Mumbai, March 18 (NationPress) The equity market indices opened with gains on Wednesday, marking the third consecutive day of upward movement as the markets recovered from last week’s significant downturn due to the conflict in West Asia.

The Sensex kicked off at 76,367, reflecting an increase of 296 points, or 0.39 percent. Meanwhile, the Nifty began approximately 50 points higher at 23,632, which is a gain of 0.22 percent.

In the broader market spectrum, smallcap stocks experienced the most significant rise. The Nifty Smallcap 50 climbed by 0.51 percent, while both the Nifty Smallcap 100 and Nifty Smallcap 250 saw gains of 0.39 percent each.

Additionally, the benchmark broader indices also registered increases, with the Nifty 100, Nifty 200, and Nifty 500 advancing by about 0.35 percent.

In the midcap sector, the Nifty Midcap 50, Nifty Midcap 100, and Nifty Midcap 150 rose by up to 0.30 percent.

From a sector perspective, IT and automotive stocks were the primary gainers, whereas the metals and chemicals sectors faced pressure.

Among the constituents of Nifty, HDFC Bank, ICICI Bank, Hindalco Industries, Tata Steel, JSW Steel, and Cipla were among the early trade's top losers.

The Nifty IT index emerged as the leading gainer, climbing approximately 1 percent to reach 29,063.95, rebounding after having been among the weakest performers in the prior session. The Nifty Auto index increased by 0.87 percent to 25,335.50.

Conversely, the Nifty Metal index fell by 0.75 percent to 11,550.65, becoming the session's biggest loser. The Nifty Chemicals index dropped by 0.32 percent to 26,275.70, and the Nifty Realty index decreased by 0.18 percent to 709.95.

An analyst indicated that the Nifty is trading near a critical resistance zone of 23,700–23,750, suggesting that a breakout above this range could drive the index towards 23,800–23,850. Immediate support is identified around 23,400–23,450.

Another market expert noted that the market is showing signs of recovery, bolstered by value buying across metals, auto, and banking stocks following recent corrections.

However, the expert warned that crude oil prices present a significant risk due to ongoing geopolitical tensions in the Middle East, which could sustain elevated volatility.

“In the near term, the market is expected to be event-driven. Stability in crude oil prices and a reduction in geopolitical concerns could further support recovery,” the expert stated.

Across Asia, markets displayed mixed results, with Japan’s Nikkei 225 trading up over 2 percent, Hong Kong’s Hang Seng remaining nearly flat, and South Korea’s KOSPI gaining around 4 percent.