a session defined by extreme volatility, ultimately surging 257 points to settle at 23,408. Despite a soft start and a mid-morning plunge that saw the index dive 300 points to breach the psychological 23,000 mark, bulls staged a strong second half recovery. A late-session rally of 350 points pushed the index to an intraday high of 23,502 before a minor cooling-off period in the final 30 minutes. NSE cash market volumes saw a 3% uptick over the previous session.

Ultratech Cement, Grasim, and M&M led Nifty gainers, while BEL, Max Health, and Wipro faced the heaviest selling as top losers.

Sectoral performance was mixed. Amongst them, Auto, Financial services and Private banks gained the most. On the other hand,OIL/Gas, Realty and Healthcare closed lower.

Midcaps and Smallcaps mirrored the benchmark’s recovery. Nifty Midcap 100 rebounded 1.7% from lows but ended down 0.27%; Nifty Smallcap 100 gained 1.8% from lows, closing off 0.53%. Market breadth stayed weak for the fourth day in the row, with BSE advance-decline at 0.53.

The Rupee started the week positively, up 4 paise to 92.42, buoyed by equity recovery and a softer US Dollar globally. RBI interventions offer a floor, but importer dollar demand and FII outflows keep it pinned near record lows.

Having corrected nearly 13% from its all-time high of 26,373, Nifty today found support in the gap band of 22,923–23,207 (formed on April 15, 2025), setting the stage for a potential pullback rally. On the upside, 23,700 emerges as a key resistance to monitor. A decisive break below 22,923 would signal a resumption of the downtrend