Market at Close | Nifty reclaims 22,900 as Midcap Index surges 2.6%; defence, sugar stocks rally

The equity benchmarks extended gains for the third consecutive session on Wednesday (March 19), with the Nifty closing 73 points higher at 22,908 and the Sensex rising 148 points to 75,449. The broader market outperformed significantly, as the Nifty Midcap index jumped 2.6% (1,300 points) to 50,817, outpacing the Nifty’s 0.3% gain.From the Sensex basket, Tata Steel Ltd, Power Grid Corporation Of India Ltd, UltraTech Cement Ltd, Wipro Ltd, IndusInd Bank Ltd and JSW Steel Ltd were the major gainers. Tech Mahindra Ltd, Tata Consultancy Services Ltd, ITC Ltd, Infosys Ltd, Sun Pharmaceutical Industries Ltd and Maruti Suzuki India Ltd were the biggest laggards.
Financial heavyweights HDFC Bank, ICICI Bank, and Reliance Industries were the biggest contributors to the Nifty’s rise, while IT stocks remained under pressure on growth concerns. Tech Mahindra, TCS, and Infosys were the top Nifty losers.
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Defence stocks saw sharp gains, with Hindustan Aeronautics Ltd (HAL) up 4%, Garden Reach Shipbuilders surging 20%, and Mazagon Dock rising 11%. Sugar stocks also rallied on rising prices, with Balrampur Chini gaining over 6%.Bajaj Auto rose nearly 2% after the reappointment of Rajiv Bajaj as Managing Director and CEO. PB Fintech extended its rally, surging over 6.5% on positive commentary regarding PB Health’s investment.

Capital market-related stocks continued to see strong buying, with Angel One, CAMS, and CDSL leading the gains. Meanwhile, Vodafone Idea and Bharti Airtel closed in the green but retreated from highs following reports that an AGR waiver is unlikely.

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Among midcap gainers, Sun TV, Max Healthcare, HUDCO, and Titagarh Rail Systems saw strong advances, while Phoenix Mills, Zee Entertainment, Navin Fluorine, and Hexaware were among the top midcap losers. Market breadth remained robust, with the advance-decline ratio standing at 5:1, firmly in favour of advancing stocks.