The benchmark BSE Sensex staged a remarkable recovery on Thursday, closing 185.23 points higher at 73,319.55 after experiencing a massive 2,000-point intraday swing. According to reports from ET Now, the index opened lower and tanked further by 1,588 points to hit a day's low of 71,545.81 in the first half of the session. The recovery was driven by strong value buying in IT and banking shares, with IT bellwethers like HCL Tech and TCS, and banking giants HDFC Bank and ICICI Bank leading the gains. The NSE Nifty followed a similar trajectory, closing above 22,700 at 22,713.10, up by 33.70 points.
Market experts are painting a picture of 'cautious optimism' for Monday's trading session. As reported by ET Now, Aakash Shah of Choice Equity Broking highlighted that Sensex defended the crucial 72,800–72,900 support zone, indicating strong demand at lower levels. The immediate resistance is placed near 73,800–73,900, and a sustained move above this zone could trigger further upside momentum. Vipin Dixena from Choice Equity Broking noted that the intraday chart structure shows a range-bound recovery attempt within a broader downtrend, with immediate support at 72,650 and resistance at 73,850.
According to ET Now reports, Focussed IT emerged as the top gainer, rising 2.76%, followed by IT sector at 2.42%, Realty at 1.19%, and Top 10 Banks at 0.46%. On the downside, Asian Paints, Eternal, Sun Pharmaceuticals, NTPC, Reliance Industries, PowerGrid, Mahindra & Mahindra, UltraTech Cement, Adani Ports, Bajaj Finserv and Tata Steel were the laggards. Market breadth remained mixed with 2,649 stocks advancing, 1,589 declining and 149 unchanged on the BSE. BSE SmallCap Select Index slipped 0.36% while MidCap Select Index went lower by 0.10%.
As reported by ET Now, the Indian rupee posted its strongest gain in over 12 years, opening 1.3% higher against the dollar, supported by RBI measures aimed at curbing volatility. These included restrictions on rupee non-deliverable forwards and re-booking of forex derivative contracts. On the institutional front, FIIs have remained aggressive sellers, offloading ₹1.22 lakh crore in March 2026 since the onset of the conflict in West Asia, marking one of the highest monthly outflows in recent history. Foreign Institutional Investors offloaded equities worth ₹8,331.15 crore on Wednesday, while Domestic Institutional Investors bought stocks worth ₹7,171.80 crore.
According to ET Now reports, market participants are closely watching key developments in the coming week, with the Reserve Bank of India's Monetary Policy Committee meeting being a major focus area. The central bank's commentary on inflation, growth outlook, and policy direction will be closely tracked by investors. Aakash Shah advised that the market is in a high-volatility consolidation phase, with the near-term strategy favouring a buy-on-dips approach near support while remaining cautious near resistance levels. The bias remains neutral to slightly bullish above 72,650, but a rejection near 73,850 can lead to another pullback.
