Midday Market Update: Nifty 50 Up 0.11%, Sensex Gains 84 Points; IT Stocks Down 1%

Market Update at 12:17 PM: The Indian benchmark indices traded near the day’s low despite holding marginal gains, as declines in Infosys and HDFC Bank shares weighed on sentiment. The Nifty 50 was trading 0.11 per cent, or 26.40 points, higher at 23,435.20, while the Sensex rose 0.11 per cent, or 84.85 points, to 75,587.70.

Among Nifty 50 constituents, Eternal, Tata Steel, and Mahindra & Mahindra emerged as the Top Gainers, supporting the index amid selective buying.

Broader markets outperformed the benchmarks, with both the Nifty MidCap and Nifty Smallcap indices trading 0.22 per cent higher each, indicating continued strength in the broader market.

On the sectoral front, the Nifty Auto index led the gains, followed by the Nifty Metal and Nifty Realty indices. In contrast, the Nifty IT index declined nearly 2 per cent, making it the worst-performing sector of the session.

In the Asian session, Brent crude prices rose nearly 2.8 per cent to USD 103.04 per barrel, as concerns over potential supply disruptions from the Strait of Hormuz resurfaced, adding to global market uncertainty.

Market Update at 09:36 AM: The Indian benchmark indices erased early gains shortly after opening on Tuesday, weighed down by weakness in realty and banking stocks.

As of 9:17 AM, the Nifty 50 was trading 0.14 per cent or 27.90 points lower at 23,380.90, while the Sensex declined 0.11 per cent or 4.68 points to 75,498.17.

Among the Top Losers on the Nifty 50 index were Infosys, Wipro India, and HCLTech, which put pressure on the overall market.

Broader markets also mirrored the weak sentiment. The Nifty MidCap index was down 0.23 per cent, while the Nifty SmallCap index slipped 0.21 per cent.

In the commodities market, Brent crude had settled 2.84 per cent lower at USD 100.21 per barrel in the previous session after U.S. President Donald Trump urged allies to ensure energy supply normalisation from the Strait of Hormuz. Additionally, expectations of more countries releasing oil from strategic reserves supported the decline, according to Bloomberg.

However, during the Asian session, Brent crude rebounded sharply, rising nearly 2.9 per cent to USD 103.06 per barrel, as concerns over supply disruptions from the Strait of Hormuz resurfaced.

Pre-Market Update at 7:54 AM: India’s benchmark equity indices, the Nifty 50 and Sensex, are expected to open higher on Tuesday, March 17, extending gains from the previous session amid a rally in global markets. However, investors remain cautious due to geopolitical tensions arising from the ongoing U.S.–Iran war, which continues to influence global risk sentiment.

Asian markets traded higher on Tuesday, while the U.S. stock market rallied overnight, led by gains in technology and artificial intelligence-related stocks. As of 7:25 am, GIFTY Nifty was trading around the 23,445 level, a premium of nearly 70 points compared to the Nifty futures’ previous close, indicating a positive start for the Indian stock market.

Asian markets moved higher on Tuesday following the overnight rally on Wall Street, as investors tracked developments related to the U.S.–Iran conflict. Japan’s Nikkei 225 rose 0.40 per cent, while the Topix index gained over 1 per cent. South Korea’s Kospi surged 2.47 per cent and the Kosdaq advanced 1.11 per cent. Meanwhile, Hong Kong’s Hang Seng index futures signalled a higher opening.

The U.S.–Iran war has now entered its third week, keeping global financial markets on edge. In the latest development, multiple drone and rocket attacks targeted the U.S. embassy in Baghdad. According to reports, at least five drones were involved in the attack, and a powerful explosion was heard in the Iraqi capital.

India’s unemployment rate for individuals aged 15 years and above eased marginally to 4.9 per cent in February, compared to 5.0 per cent in January. The unemployment rate in urban areas declined to 6.6 per cent from 7.0 per cent in the previous month, while the rural unemployment rate remained unchanged at 4.2 per cent.

The U.S. dollar remained largely steady on Tuesday as traders assessed developments related to the Iran war. The dollar index was little changed at 99.913.

From a derivatives perspective, the Put-Call Ratio (PCR) stands around 1.072, indicating a cautious undertone in the market. Options data supports this view. On the Put (PE) side, the strike range between 22,700 and 23,300 witnessed meaningful open interest additions during the previous session, suggesting these levels may act as support zones. On the Call (CE) side, fresh open interest addition was observed at the 23,500 strike price, indicating active call writing near key psychological levels. This suggests that any short-term rise in the market may face resistance around higher levels.

From a technical standpoint, the 23,000 level is expected to act as a key support for the Nifty 50, while on the upside the 23,560 level may act as an immediate resistance.

For March 17, Sammaan Capital and SAIL will remain under the F&O ban list.

On March 16, Foreign Institutional Investors (FIIs) were net sellers in the Indian equity market, offloading shares worth Rs 9,365.52 crore. Domestic Institutional Investors (DIIs) provided support by purchasing equities worth Rs 12,593.36 crore during the same session. FIIs have remained net sellers for the past 12 consecutive trading sessions.

On Monday, the Indian stock market ended with sharp gains, supported by strong buying in financial, auto, and FMCG stocks during the final trading hour despite ongoing geopolitical concerns. The Sensex surged 938.93 points, or 1.26 per cent, to close at 75,502.85. The Nifty 50 gained 257.70 points, or 1.11 per cent, to settle at 23,408.80.

U.S. stock markets ended sharply higher on Monday, led by strong gains in AI-related technology stocks. The Dow Jones Industrial Average rose 0.83 per cent to close at 46,946.41, while the S&P 500 gained 1.01 per cent to 6,699.38, marking its strongest single-day gain in more than a month. The Nasdaq Composite advanced 1.22 per cent to 22,374.18.

Among major technology stocks, Nvidia rose 1.6 per cent, while Meta Platforms gained 2.3 per cent. Apple added 1.08 per cent and Microsoft rose 1.11 per cent. Amazon advanced 1.96 per cent, while Tesla edged higher by 1.1 per cent. Chipmaker Micron Technology jumped 3.7 per cent. Travel-related stocks also performed strongly, with Delta Air Lines rising 3.5 per cent and Norwegian Cruise Line Holdings gaining 5.1 per cent.

Gold and silver prices remained largely steady as the U.S. dollar weakened. Spot gold was nearly unchanged at USD 5,019 per ounce, while silver edged up 0.08 per cent to USD 80.82 per ounce.

Crude oil prices rebounded by more than 1 per cent, recovering part of the previous session’s losses amid concerns about potential supply disruptions as the Strait of Hormuz remains largely shut. Brent crude rose 1.81 per cent to USD 99.61 per barrel, while U.S. West Texas Intermediate crude futures advanced 1.83 per cent to USD 94.66 per barrel.

Disclaimer: The article is for informational purposes only and not investment advice.