Stock Market Today: Nifty 50 and Sensex Extend Gains for Third Straight Session

Market Performance

Indian stock markets continued their upward momentum on March 19, with the Nifty 50 and Sensex reaching three-week highs. Despite global uncertainties, investor sentiment remained positive, primarily driven by financial and real estate gains. Broader markets outperformed the benchmark indices, supported by a strong performance in the midcap segment.

At the session's close, the Nifty 50 gained 0.32%, settling at 22,907 points, while the Sensex ended 0.22% higher at 75,468 points. The Nifty Midcap 100 surged 2.63% to 50,817 points, and the Nifty Smallcap 100 gained 2.43%, closing at 15,747 points.

Key Market Drivers

The rally was led by financial stocks, real estate, and select metal stocks. Metal shares were significantly boosted following the Directorate General of Trade Remedies (DGTR) recommendation to impose a 12% safeguard duty on steel imports to curb overseas inflows.

While most sectoral indices recorded gains, Nifty IT and Nifty FMCG remained in negative territory. The Nifty Realty index surged 2.80%, emerging as the top performer. Gains in PSU banks, consumer durables, metals, media, and oil and gas stocks, each rising between 1% and 2%, followed.

Defence sector stocks also saw notable gains, with companies like Garden Reach Shipbuilders, Mazagon Dock, and Bharat Dynamics rising to 20%. The gains were attributed to increasing investor interest in the defence sector amid discussions on a potential India-US trade deal and Germany's defence spending package.

Global Market Influence

Investors closely watched the US Federal Reserve's monetary policy statement, which is set to be released later in the day. The central bank is expected to keep interest rates unchanged, and market participants are looking for signals on future policy directions. Meanwhile, global trade tensions remain a concern, particularly with rising import duties impacting major economies.

Company Highlights

Several heavyweight stocks contributed to the market gains. Shriram Finance, HDFC Life Insurance, Apollo Hospitals, Power Grid Corp, and Tata Steel were among the top gainers on the Nifty 50. On the other hand, Tech Mahindra, TCS, Infosys, ITC, and Britannia Industries recorded losses, weighing down IT and FMCG indices.

Summary

The Indian stock market maintained its positive trajectory for the third consecutive session, supported by financials, real estate, and metals gains. The broader market outperformed, with midcap and smallcap stocks leading the charge. Investor sentiment remained cautious ahead of the Federal Reserve's policy statement, which could influence global market movements in the coming days.