Stock market recap: Indian equity markets staged a resilient recovery on Tuesday, 10 March 2026, snapping a two-day losing streak as global headwinds began to subside.
Nifty 50 climbed 0.97% to settle at 24,261.60, while SENSEX gained 639 points to close at 78,205.98. The primary catalyst was a sharp de-escalation in energy concerns, with Brent crude tumbling nearly 9% toward the $90 per barrel mark following diplomatic signals suggesting a potential resolution to West Asia tensions. This macro relief triggered a broad-based rally, particularly in the auto and banking sectors.
Meanwhile, the Indian rupee rebounded strongly from record lows, closing at 91.81 against the dollar. The market breadth was decisively bullish, as reflected in a robust advance-decline ratio: approximately three stocks rose for every one that fell on the BSE (2,841 advances to 844 declines).
Two stock recommendations by MarketSmith India:
Buy: Vedanta Ltd (current price: ₹722)
- Why it’s recommended: Diversified portfolio across metals, oil & gas, strong position in zinc and aluminium, integrated operations with cost advantages, high dividend payout track record, benefit from commodity upcycle, large resource base and reserves, and strong cash flow generation in peak cycles.
- Key metrics: P/E: 15.31, 52-week high: ₹769.80, volume: ₹1,069.32 crore
- Technical analysis: Horizontal trendline breakout restest
- Risk factors: Highly cyclical commodity business, earnings volatility due to price swings, high debt at the group level, regulatory and environmental risks, dependence on global commodity demand, exposure to crude oil price fluctuations, government policy, and mining license risks
- Buy: ₹715–725
- Target price: ₹800 in two to three months
- Stop loss: ₹688
Buy: Emcure Pharmaceuticals Ltd (current price: ₹1,569)
- Why it’s recommended: Strong presence in domestic and international markets, diversified product portfolio across therapies, growing women’s health and biologics segment, increasing exports and regulated market exposure, consistent revenue growth trend, focus on R&D and niche formulations, and expanding manufacturing capabilities.
- Key metrics: P/E:31.02, 52-week high: ₹1,585.60, volume: ₹136.46 crore
- Technical analysis: Reclaimed its 50-DMA on above average volume
- Risk factors: High competition in the generics market, pricing pressure in regulated markets, USFDA and regulatory compliance risk, dependence on key markets and products, currency fluctuation impact on exports, raw material/API supply dependency, litigation, and product approval delays
- Buy at: ₹1,560–1,575
- Target price: ₹1,760 in two to three months
- Stop loss: ₹1,480
How the Nifty 50 Performed
Indian equities ended on a strong note on 10 March, with benchmark indices extending gains amid broad-based buying. Nifty 50 closed at 24,261.60, up 233.55 points or 0.97%, after trading within a range of 24,079.95–24,303.80, while Sensex finished firmly higher in tandem.
Market breadth was decisively positive, with 2,544 stocks advancing against 673 stocks declining, and 88 remain unchanged, reflecting healthy risk appetite across segments. On the sectoral front, leadership came from rate-sensitive and consumption pockets, with Nifty Auto (+3.1%), Financial Services (+2.1%), PSU Bank (+2.2%), and Consumer Durables (+2.7%) outperforming. Pharma and Metals also saw steady buying, whereas IT (-0.5%) and Oil & Gas (-0.4%) lagged.
Nifty 50 remains in a short-term corrective phase, forming lower-highs and lower-lows after failing to hold recent swing levels. Selling pressure intensified with strong bearish candles and higher volumes, indicating distribution.
The index is trading below its key short- and medium-term moving averages, reflecting weakening momentum within the broader trend. From a momentum standpoint, the RSI is hovering in the low-40s, below the neutral 50 mark, signaling weakening bullish momentum but not yet deeply oversold conditions.
The absence of positive divergence suggests that a durable reversal signal is still evolving. Meanwhile, the MACD remains in negative territory with a bearish crossover intact and widening histogram bars, reflecting strengthening downside momentum.
According to O’Neil’s methodology of market direction, the Indian equity transitioned from a “rally attempt” to a “downtrend,” reflecting a clear deterioration in institutional buying support.
The index continues to exhibit heightened volatility, reflecting fragile sentiment and elevated uncertainty in the near term. A sustained breach of 23,700–23,500 would materially weaken the current technical structure and could trigger an accelerated downside move toward 23,200 over the short term.
Such a breakdown would signal continued distribution and reinforce the prevailing negative bias. On the upside, 24,300-24,600 is expected to act as an immediate hurdle, and only a decisive move above this level would help restore near-term stability and improve the broader risk-reward profile.
How Nifty Bank Performed
Nifty Bank witnessed a recovery attempt in today’s session after the sharp decline seen in the previous trading day. The index opened on a gap-up note at 56,583.85 and initially moved higher as buying interest emerged in select heavyweights. It hit an intraday high of 57,097.05, indicating a brief improvement in sentiment.
The index slipped to an intraday low of 56,387.20 before stabilising and finally settled at 56,950.80, gaining 931 points (+1.66%) for the session. Despite today’s rebound, the index continues to trade below all its key moving averages, indicating that the broader trend remains fragile. The recovery appears largely technical, driven by short covering and bargain hunting after the sharp correction in recent sessions.
From a momentum indicator perspective, technical signals continue to remain weak. The RSI (14) is currently placed near 33, which indicates that the index is still in the lower band of the momentum range and reflects persistent bearish undertones. Although the RSI has attempted a mild bounce from deeply oversold levels, it remains below the neutral 50 mark, suggesting that upside momentum remains limited.
Meanwhile, the MACD indicator remains in negative territory with the MACD line trading below the signal line. The expanding negative histogram indicates that the prevailing trend continues to favour the bears. While intermittent pullbacks may occur due to oversold conditions, the overall momentum setup still signals caution for traders in the near term.
Technically, the index is currently trading below all its key moving averages, indicating weakness in the short-term trend. Immediate support is now placed around 55,200–54,800. On the upside, immediate resistance is near 57,500, followed by a stronger hurdle around 59,200–59,800, where the cluster of key moving averages is positioned.
Given the prevailing global volatility driven by crude oil price fluctuations and geopolitical developments, the banking index may remain volatile. Any sustained recovery will require the index to reclaim its key moving averages as market breadth improves.
MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. It offers tools and resources to help investors make informed decisions based on the CAN SLIM methodology, founded by legendary investor William J. O'Neil. You can access a 10-day free trial by registering on its website.
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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.