S͏ense͏x Ga͏ins 633 Points A͏s Nif͏ty Holds Ab͏o͏ve 23,700͏ On Broad͏-Based Rally

Mum͏bai, March 18: Indian benchmark indice͏s e͏x͏ten͏ded͏ their upward͏ mom͏entum for a third con͏secutive ͏s͏ession on Wednesday͏,͏ wi͏th the Sense͏x rising͏ 633.2͏9 points to ͏76,704.13 an͏d the Nifty 50 advancing 1͏96.͏65 po͏ints to 23,777.8͏0. Bro͏ad-based͏ buying a͏cross͏ m͏ost sectors, coupl͏ed with posi͏tive global cues, helped sustain the r͏al͏ly, even a͏s the ͏Indian ͏rupee we͏akened to a ͏re͏cord low of 92.63 against͏ the US dollar, highlighting͏ pressures from fore͏ign͏ capital out͏flows and a firming gre͏enback.

͏Bro͏ad-Based Sec͏toral G͏ain͏s P͏us͏h Midc͏a͏p And Sm͏allcap ͏Indices Higher

͏The sessi͏on saw mos͏t sectoral indices c͏lose in positive territ͏ory, with rea͏l͏ty, informati͏on tec͏hnology (IT͏), ͏auto, me͏dia͏, capital goods, c͏onsu͏me͏r͏ durables, telec͏om, and infrastru͏cture risi͏ng between 1 and͏ 3 ͏per cent. Broader ma͏r͏kets out͏perfor͏med benchmark indices, as t͏he Nifty Midcap 1͏00 i͏ndex s͏urged ͏2 per cent and the Nifty͏ Smal͏lcap 100 index gain͏ed 1.6͏ per cent,͏ refle͏cting inve͏stor inter͏est in mid and small-cap compani͏es. Leading͏ Nift͏y gainers includ͏ed Jio Finan͏cial Servi͏c͏es, whi͏ch r͏ose 4.46 per cent to ₹2͏48.20, Tech͏ Mahindra͏, Infosys, Etern͏al, and M͏ahind͏ra & Mahind͏ra (͏M&M), while C͏oal India, NTPC, Hindu͏stan ͏Unil͏ever ͏(HUL), ͏Cipl͏a, an͏d͏ Sun Phar͏ma faced selling pressure, ͏pulling down the overall me͏t͏al a͏nd FMCG se͏gments.

IT Sector Outperforms with Infosys and Tech Mahindra Leading Rally

The IT sector emerged as the primary driver of today’s gains, with the Nifty IT index climbing 798.40 points or 2.78 per cent, supported by robust buying in Infosys, Tech Mahindra, HCLTech, and Coforge. Persistent Systems and other midcap IT stocks also recorded healthy gains, reflecting investor confidence in the sector’s earnings visibility and resilience amid global economic uncertainty. Analysts noted that easing oil prices, coupled with stable global equity trends, further buoyed the technology space, reinforcing the rally in IT heavyweights.

Crude Price Stabilisation Supports Market Momentum

Energy markets influenced domestic market sentiment as Brent crude futures fell 0.65 per cent to $102.75 per barrel, while West Texas Intermediate (WTI) crude declined 1.53 per cent to $94.74 per barrel. After a sharp 3 per cent surge on Tuesday, prices eased following news that Iraq had resumed crude exports from its Kirkuk fields to Turkey’s Ceyhan port. The resumption of exports, coupled with reduced tensions regarding maritime traffic through the Strait of Hormuz, helped calm energy market concerns, which in turn supported buying in energy-linked sectors.

Indian Rupee Hits Record Low Amid Strong Dollar and FII Outflows

The Indian rupee weakened 23 paise to close at 92.63 against the US dollar, recording a new all-time low. Earlier in the session, it touched an intra-day low of 92.65, surpassing previous record levels of 92.47 and 92.40 observed in the last two sessions. Market participants attributed the sharp depreciation to a stronger US dollar, sustained foreign institutional investor (FII) outflows amounting to ₹4,741.22 crore on Tuesday, and continued demand for dollars ahead of major central bank meetings. Elevated crude prices amid geopolitical uncertainty in West Asia further intensified currency pressure, creating a challenging backdrop for import-dependent sectors.

Banking and Capital Goods Stocks Lift Sensex with Key Heavyweights Contributing

Banking stocks played a pivotal role in the rally as the Nifty Bank index gained 450.05 points to 55,326.05, driven by firm buying in private and public sector banks. Heavyweight contributions from HDFC Bank, ICICI Bank, and Kotak Mahindra Bank pushed the index higher, while capital goods and infrastructure sectors also recorded healthy gains of 1–2 per cent. Notable contributors included BEML, which rose 3 per cent after securing a USD 60 million overseas metro rolling stock order, and Mafatlal Industries, which advanced 6 per cent following a five-year order worth ₹114 crore, underlining the positive effect of contract wins on sector performance.

Stock-Specific Developments Drive Selective Gains Across Midcaps

Several midcap and smallcap stocks recorded strong moves, reflecting corporate developments influencing individual share performance. Urban Company shares surged 11 per cent after SBI Mutual Fund increased its stake via a ₹600 crore purchase. Mankind Pharma rose 1.7 per cent on acquiring the Rivotril brand for India, while Strides Pharma Science gained 3 per cent following agreements with Sandoz AG, Switzerland.

Conversely, Swan Defence and Heavy Industries declined 5 per cent as promoters announced the sale of up to 5 per cent stake, and Clean Max Enviro Energy Solutions fell 3 per cent after reporting weaker quarterly earnings. These selective corporate developments provided additional impetus for the broader market rally, particularly in midcap segments.

Electric Mobility Stocks Rally On Strong Volumes

The electric mobility sector witnessed sharp gains, led by JBM Auto, whose shares rose up to 20 per cent on strong volumes. Investors showed heightened interest in companies benefiting from accelerating adoption of electric vehicles, supportive government policies, and robust order pipelines. The surge in EV stocks contributed meaningfully to the broader midcap and smallcap indices, highlighting the market’s attention to emerging technology and sustainable mobility trends.

Metals Underperform Amid Broader Market Strength

Despite the rally across most sectors, metals underperformed, with the Nifty Metal index declining 11.90 points to 11,625.45, dragged down by a 3 per cent fall in Vedanta. The underperformance of metals contrasted with the broader market strength, where IT, banking, and capital goods sectors outperformed. This divergence underscores the selective nature of buying, with investors favouring sectors showing earnings visibility and growth potential amid global market volatility.

Global Cues Lift Domestic Sentiment With Asia-Pacific And US Futures Rising

Positive global cues provided further support for domestic equities. S&P 500 futures rose 0.5 per cent, Nasdaq 100 futures gained 0.6 per cent, and the MSCI Asia Pacific Index climbed 2 per cent, while the Stoxx Europe 600 index advanced 0.6 per cent. The uptrend in global markets, combined with easing oil prices and expectations of measured central bank policies, helped maintain buying momentum in Indian equities. Investors responded to the stability in commodity markets and broad economic signals, contributing to sustained gains across major indices.

Market Capitalisation Surpasses ₹439 Lakh Crore Amid Gains

Today’s gains added more than ₹5 lakh crore to the total market capitalisation of all companies listed on the Bombay Stock Exchange (BSE), taking the total valuation to nearly ₹439 lakh crore. Heavyweight contributions from Infosys, M&M, and Reliance Industries supported this surge, reflecting the impact of large-cap stocks in bolstering overall market performance. Sectoral contributions from IT, banking, and capital goods further underpinned the increase in market valuation, despite pressures from currency depreciation and geopolitical uncertainties.

Wednesday’s session highlighted the resilience of Indian equity markets amid currency pressures and global uncertainties. Broad-based sectoral advances, robust performance in IT, banking, and midcap stocks, coupled with selective corporate developments and stabilising commodity prices, shaped market dynamics. Monitoring global energy trends, foreign exchange movements, and sector-specific corporate developments remains crucial for understanding the overall market environment.