Nifty below 23,400 level; metal shares shine

The domestic equity benchmarks reversed all gains and traded with minor losses in mid-morning trade, despite positive cues from global peers, as investor sentiment remained subdued. The cautious undertone reflects lingering concerns over the ongoing US-Iran conflict in the Middle East, a sharp rise in crude oil prices, and sustained strength in the US dollar, which continue to weigh on overall risk appetite. The Nifty traded below the 23,400 level. Metal shares extended gains for the second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 81.01 points or 0.11% to 75,421.84. The Nifty 50 index fell 23.40 points or 0.11% to 23,381.05.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index jumped 0.33% and the BSE 250 SmallCap Index rose 0.09%.

The market breadth was positive. On the BSE, 2,163 shares rose and 1,729 shares fell. A total of 180 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 4.81% to 20.56.

IPO Update:

The initial public offer (IPO) of GSP Crop Science received bids for 55,99,304 shares as against 89,47,367 shares on offer, according to stock exchange data at 11:25 IST on Tuesday (17 March 2026). The issue was subscribed 0.63 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.

The initial public offer (IPO) of Innovision received bids for 1,11,02,994 shares as against 63,99,943 shares on offer, according to stock exchange data at 11:25 IST on Tuesday (17 March 2026). The issue was subscribed 1.73 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 Metal index jumped 1.89% to 11,531.60. The index dropped 2.12% in two consecutive trading sessions.

Metals & Energy (up 4.78%), National Aluminium Company (up 4.63%), Steel Authority of India (up 3.48%), Tata Steel (up 2.73%), Hindustan Zinc (up 2.32%), Hindustan Copper (up 2.16%), Jindal Steel (up 1.97%), APL Apollo Tubes (up 1.89%), Hindalco Industries (up 1.8%) and Welspun Corp (up 1.49%) rose.

Stocks in Spotlight:

Reliance Industries (RIL) shed 0.20%. The company announced that it has entered into a binding long-term supply and purchase agreement with Samsung C&T Corporation, South Korea, for the supply of green ammonia over a 15-year period starting in the second half of FY2029.

Sun Pharmaceutical Industries rose 0.27%. The company said that the US Food and Drug Administration (FDA) has accepted for review the supplemental Biologics License Application (sBLA) for ILUMYA (tildrakizumab) for the treatment of adults with active psoriatic arthritis.

Redington declined 3.54% after the company announced that operatios of its step- down subsidiary, Redington Gulf FZE, in the Gulf region has been impacted due to ongoing geo-political tensions.

Global Markets:

Asian markets traded higher on Tuesday as auto and tech stocks gained after Nvidia announced a robust revenue forecast for its key chips and partnerships with carmakers from the region.

The gains in the sectors were fueled by the latest comments from the Nvidia CEO. Jensen Huang said that he expects purchase orders between Blackwell and Vera Rubin chips to reach $1 trillion through 2027 at Nvidia's annual developer conference on Monday.

Shares of automakers Hyundai Motor, Nissan Motor, and Isuzu, as well as China's BYD and Geely, rose after Nvidia announced it was partnering with these companies for its autonomous vehicle development business.

Investors also assessed Iran war developments, with U.S. President Donald Trump looking to delay his meeting with Chinese President Xi Jinping by 'a month or so' due to the Middle East conflict. Trump was expected to travel to China at the end of March.

Overnight in the U.S., stocks rose while oil prices pulled back as Wall Street tried to recover from another losing week, with investors monitoring the latest developments of the Iran war.

The Dow Jones Industrial Average added 387.94 points, or 0.83%, closing at 46,946.41. The S&P 500 rose 1.01% to end at 6,699.38, and the Nasdaq Composite gained 1.22% and settled at 22,374.18.

Meta shares gained more than 2% on a report?which the company has called speculative?that it is planning to lay off more than 20% of its workforce.

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