Equity benchmarks recovered from the morning’s early losses and turned positive by midday on Tuesday, but gains remained capped as persistent weakness in information technology stocks and elevated crude oil prices continued to weigh on broader market sentiment heading into the afternoon session.
The BSE Sensex, which had opened at 75,826.68 against Monday’s close of 75,502.85, was trading at 75,795.82 by 12.50 pm, up 292.97 points or 0.39 per cent. The NSE Nifty50 was at 23,477.25, gaining 68.45 points or 0.29 per cent from its previous close of 23,408.80. The recovery from the morning lows, when the Nifty had slipped below its opening levels near 23,371, reflects selective buying interest in auto, telecom, and financial stocks.
On the Nifty50, CA Eternal, the parent company of Zomato, was the top gainer, surging 4.87 per cent to ₹232.85. Tata Steel rose 2.31 per cent to ₹191.25, while Mahindra and Mahindra advanced 2.25 per cent to ₹3,104.50. HDFC Life gained 2.07 per cent to ₹638.95, and Bharti Airtel added 1.68 per cent to ₹1,818.80.
On the losing side, Wipro remained the biggest drag, falling 2.23 per cent to ₹190.75. Bajaj Finance declined 1.60 per cent to ₹864.10, Cipla shed 1.58 per cent to ₹1,279.50, Adani Ports lost 1.30 per cent to ₹1,356.00, and State Bank of India slipped 1.29 per cent to ₹1,052.90.
Market breadth on the BSE was moderately positive. Of 4,211 stocks traded, 2,206 advanced and 1,831 declined, with 174 remaining unchanged. Forty-eight stocks hit 52-week highs while 326 touched 52-week lows, indicating continued stress in the broader market despite benchmark-level recovery. The number of stocks in lower circuits stood at 156 against 126 in upper circuits.
The IT sector’s continued underperformance remained a structural concern. Ponmudi R, CEO of Enrich Money, noted the sector was down around 2 per cent and acting as a drag on overall market momentum, limiting broader participation despite value buying in the auto segment. He observed that the near-term direction remains event-driven, closely tied to crude oil price movements, geopolitical developments, and institutional fund flows, factors that are likely to keep volatility elevated.
On the technical front, Nifty opened with an exhaustion gap-up near the 23,460 zone but failed to sustain those levels in early trade before recovering. Immediate support is placed around 23,200 to 23,100, with a stronger base at 22,950. Resistance at 23,500 remains critical; a decisive breakout above that level is needed to trigger fresh buying momentum toward the 23,800 to 24,000 range.
Crude oil remained a persistent risk factor. MCX April crude oil futures were trading above ₹8,800 after correcting from multi-year highs near ₹10,549, with the broader structure holding above key moving averages. The USD/INR pair was trading near the 92.10 to 92.50 range, with elevated crude prices and safe-haven demand for the dollar keeping the rupee under pressure.
Gold markets also remained active. COMEX Gold was consolidating within the $4,990 to $5,040 support band following recent record highs, while MCX Gold futures hovered around ₹1,56,500 to ₹1,57,500 in a phase of mild profit booking. MCX Silver futures were trading above the ₹2,58,000 to ₹2,62,000 range with the broader structure remaining bullish despite short-term volatility.
Institutional flows continue to set the tone. Foreign institutional investors were net sellers to the tune of ₹9,365.5 crore in the previous session, while domestic institutional investors countered with net purchases of ₹12,593.4 crore, cushioning the downside. India VIX remained elevated near 21.6, keeping option premiums expensive with the weekly derivatives expiry also due today, adding to intraday caution among traders.
Published on March 17, 2026
