The Nifty 50 staged a sharp recovery on March 16, closing at 23,408.80, up 257.70 points or 1.11%, after sliding to a session low of 23,112.00 earlier in the day. The Sensex surged 970.02 points or 1.30% to settle at 75,533.94, with both benchmarks clawing back losses from a bruising week that saw the Nifty tumble 5.3%.
| Index | Close | Change (Points) | Change (%) |
|---|---|---|---|
| Nifty 50 | 23,408.80 | +257.70 | +1.11% |
| Sensex | 75,533.94 | +970.02 | +1.30% |
The rebound came after the Nifty 50 officially entered a deep corrective phase last week, closing at 23,151 on Friday the 13th. Monday's session saw the index whipsaw from an intraday low of 23,112.00 to close above 23,400, reclaiming key psychological territory after four weeks of relentless selling that erased 10.71% from the Sensex.
Sector Performance
Broader markets outperformed, though the Nifty 500 remained down 0.69% on a trailing basis and the Nifty Bank shed 0.33%. Specific sectoral drivers for the session were not detailed in available data, but the rally was broad-based enough to lift the Sensex by nearly 1,000 points from its opening levels.
Top gainers included Bajel Projects, up 19.97%, Bhagawati Gas up 19.86%, and Jaipan Industries gaining 18.87%. ITI climbed 18.50%, reflecting strong stock-specific momentum. On the flip side, losers remained muted as the session skewed heavily bullish.
GIFT NIFTY Session
GIFT NIFTY opened at 23,176.50 and tracked the Indian cash market higher, closing at 23,375.50, up 120.0 points or 0.52% from the prior close of 23,255.50. The contract hit an intraday high of 23,511.50 in the final hour of trading and a low of 23,010.50 during the midday selloff, mirroring the Nifty's volatile intraday range.
| Metric | Level |
|---|---|
| Open | 23,176.50 |
| High | 23,511.50 |
| Low | 23,010.50 |
| LTP | 23,375.50 |
| Change | +120.0 (+0.52%) |
The GIFT NIFTY session started firm, dipped sharply into the 23,000-23,100 zone mid-session as the cash market tested lows, then staged a powerful rally from 13:45 onwards. The contract surged over 350 points from its 23,010.50 low to the 23,511.50 peak, tracking the Nifty's late-session recovery.
GIFT NIFTY closed at 23,375.50 ahead of Session II, holding above the 23,300 mark and signaling a firm bias for Tuesday's opening. The contract's 501-point intraday range underscored the volatility gripping markets after last week's sharp correction.