As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 938.93 points or 1.26% to 75,502.85. The Nifty 50 index rose 257.70 points or 1.11% to 23,408.80. In the past three consecutive trading sessions, the Sensex and Nifty dropped 4.65% and 4.57%, respectively.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index declined 0.42% and the BSE 250 SmallCap Index shed 0.47%.

The market breadth was weak. On the BSE, 1,503 shares rose and 2,864 shares fell. A total of 170 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 4.60% to 21.60.

Economy:

India's merchandise trade deficit narrowed to $27.1 billion in February from $34.68 billion in January.

Goods exports edged up to $36.61 billion in February from $36.56 billion in January, while imports declined to $63.71 billion from $71.24 billion during the same period.

However, on a year-on-year basis, the merchandise trade deficit widened sharply from $14.42 billion in February last year.

India's wholesale price index (WPI) inflation accelerated to 2.13% in February 2026 compared with 1.81% in January 2026, marking an 11-month high. Food inflation edged higher to 1.85% during the month from 1.41% in January. Meanwhile, inflation in the fuel and power segment turned positive at 1.17% in February against a contraction of 1.62% in the previous month.

IPO Update:

GSP Crop Science received bids for 39,80,886 shares as against 89,47,367 shares on offer, according to stock exchange data at 15:30 IST on Monday (16 March 2026). The issue was subscribed 0.44 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.

Innovision received bids for 68,13,639 shares as against 63,99,943 shares on offer, according to stock exchange data at 15:31 IST on Monday (16 March 2026). The issue was subscribed 1.06 times.

The issue opened for bidding on 10 March 2026 and will now close on 17 March 2026. Innovision has extended the IPO closing date to March 17 and revised its price band following a tepid response from investors. The new price band has been fixed at Rs 494 to Rs 519 per share, compared with the earlier range of Rs 521 to Rs 548 per share.

Buzzing Index:

The Nifty Auto index rose 1.67% to 24,599.10. The index tumbled 8.11% in the past three trading sessions.

Mahindra & Mahindra (up 3.55%), Bajaj Auto (up 2.14%), TVS Motor Company (up 1.51%), Eicher Motors (up 1.26%), Maruti Suzuki India (up 1.1%), Hero MotoCorp (up 1.04%), Bharat Forge (up 0.83%), Ashok Leyland (up 0.83%), Bosch (up 0.43%) and Sona BLW Precision Forgings (up 0.31%) surged.

Stocks in Spotlight:

Bajel Projects surged 19.97% after the company said it has secured an order worth over Rs 700 crore from Maharashtra State Electricity Transmission Company (MSETCL) for setting up a 400/220 kV AIS substation at Saswad in Pune district along with associated transmission lines.

Omnitech Engineering shed 1.51%. The company reported a 170.73% surge in consolidated net profit to Rs 22.2 crore in Q3 FY26 compared to Rs 8.2 crore posted in the same quarter last year. Revenue jumped by 81.08% YoY to Rs 134 crore in Q3 FY25.

VA Tech Wabag rose 0.20%. The company announced that its joint venture has secured an Asian Development Bank (ADB)-funded 'mega' order from the Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB). The company classifies a 'mega' order as a contract with a value exceeding Rs 1,000 crore.

Adani Power rose 5.11% after the company said that it has received a Letter of Award from Maharashtra State Electricity Distribution Company for the long-term supply of 1,600 MW of thermal power under a power supply agreement (PSA).

Tejas Networks rose 5.64% after the company announced that it has received a purchase order to supply its 4G radio access network (RAN) solutions for a mobile network expansion project in South Asia.

SEAMEC rose 3.31% after the company said a consortium comprising SEAMEC and Supreme Hydro Engineering has received a notification of award from Oil and Natural Gas Corporation (ONGC) for operation and maintenance services of the vessel Samudra Sevak.

izmo added 4.84% after izmo Microsystems announced the signing of a memorandum of understanding with CCRAFT SA and Alcyon Photonics SL to jointly design, manufacture and commercialise photonic integrated circuit (PIC) solutions.

Aster DM Healthcare declined 2.64% after certain nursing staff across its hospitals in Kerala joined a statewide strike from 9 March 2026, led by the United Nurses Association, seeking revision in wage structures.

Glenmark Pharmaceuticals shed 0.03%. The company said that its US arm, Glenmark Pharmaceuticals Inc., will launch Potassium Phosphates Injection USP in multiple strengths in the US market.

Zydus Lifesciences declined 1.88%. The company said its Desidustat tablets, licensed to a subsidiary of China Medical System Holdings (CMS), have been approved in China for treating renal anaemia by the National Medical Products Administration (NMPA).

Alkem Laboratories fell 0.99%. The company announced that it has received a Certificate of GMP (Good Manufacturing Practice) Compliance of a Manufacturer from the Department of Pharmacy (Human Medicines), Germany for its manufacturing facility located in Baddi, India.

LTIMindtree shed 0.50%. The company announced a partnership with the Indian Institute of Technology Kharagpur (IIT Kharagpur) to design deep-dive training programs aimed at enhancing the company's workforce skills in Artificial Intelligence (AI) and related technologies.

Global Markets:

The US Dow Jones index futures are currently up by 212 points, signaling a positive opening for US stocks today.

European shares declined on Monday as the ongoing unrest in the Middle East and elevated global oil prices continue to unsettle investors.

Asian markets ended mixed as investors assessed elevated oil prices and the latest developments in the escalating U.S.-Iran conflict.

U.S. crude prices topped $100 per barrel as the Trump administration weighed military strikes on Tehran's Kharg Island, a strategically vital hub often referred to as Iran's 'oil lifeline.'

President Donald Trump on Friday reportedly ordered strikes against Iranian military assets on Kharg Island and warned of further attacks on crude facilities located there. Mike Waltz, the U.S. ambassador to the United Nations, repeated the warning Sunday, as per media reports.

According to a global research house, a surge in energy prices stemming from the war in Iran could shave about 0.3% off global GDP over the next year, while pushing headline inflation higher by roughly 0.5% to 0.6%.

Higher natural gas prices are expected to add further inflationary pressure and growth headwinds, particularly in Europe and Asia, with risks skewed toward larger impacts if the Strait of Hormuz remains closed, the research firm has reportedly said.

On the data front, retail sales in China for the first two months of the year rose 2.8% from a year earlier, beating the widely reported forecast for 2.5% growth, but a notable slowdown from the 4% growth in the January-February period in 2025.

Industrial output climbed 6.3%, also exceeding widely reported expectations for a 5% jump. Industrial production has been a relative bright spot in the world's second-largest economy, thanks to resilient external demand, particularly from European and Southeast Asian nations.

On Wall Street, US stocks closed red on Friday, despite showing some recovery and optimism after the opening bell.

The S&P 500 shed 0.61%, putting it 5% below its recent high and closing at 6,632.19. The Nasdaq Composite declined 0.93% to end at 22,105.36. The Dow Jones Industrial Average shed 119.38 points, or 0.26%, and settled at 46,558.47.

Rising oil prices tied to geopolitical tensions have weighed on market sentiment, keeping investors cautious.

Meanwhile, a federal judge on Friday rejected the Justice Department's attempt to subpoena Federal Reserve Chair Jerome Powell, delivering a significant legal victory for the central bank.

US District Judge James Boasberg ruled that the subpoenas issued by US Attorney Jeanine Pirro were improper and appeared to be politically motivated.

Mortgage rates climbed to their highest level since September on Friday as bond yields rose amid escalating tensions related to the war in Iran.

According to media reports, the average rate on a 30-year fixed mortgage reached 6.41%. Mortgage rates tend to track movements in the 10-year US Treasury yield, which moved higher again on Friday, contributing to the latest increase in borrowing costs.

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