The key equity benchmarks ended with significant gains today, extending their rally for third consecutive session, despite the ongoing Middle East conflict which kept investors cautious. The market opened in positive territory and extended its gains during the session, with the Nifty surging above the 23,800 level. However, the index witnessed mild profit booking in the latter half of the session and ended below the 23,800 level. Investors now await the U.S. Federal Reserve’s policy decision due later today.
Media, IT and auto shares surged while metal and FMCG shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 633.29 points or 0.83% to 76,704.13. The Nifty 50 index surged 196.65 points or 0.83% to 23,777.80. In three consecutive trading sessions, the Sensex and Nifty climbed 2.87% and 2.71% respectively.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index soared 1.80% and the BSE 250 SmallCap Index rallied 2.05%.
The market breadth was strong. On the BSE, 3,196 shares rose and 1,095 shares fell. A total of 146 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 5.39% to 18.72.
Buzzing Index:
The Nifty Media index jumped 3.35% to 1,351.70, registering a 4.50% rise in two sessions.
Nazara Technologies (up 6.69%), Sun TV Network (up 4.34%), Network 18 Media & Investments (up 3.85%), Tips Music (up 3.66%), Prime Focus (up 3.51%), D B Corp (up 3.24%), Hathway Cable & Datacom (up 2.85%), Zee Entertainment Enterprises (up 1.83%) and PVR Inox (up 1.6%) surged.
IPO Update:
The initial public offer (IPO) of GSP Crop Science received bids for 1,42,27,478 shares as against 89,47,367 shares on offer, according to stock exchange data at 15:42 IST on Wednesday (18 March 2026). The issue was subscribed 1.59 times.
The issue opened for bidding on 16 March 2026 and it will close on 18 March 2026. The price band of the IPO is fixed between Rs 304 and 320 per share.
West Asia Conflict:
The Middle East war continues to escalate, keeping investors on edge. A fresh wave of attacks on the United Arab Emirates’ energy infrastructure has heightened fears of prolonged supply disruptions amid the Iran war.
The incidents followed a drone strike on the world’s largest ultra-sour gas development, a fire at the UAE’s Fujairah Oil Industry Zone, and damage to a tanker near the strategically vital Strait of Hormuz.
In latest development, Iran intensified attacks against U.S. assets in the Middle East and Israel on Wednesday in apparent retaliation against the killing of the country’s security chief Ali Larijani overnight, as the weeks-long conflict shows no signs of abating.
Stocks in Spotlight:
Bondada Engineering rallied 2.69% after it has secured an order from Bharat Electronics (BEL) for the supply of critical components for defence applications. The contract, valued at Rs 35,70,000, will be executed within three months from the receipt of the work order.
Strides Pharma Science jumped 3.36% after the company announced the acquisition of multiple generic brands from Sandoz for its Africa business.
The agreement spans four key markets, which include Western Sahara (covering 10 countries), Ghana, Nigeria, and Kenya. The branded generics portfolio of Sandoz, as a part of this deal, includes multiple brands across anti-infective, cardiovascular, and dermatology therapeutic segments. Several of these products individually deliver annual sales exceeding $1 million, reflecting their established brand equity and market demand.
CESC rose 0.26%. The company said that it has awarded contracts for procurement of 600 MW of wind-solar hybrid power on a long-term basis to four domestic entities. The contracts have been awarded to Purvah Green Power (Purvah), Vismaya Renewables India Project, Hexa Climate Solutions and Sprng Energy.
Purvah will supply 300 MW, while the remaining three companies will supply 100 MW each, the filing said. All projects are based on wind-solar hybrid power and will operate under long-term power purchase agreements (PPAs) with a tenure of 25 years.
Mankind Pharma advanced 1.72% after the company announced that it has acquired the Rivotril brand from Roche for the Indian market, with exclusive rights to manufacture, market and distribute the product across the country. Rivotril, the innovator/reference brand of clonazepam, is widely prescribed for the management of neurological and psychiatric conditions. Known as a textbook brand with a strong clinical legacy, the acquisition reinforces Mankind Pharma’s presence in the central nervous system (CNS) therapy segment and complements its existing neuro portfolio.
Precision Wires India jumped 6.51% after the company announced that it has received BIS certification for manufacturing copper wire rods at its plant in Valvada, Valsad, Gujarat. The certification has been granted in accordance with IS 12444 standards, enabling the company to expand its manufacturing capabilities in copper wire rods.
Awfis Space Solutions rose 0.16% after the company announced that it has crossed 100 centres across South India, including operational and under fit-out locations, highlighting strong demand for flexible workspaces in the region.
Global Markets:
European markets advanced on Wednesday as investors are looking ahead to EU inflation data due later today. The data comes ahead of monetary policy decisions from the European Central Bank, Bank of England, Riksbank and Swiss National Bank scheduled for Thursday.
Asia markets ended higher as investors assess Japan trade data and await U.S. Federal Reserve’s interest rate decision.
Markets expect the Fed to keep interest rates steady between 3.5% and 3.75% on Wednesday stateside.
On the data front, Japanese exports increased by 4.2% year-on-year in February. Exports had risen 16.8% jump in the previous month.
Overnight in the U.S., the S&P 500 rose as Wall Street built on the momentum seen in the previous session amid developments in the Iran war.
The broad market index closed up 0.25% at 6,716.09, and the Nasdaq Composite climbed 0.47% to finish at 22,479.53. The Dow Jones Industrial Average added 46.85 points, or 0.1%, to end at 46,993.26.