Brent crude fell 2.8 per cent to $100.55 per barrel on Wednesday so far. It was quoted at $100.94 per barrel, down 2.4 per cent as of 11:44 am.

Bharti Hexacom Ltd. shares rose 1.09 per cent to Rs 1,547.70, extending their winning streak for the third consecutive session, on a 'Buy' rating from Jefferies with a Rs 1,880 price target, implying a 27 per cent potential upside. 

Tata Motors Passenger Vehicles' shares surge over 2 per cent due to a price hike in commercial vehicles by up to 1.5 per cent from April 1, aimed at offsetting the impact of rising commodity prices. The price revision comes after the company reported a net loss of Rs 3,486 crore in Q3FY26.

Even though these festivals may lead to bank closures in some states, stock market holidays are decided separately by the exchanges. Read full report here

The Nifty MidCap and the Nifty SmallCap indices were trading 1.36 per cent and 1.56 per cent higher, respectively.

Respodning to the Rs 5,786 crore tax notice, Rahul Bharti, Senior Executive Officer, Corporate Affairs, said, "The draft income tax assessment order about which the Company has intimated the stock exchanges is of a routine nature. Such orders arise from time to time, largely on account of interpretation issues. In the Company's assessment, there is no financial impact, and the matter will be handled through the usual process."

Gold and silver prices edged higher in early trade on Wednesday, tracking firm global cues and continued geopolitical tensions. Read full report

The Nifty 50 index opened higher at 23,632.90. The 50-share index extended the gains to trade at 23,719, up 134.10 points or 0.57 per cent. The BSE Sensex index opened in the green at 76,187.92. The index traded at 76,439.68, up 368.84 points or 0.48 per cent.

The rupee opened at 92.42 against the US dollar versus the previous close of 92.37. In Tuesday's trade, rupee declined 12 paise to settle at an all-time low of 92.40 amid rising crude oil prices and sustained outflow of foreign funds.

Nifty 23,580 ↑0.7%   |   VIX ~20 ↓12%   |   Brent $103/bbl   |   FII -Rs 52.7K Cr MTD   |   PCR 0.58

The Thesis

InvestorAi is positioning for a relief rally that rewards domestic-facing cyclicals while crude stays above $100. With VIX cooling from 22.6 to near 20 and the Nifty clawing back above 23,500 on its third consecutive recovery session, the models are loading into energy downstream, consumption, infrastructure, and rate-sensitive financials - sectors where earnings visibility is high and FII selling has created a valuation reset. The PCR at 0.58 reflects aggressive call positioning, signalling that the options market believes the worst of the correction is behind us.

Where We're Concentrated

Conviction clusters in three themes: energy downstream (refinery margins widen as crude rips past $100 with Hormuz disruptions), domestic consumption (value buying after a 9% Nifty drawdown), and infrastructure/capex plays (government spending remains the structural backstop). BankNifty outperforming Nifty by ~45bps confirms financial heavyweights are leading the recovery, and the DII wall of ₹12,600 Cr on Monday tells you domestic money isn't flinching. The thesis breaks if Brent pushes through $110 and the Strait of Hormuz blockade intensifies - that would reprice inflation expectations and stall the recovery.

Conviction Picks

Highest Conviction

Hindustan Petroleum (HINDPETRO)

Downstream refiners are the direct beneficiaries of elevated crack spreads while crude supply anxiety lifts product margins. With Brent above $100 and marketing margins normalising, HPCL captures both the fear premium and the earnings tailwind.

Defensive Growth

Tata Consumer Products (TATACONSUM)

Consumption names with pricing power are the natural hedge when FIIs are dumping ₹52,000 Cr in a month. Domestic demand remains intact, and the stock has been re-rated into oversold territory.

Capex Anchor

Larsen & Toubro (LT)

India's infrastructure order book isn't slowing regardless of what happens in the Strait of Hormuz. LT is the cleanest expression of government capex at a valuation that now reflects the correction.

Energy Transition

Tata Power (TATAPOWER)

Elevated crude makes the case for renewables acceleration louder. Tata Power's green portfolio is growing while conventional generation margins improve in a high-energy-price environment.

Refinery Margin Play

Bharat Petroleum (BPCL)

Same downstream thesis as HINDPETRO but with a strong confidence signal. The twin OMC bet tells you the models see a structural, not tactical, margin expansion in Indian refining.

One Thing to Watch

Brent crude at $110. A sustained move above that level would shift the narrative from "downstream earnings tailwind" to "current account crisis." Below $110, the recovery playbook holds. Above it, the entire book needs repricing.

Liquidity surplus in India's banking system, a key driver of short-term borrowing rates, narrowed to Rs 75,483 crore as of Monday. 

Akshay Chinchalkar, Managing Partner and Head of Markets Strategy at the Wealth Company

Over to stocks, and the nifty rose 0.7% to 23581 as regional equities were holding up. The India VIX dropped over 8%. Mid- and small caps also rose. Ten of the 12 NSE sectors advanced, with metal stocks gaining 2.8% and becoming the day's top performers. IT stocks were the worst performers on the day, as they fell 1%. Speaking nifty stocks, Eternal was the day's best stock with a 5.7% gain while Wipro was the top loser as it fell 1.9%. Technically speaking, yesterday's intraday reversal from our 24655 upside hurdle shows this level matters. However, with the session closing above Monday's "piercing line" high, this rebound may have legs and the next resistance zone between 23700 and 23845 is likely to come into play today. Meanwhile, support lies in the 23325 - 23512 zone.

Oil prices edged lower on Wednesday morning after data from the American Petroleum Institute indicated a build-up in US crude inventories, news agency Reuters reported. Also, the Iraqi government and Kurdish authorities reached a deal to resume oil exports via Turkey's Ceyhan port.

Shares of IDBI Bank have seen a sharp sell-off over the past week. The stock is now down nearly 35 per cent from its recent high of Rs 118.5. In just two sessions, it has fallen about 20 per cent. It also came close to its 52-week low of Rs 72.04. Read full report here

At the close on Tuesday (March 17), the BSE market cap was Rs 4,33,30,600.61.