According to Sachin Janardan Sarvade, AVP Technical & Derivatives, Retail Research, IDBI Capital Markets and Securities Limited, "As of 12:00 pm, Nifty 50 is trading near the 24,000 mark with limited intraday momentum and a slight negative bias. The options data indicates significant Call Open Interest buildup in the 24,200-24,500 strikes, suggesting a strong resistance zone for the index. On the downside, Put Open Interest is concentrated around the 23,800-23,900 strikes, which may act as immediate support. The Put-Call Ratio (PCR) stands at 0.61, indicating cautious market sentiment."

He added, "Technically, on the 15-minute timeframe, Nifty is trading below the middle band of the Keltner Channel, highlighting short-term weakness in the index. Momentum indicators also remain subdued, with the RSI hovering near the 37-40 zone. Unless the index reclaims the 24,150-24,200 zone, the near-term bias may remain sideways to negative. Immediate support is seen near 23,950-23,900, while resistance remains at 24,150-24,200."

At 12:00 pm, the Nifty50 was trading 1.17% or 284.25 points down at 23,978.85, and the Sensex was trading 1.3% or 1,000 points down at 77,202.56. 

The Nifty India Volatility index jumped 10.5% to 20.83. The index was up 8.30% at 20.48 as of 11:43 am. 

According to Nidhi Sharma, "In the current uncertain global environment, we remain positive on domestic-oriented sectors that are closely linked to India’s internal growth story. Sectors such as Financials, Insurance, Automobiles, Healthcare, and Industrials are well positioned to benefit from the country’s strong structural growth trajectory. Rising domestic demand, increasing urbanization, infrastructure development, and supportive policy initiatives continue to create long-term opportunities in these sectors. Additionally, improving consumption trends and expanding financial penetration further strengthen their outlook. As India’s economy maintains a strong growth momentum, these sectors are expected to play a key role in driving sustainable economic expansion."

"On the macroeconomic front, India's growth momentum remains strong and resilient. Under the new GDP series with the base year 2022-23, the Indian economy expanded by 7.8% year-on-year in the third quarter of FY26, reflecting solid performance across key sectors such as manufacturing and services. The Second Advance Estimates have also revised the FY26 real GDP growth upward to 7.6%, highlighting the economy's continued strength and stability. This steady expansion is supported by rising domestic demand, improving industrial activity, and a resilient services sector. With this performance, India continues to reinforce its position as one of the fastest-growing major economies in the world," added Nidhi Sharma.

Key Research Highlights From Stock Market Observer Nidhi Sharma

Jio Financial Services: Jio Financial Services is emerging as a technology-led financial platform spanning lending, payments, asset management, wealth management, and insurance, leveraging the strong Reliance ecosystem and extensive digital reach.

JSW Steel: Favorable macro conditions are expected to support margin recovery, while capacity expansion remains a key long-term growth driver.

Bikaji Foods International: The company continues to strengthen its distribution network to enhance market reach and support future growth.

Financial Banks: Strong liquidity buffers reflected in healthy LCR and NSFR levels are expected to support steady credit growth across the banking sector

Reliance Industries is increasing LPG production at its Jamnagar refining and petrochemical complexes to help stabilize domestic supply for households amid volatility in global energy markets.

At 11:00 am, the Nifty50 was trading 0.66% or 159.80 points down at 24,101.80, and the Sensex was trading 0.74% or 577.11 points down at 77,628.88.

InterGlobe Aviation (IndiGo) share price bounced back in trade, after logging a mildly weak open on Wednesday.

Nifty 50 index extended loss, dropping below 24,100.

Axis Bank, ICICI Bank, HDFC Bank were top laggards.

US President Donald Trump said the US will get its first new oil refinery in 50 years with the help of investment from India's Reliance Industries Ltd.

Gold prices held firm in early trade on Wednesday as easing inflation worries and expectations around US monetary policy kept investors attentive to incoming economic data. Read full report here

Raajmarg Infra Investment Trust InvIT and Apsis Aerocom initial public offers are opening for subscription on Wednesday.

Innovision IPO will enter its second day. The issue was subscribed to 0.02 times on the first day. It's a book-build issue of Rs 322.84 crore, which entails both fresh issue and offer for sale (OFS).

Rajputana Stainless IPO will enter its final day of subscription. The issue was subscribed to 0.42 times on the second day. The tentative listing date is March 16.

India strengthening its global position through strategic partnerships focused on national interest. Reliance Industries plans to invest $300 billion in a refinery in the United States, expanding India's presence in global energy. Trade with Russia ensures discounted crude for energy security. Cooperation with the Quadrilateral Security Dialogue supports Indo-Pacific stability, while defense technology ties with Israel strengthen military capability. The Chabahar Port in Iran improves access to Central Asia. Partnerships with Japan, France, United Arab Emirates, Saudi Arabia, and Australia support infrastructure, investment, and critical minerals. India is building influence by balancing relationships and focusing on long-term economic and strategic growth.

The US said it took out more than a dozen mine-laying Iranian vessels Tuesday, and the Islamic Republic vowed to block the region's oil exports, saying it would not allow "even a single liter" to be shipped to its enemies. As concerns grew about the war's effect on a strategic waterway, the American military said it destroyed 16 minelayers, though President Donald Trump said in social media posts that there were no reports of Iran planting explosives in the Strait of Hormuz, through which 20% of the world's oil is shipped. Read full report here

The low-cost carrier's managing director Rahul Bhatia has taken over the daily operations in the interim.

The International Energy Agency (IEA) has proposed the largest-ever release of crude oil reserves, according to media reports, which caused Asian markets to rise on Wednesday while oil prices lost all of their gains.

The escalating conflict in the Middle East has triggered a powerful rally in defence stocks across global markets, as investors reposition portfolios toward industries tied to national security and military technology. Read full report here

Akshay Chinchalkar, Managing Partner and Head of Market Strategy, The Wealth Company, said, "Asian markets are up this morning, with Korea yet again seeing the biggest gains of over 3%. The Gift nifty though is trading about 67 points down, so a soft opening is expected. Yesterday's candle on the Nifty was a "hammer", which is a bullish formation with a long lower shadow, so it remains to be seen if we will test resistance which sits in the 24370 - 24416 area. Support spans the 23700 - 24080 area, but with conflicting geopolitical news flow coming in, expect higher-than-average volatility. Meanwhile, derivatives data from yesterday's session showed that foreign investors and prop traders remained positive, while retail investors went bearish."

Japan's Nikkei 225 jumped 2%, while South Korea's Kospi rose 3.2%. The Hong Kong Hang Seng index up 0.24%, and Taiwan Weighted rose 2.6%.