Taking Stock | Market extends gains on favourable cues; Sensex up 800 points, Nifty closes in on 16,600

The Indian equity benchmarks extended gains for the third session on March 10 amid in-line state assembly election outcomes, declining oil prices and favourable global cues.

The market opened gap up on positive global cues and extended the rally as the BJP was on track to win a majority in Uttar Pradesh, Uttarakhand, Goa and Manipur. Punjab, the fifth state that went to the polls in the last month, voted overwhelmingly for the Aam Aadmi Party.

The market, however, witnessed some profit-booking in the last hour, with the Sensex closing at 55,464.39, up 817.06 points, or 1.50 percent, and the Nifty at 16,594.90, up 249.50 points or 1.53 percent.

The rally was also supported on news that the foreign ministers of Russia and Ukraine would met in Turkey alter in the day, the highest level contact between the two countries since the war began on February 24.

Ukraine's foreign minister Dmytro Kuleba said on the eve of his talks with Russia's Sergei Lavrov that his expectations were low. Russian negotiator Leonid Slutsky said Moscow "will not concede a single negotiating point", Reuters said.

"Hopes of progress in high-level talks between Russia and Ukraine and a surge in the Asian market, the Indian market started with a strong gap-up," said Vinod Nair, Head of Research at Geojit Financial Services.

The outperformance was supported by positive state election results, being in line with expectations. However, a weak western market ahead of ECB and US CPI data and rise in crude prices added volatility in between, he added.

HUL, Tata Steel, Grasim Industries, JSW Steel and SBI were among the top Nifty gainers. On the other hand, Coal India, Tech Mahindra, Dr Reddy's Labs, ONGC and TCS were the biggest losers.

Index	Prices	Change	Change%
Sensex	85,567.48	638.12	+0.75%
Nifty 50	26,172.40	206.00	+0.79%
Nifty Bank	59,304.00	234.80	+0.40%

Nifty 50 26,172.40 206.00 (0.79%)

Mon, Dec 22, 2025

• 1D
• 5D
• 1M
• 3M
• 6M
• 1Y
• 2Y

Biggest Gainer	Prices	Change	Change%
Shriram Finance	934.85	33.15	+3.68%

Biggest Loser	Prices	Change	Change%
SBI	974.30	-6.00	-0.61%

Best Sector	Prices	Change	Change%
Nifty IT	39488.00	796.40	+2.06%

Worst Sector	Prices	Change	Change%
Nifty PSU Bank	8376.45	19.15	+0.23%

All sectoral indices ended in the green, with Nifty Bank, auto, energy, metal and PSU bank indices rose 1-2 percent.

The BSE midcap and smallcap indices gained 1 percent each.

Also read: Gainers & Losers: Five stocks that moved the most on March 10

On the BSE, metal, FMCG and realty indices gained 2 percent each, while auto, bank, capital goods, oil & gas and power indices were up 1-2.

A long build-up was seen in Escorts, Chambal Fertilisers and MCX India, while a short build-up was seen in the Coforge, GAIL India and Gujarat Gas.

Among individual stocks, a volume spike of more than 100 percent was seen in Coforge, Astral and Granules India.

On the BSE, Swan Energy, Dhampur Sugar Mills, Balrampur Chini Mills touched their 52-week highs.

The Nifty maintained an upside gap during the day, suggesting strength. However, on the higher end, it found resistance at the upper band of the declining channel.

Over the near term, the market will remain sideward if the Nifty remains below 16,750. A decisive move above 16,750 may induce a rally towards 17,000 and higher. On the lower end, support is visible at 16,400.

Technically, the Nifty has covered the gap and bounced from the 89-HMA, which suggests bounce back in the counter. On the four-hourly chart, the index formed a Hammer candlestick, pointing out northward direction in the counter.

Moreover, the index has given a closing above 21 and 50 HMA, which adds strength to the price.

The index has support at 16,400, while resistance is at 16,900.

The Bank Nifty has support at 33,700, while resistance is at 35,000.

The market optimism has been fuelled by the prospect of a favourable outcome from the Russia-Ukraine talks. Another encouraging development was the United Arab Emirates deciding to pour more oil into the markets, which are experiencing a supply shortage due to US sanctions on Russian oil.

If OPEC+ countries agree to raise output, crude oil gains could be limited in the ensuing session.

The BJP's strong showing in the state elections encouraged the bullish mood. Investors should stay cautious because the Ukraine situation remains unpredictable but they can consider buying shares for long-term goals.

On the technical front, immediate support and resistance in the Nifty are 16,200 and 16,800. For the Bank Nifty, immediate support and resistance are at 33,500 and 35,500.

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