Analysis by Mr. Nandish Shah – Deputy Vice President, HDFC Securities
🕗 Last Update: 10 March 2026, 9.00 PM
Nifty Rebounds Over 200 Points on Strong Global Cues
After two days of sharp declines, the Nifty staged a strong rebound, closing higher by 233 points or 0.97% at 24,261. It opened 250 points higher, fueled by positive global cues and plunging crude prices, but profit-booking triggered a 200-point pullback from the intraday high of 24,303 in the first hour. Post-10 a.m., however, the index clawed back over 200 points to settle near day high.
Shriram Finance, Eicher Motors, and Tata Motors Passenger Vehicles led the top Nifty gainers, while Infosys, Eternal, and Reliance faced selling pressure as the key laggards.
Barring Nifty IT and Oil & Gas, all sectoral indices closed in the green, with Auto, Consumer Durables, and PSU Banks posting the strongest gains.
Broader markets significantly outperformed the benchmarks. The Nifty Midcap 100 climbed 1.62%, while the Nifty Smallcap surged over 2%. Market breadth strengthened after two weak sessions, with the BSE advance-decline ratio rising to 2.64, highest since February 3rd.
The Indian rupee appreciated 52 paise buoyed by retreating crude prices and a weaker US dollar following comments from President Donald Trump signaling a potential end to the conflict with Iran. Domestic sentiment got a further lift from the government’s decision to liberalise FDI norms, aimed at rupee stabilization.
Building on yesterday’s sharp intraday recovery, Nifty extended its pullback amid strong global cues, reclaiming over 500 points from yesterday’s low of 23697. Yet, the short-term trend remains weak, with the index below key moving averages. On the higher side, immediate resistance is placed in the 24300-24415 band while 24000 is likely to act as immediate support.