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Benchmarks trade higher with decent gains after cautious start
Mar-16-2026

Indian equity benchmarks made a cautious start on Monday tracking weakness in global markets following continued rise in crude oil prices amid tensions in the Middle East, raising concerns over inflation outlook. Foreign fund outflows from the domestic markets also dented sentiments. Data from the National Stock Exchange showed that foreign institutional investors sold shares worth Rs 10,716.64 crore on Friday. However, markets soon gained some traction and were trading higher with decent gains in early deals on account of bargain hunting after recent sell-off. Some support came as Fitch Ratings raised India’s GDP growth forecast marginally to 7.5 per cent for FY26 with domestic demand being the biggest growth driver this year.

On the global front, Asian markets were trading mixed with investors closely watching developments in the Gulf region and their potential impact on global energy supplies and inflation. The prevailing uncertainty about the timeline for ending the war is weighing on overall market sentiment. Back home, the Gem and Jewellery Export Promotion Council (GJEPC) has said India's gems and jewellery exports grew 3.86 per cent year-on-year to $2,680.79 million (Rs 24,340.05 crore) in February, following the industry's diversification into other markets.  

The BSE Sensex is currently trading at 74936.41, up by 372.49 points or 0.50% after trading in a range of 74384.61 and 74983.29. There were 22 stocks advancing against 8 stocks declining on the index.

The top gaining sectoral indices on the BSE were Metal up by 1.13%, Telecom up by 1.05%, Basic Materials up by 0.97%, Bankex up by 0.69% and FMCG up by 0.69%, while Oil & Gas down by 1.22%, Energy down by 0.82%, Realty down by 0.61%, Capital Goods down by 0.12% and PSU down by 0.10% were the top losing indices on BSE.

The top gainers on the Sensex were Ultratech Cement up by 2.62%, Interglobe Aviation up by 2.34%, Tata Steel up by 1.66%, SBI up by 1.56% and Bajaj Finance up by 1.22%. On the flip side, Bharat Electronics down by 1.42%, Infosys down by 0.54%, Mahindra & Mahindra down by 0.36%, Power Grid down by 0.15% and TCS down by 0.13% were the top losers.

Meanwhile, despite the ongoing conflict between Iran-US and Israel, Fitch Ratings in its Global Economic Outlook- March 2026 has raised India’s Gross Domestic Product (GDP) growth forecast marginally to 7.5 per cent for current fiscal year 2025-26 (FY26) from 7.4 per cent projected earlier in December 2025. The upward revision in growth estimation attributed to domestic demand, which will be the biggest growth driver this year, with consumer spending and investment rising by (an estimated) 8.6 per cent and 6.9 per cent in the current fiscal year.

Similarly, the ratings agency has revised upwards its growth estimate for FY27 to 6.7 per cent, from 6.4 per cent projected in December 2025. It further projected world GDP growth at 2.6 per cent in 2026 on the assumption that the Iran war does not result in a larger or an enduring spike in energy prices that pushes the annual 2026 oil price forecast above $70/barrel. But it noted that a scenario where oil prices rise to $100 and stay there would be a significant adverse global supply shock.

With regard to India, Fitch said there are tentative signs that real activity is slowing in January and February, but the economy remains resilient, and credit growth is still in double digits. It expects growth to slow in first half of FY 2026-27; with rising inflation constraining real incomes and limiting consumer spending growth. Meanwhile, India’s GDP growth slowed in the December quarter to 7.8 per cent YoY from 8.4 per cent in September quarter.

The CNX Nifty is currently trading at 23240.50, up by 89.40 points or 0.39% after trading in a range of 23098.00 and 23284.65. There were 31 stocks advancing against 18 stocks declining, while 1 stock remain unchanged on the index.

The top gainers on Nifty were Grasim Industries up by 2.51%, Interglobe Aviation up by 2.47%, Ultratech Cement up by 2.35%, JSW Steel up by 1.85% and Hindalco up by 1.81%. On the flip side, Bharat Electronics down by 1.56%, Shriram Finance down by 1.44%, Coal India down by 1.01%, Max Healthcare Inst down by 0.91% and Infosys down by 0.50% were the top losers.

Asian markets were trading mixed; Hang Seng surged 274.4 points or 1.07% to 25,740.00, Taiwan Weighted rose 177.26 points or 0.53% to 33,577.58, KOSPI increased 40.11 points or 0.73% to 5,527.35 and Straits Times was up by 0.98 points or 0.02% to 4,843.25. On the other hand, Nikkei 225 slipped 250.61 points or 0.47% to 53,569.00, Jakarta Composite fell 85.48 points or 1.21% to 7,051.73 and Shanghai Composite was down by 29.05 points or 0.71% to 4,066.40.
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