Nifty 50 closed at 24,765.90, rising 285.40 points or 1.17%
Sensex ended at 80,015.90, gaining 899.71 points or 1.14%
Broader markets performed even better than benchmark indices, indicating strong participation from mid-sized and smaller companies.
Nifty MidCap index rose 1.52%
Nifty SmallCap index gained 1.58%
Impact on the stock market
The Nifty Metal index emerged as the best-performing sector, jumping 2.3% during the session. Rising global metal prices and supply disruptions supported the gains in metal companies.
Other strong-performing sectors included:
Nifty Oil and Gas
Nifty Construction Durables
These sectors benefited from improving global sentiment and stronger commodity prices.
However, not all sectors participated in the rally.
The Nifty IT index declined around 1.1%, making it the worst-performing sector of the day. Currency movements and concerns about technology spending weighed on the sector.
| Sector/Index | Performance |
| IT & BPM sector | -0.59% |
| Healthcare sector | 1.39% |
| Oil & Gas sector | 1.56% |
| Real estate sector | 1.83% |
| PSU Bank in India | 0.49% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| Adani Ports | 1,499.30 | 4.25 |
| Larsen & Toubro | 4,038.70 | 4.02 |
| Hindalco | 954.95 | 3.60 |
| NTPC | 378.05 | 3.35 |
| Reliance | 1,389.40 | 3.30 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| Tech Mahindra | 1,333.30 | –1.32 |
| HCL Tech | 1,354.10 | -0.73 |
| ICICI Bank | 1,357.60 | -0.57 |
| SBI | 1,169.50 | -0.43 |
| TCS | 2,578.80 | -0.35 |
Market aftermath: Impact on stocks
IT Stocks Fall As Stronger Rupee Weighs On Export Earnings
While most sectors rallied, IT stocks struggled during the session.
The Nifty IT index slipped around 1.1%, with companies such as:
- HCLTech
- Coforge
- Mphasis
falling nearly 2% each during trading.
One major reason for the decline was the strengthening of the Indian rupee. The rupee rallied sharply to 91.62 per dollar, gaining 0.6% from the previous day’s close.
A stronger rupee typically hurts export-focused companies like IT firms because a large portion of their revenues comes from overseas markets.
Adding to the pressure, Kotak Institutional Equities reduced target prices for several major IT companies, reflecting concerns about slower technology spending and increasing disruption from artificial intelligence.
Some of the revised targets included:
- TCS target cut to ₹3,090 from ₹3,675
- Infosys target cut to ₹1,530 from ₹1,900
- Wipro target cut to ₹190 from ₹240
- HCLTech target reduced to ₹1,425 from ₹1,680
- Tech Mahindra target cut to ₹1,615 from ₹2,000
- Coforge target cut to ₹1,620 from ₹2,250
- Persistent Systems target lowered to ₹4,615 from ₹5,900
The sector has already faced heavy selling pressure, with IT stocks dropping nearly 20% in February, marking their worst monthly performance since 2008.
Defence Stocks Rally As Global Tensions Rise
Interestingly, even as geopolitical tensions eased slightly, defence stocks surged strongly.
Companies such as:
- Bharat Electronics
- Mazagon Dock Shipbuilders
- Hindustan Aeronautics
saw their shares rise by up to 10% during the session.
Bharat Electronics emerged as the top performer in the defence index, gaining 3.6%, while Mazagon Dock Shipbuilders surged over 5.3%.
Out of 18 defence-related stocks tracked in the index, 16 traded in the green, showing strong sector-wide momentum.
Several factors drove the rally:
1. Global geopolitical tensions: Ongoing tensions involving Iran, Israel, and the United States have increased expectations of higher defence spending globally.
2. Value buying: Defence stocks had declined about 1% in the previous session, leading investors to step in and buy at lower prices.
3. Shipbuilding opportunities: Reports suggested that the Indian Navy may finalise a ₹99,000 crore deal for six German submarines, which are expected to be built by Mazagon Dock in Mumbai.
This potential contract significantly boosted investor sentiment in shipbuilding companies.
Metal Stocks Jump As Aluminium Prices Surge
Metal stocks also saw strong buying interest during the session.
Hindalco Industries ended the day up 3.6%, although it had surged over 6% during intraday trading.
Other metal companies also posted gains:
- JSW Steel rose about 2.9%
- Tata Steel gained around 2%
- Nalco surged over 6.5%
- Vedanta rose about 1.5%
- Hindustan Zinc climbed nearly 1%
These gains helped push the Nifty Metal index up 2.29%, making it the top-performing sector.
The rally was largely driven by rising aluminium prices in global markets.
Supply disruptions in the Middle East played a key role. Aluminium shipments from Bahrain were halted, while the Qatalum smelter in Qatar began shutting down due to gas supply constraints.
Shipping disruptions through the Strait of Hormuz, a crucial global energy route, also added to supply concerns.
Since the Middle East is responsible for a significant portion of global aluminium production, these disruptions pushed prices higher on the London Metal Exchange.
Crude Oil
Oil markets also remained volatile due to escalating tensions in the Middle East.
Crude oil prices rose sharply after reports that a US submarine sank an Iranian warship in the Indian Ocean.
At 9:58 AM, global crude oil prices were trading higher:
- Brent crude futures: $84.02 per barrel (up 1.83%)
- WTI crude futures: $77.45 per barrel (up 3.74%)
In the Indian market:
- March crude oil futures on MCX traded at ₹7,120, up 2.64%
- April crude oil futures were at ₹7,018, rising 2.15%
The conflict between Iran and Israel entered its sixth day, keeping oil markets on edge.
However, some data from the US Energy Information Administration (EIA) indicated rising crude inventories.
Conclusion
The Indian stock market delivered a strong rebound, with the Sensex jumping nearly 900 points and the Nifty climbing above 24,760.
The rally was fuelled by improving global sentiment, rising metal prices, and strong buying in defence stocks.
However, not all sectors participated in the gains. IT stocks remained under pressure due to currency strength and revised brokerage outlooks, highlighting how different sectors react differently to global developments.
At the same time, geopolitical tensions in the Middle East continue to influence commodity markets, particularly crude oil and metals.
For investors, the key takeaway is clear: global events, currency movements, and sector-specific developments continue to shape market trends, making diversification and careful stock selection more important than ever.
For more stock market insights, check out the StockGro blog.
