BENCHMARKS REBOUND AFTER TWO-DAY SLIDE AS OIL EASES, GLOBAL CUES IMPROVE

Domestic equity benchmarks staged a relief rally on Tuesday after two sessions of sharp selling, supported by easing crude oil prices, improving global sentiment and bargain buying at lower levels.

The recovery came amid hopes of geopolitical de-escalation after the recent spike in tensions that had rattled financial markets. Investor sentiment also improved following positive cues from global markets and a pullback in oil prices after their recent surge.

Oil slipped below the $90 per barrel mark after a sharp rally earlier, following comments from US President Donald Trump indicating that US military operations in Iran could be nearing an end. The rupee also recovered during the session, offering additional support to equities.

The rebound was led by gains in auto, consumer durables and PSU bank stocks, helping the Nifty close above the 24,250 mark.

The S&P BSE Sensex advanced 639.82 points or 0.82% to 78,205.98. The Nifty 50 index rallied 233.55 points or 0.97% to 24,261.60. In the past two consecutive trading sessions, the Sensex dropped 3.06% while the Nifty fell 2.97%.

Shriram Finance (up 8.05%), ICICI Bank (up 2.69%) and HDFC Bank (up 0.99%) boosted the Nifty higher today.

The broader market outperformed the key equity indices. The S&P BSE Mid-Cap index surged 1.66% and the S&P BSE Small-Cap index soared 2.04%.

The market breadth was strong. On the BSE, 3,103 shares rose and 1,175 shares fell. A total of 155 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, tumbled 19.07% to 18.91.

Numbers to Track:

In the commodities market, Brent crude for May 2026 delivery dropped $6.87, or 6.94%, to $92.09 a barrel.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 91.8700 compared with its close of 92.2100 during the previous trading session.

The yield on India`s 10-year benchmark federal paper declined 0.86% to 6.665 compared with previous session close of 6.723.

MCX Gold futures for 2 April 2026 settlement rose 0.87% to Rs 161,700.

The US Dollar Index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.02% to 98.71

The United States 10-year bond yield fell 0.27% to 4.124.

Global Markets:

The US Dow Jones index futures are currently up by 167 points, signaling a positive opening for US stocks today.

European stock market opened higher on Tuesday, mirroring advances in Asian equities, after U.S. President Donald Trump said the conflict in Iran would be over "very soon."

On Monday, Trump suggested in a press conference that the U.S. campaign in Iran may soon come to a conclusion, although he warned that he may escalate attacks on Tehran�s should oil slows be stemmed through the vital Strait of Hormuz waterway.

Iranian leadership, meanwhile, vowed to continue its own bombardments and not allow oil flows through the strait, through which a fifth of the world�s oil supply passes.

Overnight in U.S. stocks advanced. The S&P 500 rose 0.83% to close at 6,795.99, while the Dow Jones Industrial Average added 239.25 points, or 0.5%, and ended at 47,740.80. The blue-chip index is coming off its biggest weekly slide in nearly a year. The Nasdaq Composite jumped 1.38% and settled at 22,695.95.

Stocks in Spotlight:

Happiest Minds Technologies climbed 17.85% after the company raised its FY27 growth projection to 12.5% up from earlier estimate of 10%, supported by its artificial intelligence (AI)�led initiatives and robust demand across sectors.

Mahindra & Mahindra (M&M) rallied 3.67% after the company reported a 13.13% increase in production to 94,550 units in February 2026, compared with 83,575 units in February 2025.

JSW Steel added 1.83%. The company reported consolidated crude steel production of 23.66 lakh tonnes in February 2026, down 2% YoY.

ABB India jumped 4.08%. The company announced plans to invest about $75 million in India to expand manufacturing and R&D for critical segments. The investment will support growth in the company�s electrification, motion and automation businesses and strengthen its "local-for-local" strategy. Currently, around 85% of ABB�s products and solutions sold in India are manufactured locally.

BMW Ventures gained 3.71% after securing a domestic order worth Rs 15.91 crore for the supply, fabrication, delivery, and erection of fabricated steel structures.

Arvind SmartSpaces rallied 3.77% after Pirojsha Adi Godrej, executive chairman of Godrej Properties, acquired shares in the company through a bulk deal on the BSE. According to bulk deal data dated 9 March 2026, Pirojsha Adi Godrej purchased 8,17,530 shares, representing about 1.78% equity in the real estate developer, at a price of Rs 498 per share. The shares were sold by HDFC Capital Affordable Real Estate Fund-1, which offloaded the same number of shares at the same price.

Borosil soared 12.03% after the company�s board approved setting up a new maunfacuring facility in Gujarat and expanding the production capacity of its Borosilicate Glass Furnace in Rajasthan.

Hinduja Global Solutions (HGS) jumped 9.05% after its broadband subsidiary, OneOTT Intertainment (OIL), signed an MoU with the State Transformation Commission to expand digital connectivity across Uttar Pradesh under Project GANGA.

Solex Energy advanced 4.66% after the company said its solar module manufacturing capacity of 3.78 GW has been enlisted under the Approved List of Models and Manufacturers issued by the Ministry of New and Renewable Energy.

Jagsonpal Pharmaceuticals gained 4.24% after the company�s board is scheduled to meet on Thursday, 12 March 2026 to consider a buyback of its fully paid up equity shares. As on December 2025, promoters held 67.39% in the company.

Optiemus Infracom rallied 3.08% after the company�s board approved the infusion of additional capital aggregating to Rs 195 crore into its two wholly owned subsidiaries thorugh a right basis.

Minda Corporation rose 1.64% after its subsidiary, Spark Minda Green Mobility Systems signed a joint venture agreement with Turntide Drives.

Interarch Building Solutions rallied 5.13% after the company secured an order worth about Rs 44 crore from a domestic customer for the design, engineering, manufacturing, supply and erection of a pre-engineered steel building system.

CreditAccess Grameen jumped 5.22% after signing a $75 million syndicated social loan, qualifying as an external commercial borrowing (ECB) under the RBI�s automatic route.

IPO Update:

Innovision received bids for 1,21,635 shares as against 61,32,433 shares on offer, according to stock exchange data at 16:48 IST on Tuesday (10 March 2026). The issue was subscribed 0.02 times.

The issue opened for bidding on 10 March 2026, and it will close on 12 March 2026. The price band of the IPO is fixed between Rs 521 and 548 per share.

Rajputana Stainless received bids for 88,08,580 shares as against 2,09,00,000 shares on offer, according to stock exchange data at 16:48 IST on Tuesday (10 March 2026). The issue was subscribed 0.42 times.

The issue opened for bidding on 9 March 2026 and it will close on 11 March 2026. The price band of the IPO is fixed between Rs 116 and 122 per share.

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