Sensex, Nifty snap losing streak as crude cools, auto leads broad rally

Markets staged a firm recovery on Tuesday, March 10, 2026, snapping a bruising losing streak as a sharp pullback in crude oil prices and signals from U.S. President Donald Trump that the Gulf conflict could end “very soon” lifted investor sentiment across the board.

The BSE Sensex closed at 78,205.98, up 639.82 points or 0.82 per cent, while the NSE Nifty 50 gained 233.55 points, or 0.97 per cent, to settle at 24,261.60. The broader market outperformed the headline indices, with the Nifty Midcap 100 rising 1.62 per cent to 57,177.65 and the Nifty Smallcap 100 advancing 2.12 per cent to 16,473.80.

The recovery came after crude oil, which had briefly spiked to $119.5 per barrel on Monday following drone attacks on Gulf producers and disruptions at the Strait of Hormuz, retreated sharply to around $84.4 a barrel on Tuesday.

Trump’s comments suggesting plans to waive oil-related sanctions, deploy the U.S. Navy to escort tankers, and warnings to Iran against interference in the key shipping lane triggered the price reversal that buoyed domestic equities.

Of 4,420 BSE stocks traded, 3,053 advanced and 1,231 declined, with 136 unchanged. Market breadth was firmly positive, with 431 stocks from the Nifty 500 universe closing in the green.

The Advance/Decline ratio skewed heavily in favour of buyers, pointing to broad-based participation. However, 237 stocks hit 52-week lows against 65 touching 52-week highs, a sign underlying weakness has not fully abated.

Shriram Finance was the standout performer on the Nifty 50, surging 8.05 per cent to close at ₹1,066.70, commanding the top gainer slot. Eicher Motors advanced 3.84 per cent to ₹7,545.00 and TVS Motor Company (TMPV) rose 3.73 per cent to ₹344.40.

IndiGo climbed 3.46 per cent to ₹4,383.50, while Mahindra & Mahindra gained 3.40 per cent to ₹3,296.00, with the auto sector emerging as the session’s top-performing pocket, rallying over 3 per cent on the indices.

On the losing side, Infosys slipped 1.41 per cent to ₹1,296.50, while Eternal fell 1.25 per cent to ₹226.70. Reliance Industries shed 0.92 per cent to ₹1,410.90, Bharti Airtel declined 0.59 per cent to ₹1,855.70, and TCS eased 0.40 per cent to ₹2,517.40. The Nifty IT index was the lone major sectoral decliner, having been the day’s outperformer in the prior session — a sharp sectoral rotation in one trading day.

Sectorally, Nifty Financial Services rose 1.90 per cent to 26,535.20, Nifty Bank added 1.66 per cent to 56,950.80, and Nifty Next 50 gained 1.75 per cent to 67,227.95. Barring IT and Oil & Gas, all major indices ended in positive territory, with Auto, Consumer Durables, and PSU Bank leading gains.

Fear gauge India VIX cooled sharply, falling over 19 per cent to close at 18.9050, signalling a notable easing of anxiety among market participants after several sessions of elevated volatility.

Technically, Nifty’s daily chart showed a small-bodied candle with a long lower shadow, indicating buying support at lower levels.

As Aakash Shah, Technical Research Analyst at Choice Equity Broking, noted: “...the recovery indicates a short-term pullback following the sharp correction seen in the previous sessions... derivatives data suggests strong positioning around the 24,100 and 24,500 strikes, indicating a well-defined near-term trading band.”

Bullion surged with the risk-on tone and geopolitical uncertainty. Spot gold climbed above $5,190 per ounce, supported by Trump’s Gulf commentary and continued central bank buying — the People’s Bank of China extended its gold reserve purchases for a sixteenth consecutive month.

Silver gained approximately 3 per cent to around $90 per ounce. Kaynat Chainwala, AVP Commodity Research, Kotak Securities, noted that the easing of Iran-related concerns “...weakened the U.S. dollar and supported bullion prices.”

The Indian rupee drew marginal relief from the dollar’s softness, as easing crude import pressure and the dollar pullback provided some respite, though the currency’s trajectory will remain sensitive to geopolitical developments and crude’s next move.

Looking ahead, market participants are advised to watch the Nifty’s ability to sustain above 24,000–24,100 on the downside, with the critical resistance band pegged at 24,400–24,450 in the near term. Ajit Mishra, SVP Research, Religare Broking, cautioned: “...a decisive move above this band is required for a sustainable recovery... participants are advised to remain selective and focus on disciplined risk management.”

Akshay Chinchalkar of The Wealth Company added: “...today’s candle is a ‘hammer’ with a long lower shadow, and that is bullish behavior. 23,700 matters on the downside while resistance on a closing basis sits near 24,416.” Any resolution — or escalation — in the U.S.-Iran standoff, and the OPEC+ output response, will set the tone for both crude and equities in the sessions ahead.

Published on March 10, 2026