Domestic equity benchmarks ended Wednesday's session with strong gains, extending their rally for the third straight day, even as the ongoing Middle East conflict kept investor sentiment cautious. The market opened on a firm note and maintained its upward momentum through most of the session, with the Nifty climbing past the 23,860 level in the mid-afternoon trade, led by gains in IT stocks. However, mild profit booking in the late trade trimmed some gains, with the index eventually settling above the 23,750 mark. Investors now await the U.S. Federal Reserve's policy decision due later today.

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.

Infosys (up 2.74%), Mahindra & Mahindra (up 2.66%) and Bharti Airtel (up 1.53%) boosted the Nifty higher today.

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, 3,202 shares rose and 1,088 shares fell. A total of 147 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.

Numbers to Track:

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 92.6600 compared with its close of 92.4000 during the previous trading session.

The yield on India's 10-year benchmark federal paper rose 0.18% to 6.729 compared with the previous session close of 6.717.

MCX Gold futures for the 2 April 2026 settlement fell 0.39% to Rs 155,370.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.06% to 99.38.

The United States 10-year bond yield declined 0.55% to 4.178.

In the commodities market, Brent crude for May 2026 settlement rose 15 cents or 0.15% to $103.57 a barrel.

West Asia Conflict:

The Middle East conflict continues to intensify, keeping investors on edge as Iran steps up attacks across the region following Israeli strikes on its leadership. A fresh wave of drone and missile strikes has targeted the United Arab Emirates' energy infrastructure, including key facilities in Fujairah and the Shah gas field, raising fears of prolonged supply disruptions. The attacks come amid escalating tensions around the Strait of Hormuz, a critical global oil transit route. In the latest development, Iran has launched retaliatory strikes against U.S. assets, Israel, and Gulf countries after the killing of senior Iranian leader Ali Larijani, signalling a deepening and widening conflict.

Global Markets:

Dow Jones futures are up by 195 points, signaling a positive start for US stocks today.

European indices 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 indices 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.

Stocks in Spotlight:

Larsen & Toubro rose 1.75%, taking cumulative gains to 4.69% over three consecutive sessions, supported by value buying after a recent decline.

Urban Company surged 10.33% after SBI Mutual Fund picked up a ~4% stake in the company through bulk deals on 17 March 2026. As per shareholding data for the December quarter, SBI Mutual Fund held a 1.89% stake in Urban Company.

Bondada Engineering rallied 3.07% 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 3.29% 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.

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 fell 0.16% after rising as much as 5.80% in the intraday 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.

Fractal Analytics rose 1.19% after the company announced the launch of its new enterprise-grade generative AI platform, 'LLM Studio', signalling its deeper push into scalable AI solutions for businesses.

IPO Update:

The initial public offer (IPO) of GSP Crop Science received bids for 1,43,57,198 shares as against 89,47,367 shares on offer, according to stock exchange data at 15:57 IST on Wednesday (18 March 2026). The issue was subscribed 1.60 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.

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