Markets opened on a positive note on Tuesday, extending gains from the previous session. The BSE Sensex rose to 75,835.58, up 332.73 points or 0.44 per cent as of 10:13 am, while the NSE Nifty50 advanced to 23,521.45, gaining 112.65 points or 0.48 per cent in early trade. Investor sentiment, however, remains cautious amid continued FII selling and lingering geopolitical tensions.
In the commodities market, silver prices on MCX surged 2 per cent to Rs 2,61,457 per kg, while gold prices rose 0.8 per cent to Rs 1,56,996 per 10 grams. On March 16, benchmark indices Sensex and Nifty ended sharply higher, supported by value buying at lower levels as investors assessed the potential fallout of the US-Iran conflict. The Sensex surged as much as 1,150 points during the session, while the Nifty traded above the 23,450 mark in late afternoon deals. At close, the Sensex finished 938 points higher (up 1.6 per cent), while the Nifty ended 1.1 per cent higher.
The market witnessed strong recovery from early losses, with the Sensex rebounding nearly 700 points from the day’s low and the Nifty reclaiming the key 23,000 level. Metal, auto and FMCG stocks led the rebound after the indices were on track for a fourth straight session of decline. Investor sentiment also improved after a report by The Wall Street Journal indicated that the US government is preparing to form a coalition to escort commercial ships through the Strait of Hormuz, a key route handling nearly 20 per cent of global oil supply. Separately, two India-flagged LPG carriers—Shivalik and Nanda Devi—carrying around 92,712 metric tonnes of fuel successfully crossed the Strait last week, easing concerns over immediate supply disruptions.