Indian stocks saw renewed buying interest in Tuesday’s session, March 23, as tensions in West Asia showed signs of de-escalation, bringing back demand for riskier assets, which were heavily sold off in recent sessions amid concerns of prolonged inflation, driven by stubbornly high energy prices.
The Nifty 50 surged 1.78% to the 22,912 level, recovering most of the previous day’s losses, while the S&P BSE Sensex also climbed 1.89% to 74,068. The broader markets, too, staged a sharp recovery, with the Nifty Midcap 100 and Nifty Smallcap 100 indices each concluding with gains of 2.6%.
All major sectoral indices finished in the green, with Nifty Media leading the gains with a 3.40% surge, followed by Nifty Auto, Nifty Private Bank, Nifty Metal, and Nifty IT, all rising over 1.7%. Others, such as Nifty PSU Bank, Nifty Realty, Nifty Oil & Gas, and Nifty FMCG, also advanced between 1.3% and 1.7%.
US President Trump on Monday signalled a delay in strikes on energy infrastructure for five days, which was seen as a potential step toward de-escalation. He also said that the US and Iran have had very good and productive conversations over the last two days regarding a complete and total resolution of hostilities in the Middle East.
Shortly after Trump’s statement, crude oil prices crashed nearly 11% in the previous session. The drop has boosted buying in crude-sensitive stocks such as paints, chemicals, airlines, and OMCs.
However, Iran reportedly rejected Trump’s claims, with top officials in Tehran stating that no discussions had taken place with the US, while attacks continued for the 25th day.
OMCs, autos, platform stocks shine as BLS International tops Nifty 500 gainers
BLS International Services was the top performer among Nifty 500 constituents, with the stock surging 17% to ₹259 apiece. It was followed by Alkyl Amines Chemicals and Linde India, which gained 14% and 9.4%, respectively.
Shares of InterGlobe Aviation jumped 5.2% to ₹4,150, snapping a three-day losing streak. Likewise, OMC stocks saw renewed buying interest, with HPCL, BPCL, and IOC all closing in the green, gaining 5.53%, 4%, and 0.43%, respectively.
Among auto stocks, Samvardhana Motherson International zoomed 4.3%, while UNO Minda, Tube Investments of India, Hero MotoCorp, Bharat Forge, Bosch, and Ashok Leyland all surged over 3%. Force Motors, too, rose 5.3%.
Platform stocks such as Eternal, Swiggy, and Urban Company also strengthened, gaining 5%, 1.2%, and 3.7%, respectively.
After falling to its lowest level in nearly six years, Asian Paints shares advanced 4.53% to ₹2,217 apiece after the company announced a 6–8% price hike across its portfolio, effective April 10, to offset rising crude oil prices.
Tejas Networks, too, rebounded from the recent slump, with the stock rising 5% to ₹420, recovering some of Monday’s 8% decline. Specialty fluorochemicals maker Navin Fluorine shares also jumped 5.3% to ₹6,195 apiece.
OneSource Specialty Pharma leads losers; Coal India, PTC Industries extend declines
The losers’ list was thin amid broad-based buying, with OneSource Specialty Pharma leading the declines as it dropped 5.26% to ₹1,316 apiece. Finolex Industries was another major laggard, falling 4.6% to ₹160.4 apiece.
Coal India shares also came under selling pressure, slipping nearly 3% to ₹442 apiece. Extending its losing streak to a third straight session, PTC Industries shares declined another 2% to ₹16,583.
Other stocks such as Gujarat Gas, Castrol India, Gujarat State Petronet, and Metropolis Healthcare also fell by over 1.5%.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
