Stock Market Today: Sensex and Nifty Extend Gains for Third Straight Session Amid Recovery

Stock Market Today: Sensex and Nifty Extend Gains for Third Straight Session Amid Recovery​

Benchmark Indices Open Higher After Recent Correction​

Mumbai, March 18: Equity benchmark indices opened on a positive note on Wednesday, extending their gains for the third consecutive session as markets continued to recover from last week’s sharp correction triggered by the West Asia conflict.

The BSE Sensex began the session at 76,367, rising 296 points or 0.39 percent. The NSE Nifty also opened higher at 23,632, up nearly 50 points or 0.22 percent.

Broader Markets Show Strength Led by Smallcaps​

The broader market witnessed notable buying interest, particularly in smallcap stocks. The Nifty Smallcap 50 climbed 0.51 percent, while the Nifty Smallcap 100 and Nifty Smallcap 250 indices gained 0.39 percent each.

Other broader indices also moved higher, with the Nifty 100, Nifty 200, and Nifty 500 advancing by around 0.35 percent.

In the midcap segment, gains remained moderate. The Nifty Midcap 50, Nifty Midcap 100, and Nifty Midcap 150 rose by up to 0.30 percent in early trade.

Sectoral Performance: IT and Auto Lead, Metals Drag​

Sector-wise, IT and auto stocks led the upward momentum. The Nifty IT index surged around 1 percent to 29,063.95, recovering after being among the weakest performers in the previous session. The Nifty Auto index also posted gains of 0.87 percent, reaching 25,335.50.

On the other hand, metal stocks remained under pressure. The Nifty Metal index declined by 0.75 percent to 11,550.65, emerging as the top sectoral loser. The Nifty Chemicals index slipped 0.32 percent to 26,275.70, while the Nifty Realty index edged lower by 0.18 percent to 709.95.

Top Losers in Early Trade​

Among the Nifty constituents, HDFC Bank, ICICI Bank, Hindalco Industries, Tata Steel, JSW Steel, and Cipla were among the major laggards during early trading hours.

Key Levels and Market Outlook​

Market participants are closely tracking key technical levels, with the Nifty currently trading near a crucial resistance zone of 23,700 to 23,750. A sustained move above this range could push the index towards 23,800 to 23,850. Immediate support is seen in the 23,400 to 23,450 range.

The market is showing early signs of recovery, supported by value buying across sectors such as metals, auto, and banking following the recent correction.

However, crude oil prices continue to pose a significant risk due to ongoing geopolitical tensions in the Middle East, which may keep market volatility elevated in the near term.

Asian Markets Mixed in Early Trade​

Across Asia, markets displayed mixed trends. Japan's Nikkei 225 traded over 2 percent higher, South Korea's KOSPI rose by around 4 percent, while Hong Kong's Hang Seng index remained largely flat.

Market participants are expected to remain cautious, with near-term movements likely to be influenced by global cues, particularly crude oil price stability and geopolitical developments.