Indian Equity Markets Extend Recovery for Third Consecutive Session

Market Overview

The Indian equity benchmark indices, Sensex and Nifty, continued their recovery trend for the third consecutive session on Wednesday, buoyed by firm global cues and easing volatility. The Sensex rose over 405 points or 0.53 percent to 76,477, while the Nifty gained 121 points to 23,702.

Market Breadth

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The market breadth was strong, with 1,546 shares advancing against 639 declines, indicating a positive sentiment among investors.

Global Cues

The positive start follows gains in the previous session, where the Sensex rose 568 points and the Nifty climbed 172 points. Global cues were supportive, with Asian markets rallying and Wall Street ending higher overnight. The S&P 500 gained 0.25 percent and the Nasdaq rose 0.47 percent.

Crude Oil Prices

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Crude oil prices, though still elevated, showed signs of cooling. Brent crude slipped around 1 percent to near $102 per barrel, offering some relief to equity markets.

Institutional Flows

Institutional flows remained mixed, with foreign institutional investors selling equities worth Rs 4,741 crore on March 17, while domestic institutional investors bought Rs 5,225 crore.

Sectoral Performance

Gains were broad-based, with the Nifty IT index rising over 1.3 percent, emerging as the top sectoral gainer. Other sectors that traded higher include auto stocks, infrastructure, PSU banks, and consumer durables.

Individual Stocks

Among individual stocks, InterGlobe Aviation led the Nifty gainers, rising nearly 2 percent, followed by TCS, Wipro, HCL Technologies, and Shriram Finance, which gained between 1.5 percent and 1.8 percent.

Market Outlook

Analysts expect the market to remain range-bound with a positive bias, with the 23,700-23,750 zone acting as a key resistance for the Nifty, while support is seen near the 23,400 level.