Indian equity markets extended gains for a third consecutive session on March 18, with Sensex rising 633 points and Nifty climbing 196.65 points, each gaining approximately 0.83%. IT stocks led the recovery, surging 2.8% and ending a six-day losing streak amid easing oil prices and positive Asian market sentiment. Broader markets outperformed with mid-cap and small-cap indices rising up to 2%, while auto stocks and major companies including Reliance and Larsen & Toubro posted solid gains. However, caution persists ahead of the U.S. Federal Reserve decision, and the rupee weakened to a record low of 92.63 per dollar. Despite this recovery, benchmarks remain lower for the month due to elevated crude prices and geopolitical tensions, though the easing of oil prices following the Iraq-Kurdistan export deal provided some relief to market sentiment.
