Sensex, Nifty trade sideways; auto shares decline; VIX slides 2.74%

by Hansraj Agrawal | Mar 16, 2026 | Share Market

The key equity benchmarks traded sideways in the afternoon trade, following assurances from the Trump administration on safe transit for ships through the Strait of Hormuz.

The Nifty traded below the 23,150 mark. Auto, FMCG and financial services shares advanced while oil & gas, media and pharma shares declined.

At 13:28 IST, the barometer index, the S&P BSE Sensex rose 8.16 points or 0.01% to 74,571.08. The Nifty 50 index fell 27.55 points or 0.11% to 23,126.85.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index declined 1.37% and the BSE 250 SmallCap Index fell 1.47%.

Sellers outpaced buyers on the BSE, with 1,122 shares advancing, 3,082 shares declining, and 206 shares unchanged.

The NSE’s India VIX, a gauge of the market’s expectation of volatility over the near term, slipped 2.74% to 22.02.

Economy:

Indias wholesale price index (WPI) inflation accelerated to 2.13% in February 2026 compared with 1.81% in January 2026, marking an 11-month high. Food inflation edged higher to 1.85% during the month from 1.41% in January. Meanwhile, inflation in the fuel and power segment turned positive at 1.17% in February against a contraction of 1.62% in the previous month.

Gainers & Losers:

UltraTech Cement (up 3.34%), Grasim Industries (up 2.09%), Hindalco Industries (up 1.85%), HDFC Bank (up 1.75%) and Mahindra & Mahindra (up 1.47%) were the major Nifty50 gainers.

Bharat Electronics (down 3.70%), Shriram Finance (down 2.36%), Coal India (down 2.15%), Wipro (down 2.09%) and Dr. Reddy’s Laboratories (down 1.79%) were the major Nifty50 losers.

Stocks in Spotlight:

Bajel Projects surged 12.83% after the company said it has secured an order worth over Rs 700 crore from Maharashtra State Electricity Transmission Company (MSETCL) for setting up a 400/220 kV AIS substation at Saswad in Pune district along with associated transmission lines.

Omnitech Engineering shed 1.42%. The company reported a 170.73% surge in consolidated net profit to Rs 22.2 crore in Q3 FY26 compared to Rs 8.2 crore posted in the same quarter last year. Revenue jumped by 81.08% YoY to Rs 134 crore in Q3 FY25.

VA Tech Wabag rose 0.46%. The company announced that its joint venture has secured an Asian Development Bank (ADB)-funded ‘mega’ order from the Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB). The company classifies a ‘mega’ order as a contract with a value exceeding Rs 1,000 crore.

SEAMEC rose 3% after the company said a consortium comprising SEAMEC and Supreme Hydro Engineering has received a notification of award from Oil and Natural Gas Corporation (ONGC) for operation and maintenance services of the vessel Samudra Sevak.

Global Markets:

European markets opened higher on Monday despite the ongoing unrest in the Middle East and elevated global oil prices.

Asian markets traded lower as investors assessed elevated oil prices and the latest developments in the escalating U.S.-Iran conflict.

U.S. crude prices topped $100 per barrel as the Trump administration weighed military strikes on Tehrans Kharg Island, a strategically vital hub often referred to as Irans oil lifeline.

President Donald Trump on Friday reportedly ordered strikes against Iranian military assets on Kharg Island and warned of further attacks on crude facilities located there. Mike Waltz, the U.S. ambassador to the United Nations, repeated the warning Sunday, as per media reports.

According to a global research house, a surge in energy prices stemming from the war in Iran could shave about 0.3% off global GDP over the next year, while pushing headline inflation higher by roughly 0.5% to 0.6%.

Higher natural gas prices are expected to add further inflationary pressure and growth headwinds, particularly in Europe and Asia, with risks skewed toward larger impacts if the Strait of Hormuz remains closed, the research firm has reportedly said.

On the data front, retail sales in China for the first two months of the year rose 2.8% from a year earlier, beating the widely reported forecast for 2.5% growth, but a notable slowdown from the 4% growth in the January-February period in 2025.

Industrial output climbed 6.3%, also exceeding widely reported expectations for a 5% jump. Industrial production has been a relative bright spot in the worlds second-largest economy, thanks to resilient external demand, particularly from European and Southeast Asian nations.

On Wall Street, US stocks closed red on Friday, despite showing some recovery and optimism after the opening bell.

The S&P 500 shed 0.61%, putting it 5% below its recent high and closing at 6,632.19. The Nasdaq Composite declined 0.93% to end at 22,105.36. The Dow Jones Industrial Average shed 119.38 points, or 0.26%, and settled at 46,558.47.

Rising oil prices tied to geopolitical tensions have weighed on market sentiment, keeping investors cautious.

Meanwhile, a federal judge on Friday rejected the Justice Departments attempt to subpoena Federal Reserve Chair Jerome Powell, delivering a significant legal victory for the central bank.

US District Judge James Boasberg ruled that the subpoenas issued by US Attorney Jeanine Pirro were improper and appeared to be politically motivated.

Mortgage rates climbed to their highest level since September on Friday as bond yields rose amid escalating tensions related to the war in Iran.

According to media reports, the average rate on a 30-year fixed mortgage reached 6.41%. Mortgage rates tend to track movements in the 10-year US Treasury yield, which moved higher again on Friday, contributing to the latest increase in borrowing costs.

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Analysts remain bullish on Polycab despite near-term pressure; here's why

by Hansraj Agrawal | Mar 16, 2026 | Share Market

Polycab India share price: Brokerages maintained a constructive view on Polycab India as the medium-term growth outlook remained positive despite the near-term challenges. JM Financial and ICICI Securities have maintained their ‘Buy’ call for the stock.

Due to the war involving the US, Israel, and Iran, Polycab India is facing export disruptions from the Middle East, the highest contributor to its export portfolio, along with low volume growth, margin pressure, and high input costs. All these factors, analysts said, may curb the company’s March quarter (Q4FY26) operating profit margin.

Despite this, Polycab India remains confident of gaining market share. The demand will likely improve as new opportunities arise, and export disruption may also decrease in the medium-term, further supporting growth outlook, analysts said.

Shares of Polycab India were quoting at ₹7,080 per share, down 1.4 per cent on the National Stock Exchange (NSE). The stock is seen underperforming the Nifty50 index, which was up 0.07 per cent as of 12:01 PM.

Here’s a detailed view from brokerages on Polycab India

JM Financial | Buy | Target price: ₹9,000

JM Financial kept the rating and target price unchanged for Polycab India stock as the company remained confident of its growth in the next three to four years despite the near-term challenges.

The company’s growth remains on track, driven by a strategic blend of infrastructure development, electrification, and sustained industrial capex. The growth will be further bolstered by the emergence of new data centre capacities. Simultaneously, the organisation is scaling its geographic reach by strengthening its distribution footprint, with a particular focus on capturing untapped potential within the Tier-3 markets, the brokerage said.

Meanwhile, Polycab India’s business growth was weaker than initial expectations in March 2026 due to the ongoing war involving the US, Israel, and Iran. This impacted the volume growth of the fourth quarter (Q4FY26), which is usually the strongest period for any cable and wire company, the brokerage said.

JM Financial estimates that the volume growth will remain flat year-over-year in the March quarter (Q4FY26) if the Middle-East tension persists.

Negative operating leverage due to low volume and a disruption in exports will likely weigh on margins, the brokerage said.
“Consequently, the cable and wire earnings before interest, tax, depreciation, and amortisation (Ebitda) margin in the March quarter (Q4FY26) should remain at the upper end of its guided range of 12-14 per cent (240 basis points lower Y-o-Y),” it said.

However, JM Financial cut the earnings-per-share (EPS) estimates by 0-2 per cent over the financial year 2025 and 2028 to price in the impact of lower volume growth, export disruption due to the ongoing geopolitical uncertainty.

ICICI Securities | Buy | Target price cut to ₹7,800 from ₹7,900

ICICI Securities maintained a positive view on Polycab India, as the brokerage believes that the company may overcome near-term challenges. Market share gains, premium portfolio growth, and a positive medium-term demand outlook will support the company’s future growth trajectory. However, the brokerage slashed the target price to factor in the near-term uncertainty.

The brokerage believes that the current softness in demand is transitory, which indicates a timing shift in demand. This may lead to higher execution in the coming quarters on the back of pent-up demands.

New demand pockets will likely expand Polycab India’s addressable market over the next three to five years, ICICI Securities said. Data centres may represent an opportunity of ₹25,000–₹30,000 crore worth of cable demand. The brokerage also sees further opportunity rising for the company as electric vehicle infrastructure and defence applications segments emerge as high-growth niche segments.

“In our view, Polycab India has also gained market share from unorganised players. We believe the company’s deep distribution network remains a key competitive advantage in reaching smaller markets,” ICICI Securities said in a note.

Polycab India continues to focus on premiumisation and deeper distribution to drive growth in the business-to-customers (B2C) portfolio. The premium portfolio constitutes 20 per cent of overall fast-moving electrical goods (FMEG) revenues, which makes up 25 per cent of the premium mix. The share of premium will likely rise further in the medium term.

Polycab India has seen a disruption in exports in March due to the Middle-East conflict. The region contributes 20–22 per cent of export revenue in the nine months of the current financial year (9MFY26). However, strong demand from Latin America, US, and Europe is a saving grace for the company. ICICI Securities believe that the exports will normalise once the condition for logistics improves.

“We believe, exports remain a significant growth opportunity for Polycab, especially as global markets increasingly adopt a China+1 sourcing strategy,” the brokerage said.

ICICI Securities expects Polycab India to report 22.8 per cent net profit and 22.2 per cent revenue compound annual growth rates (CAGR), respectively, from financial year 2025 to 2027.

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Disclaimer: View and outlook shared belong to the respective brokerage/analysts and are not endorsed by Business Standard. Readers’ discretion is advised.

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Deep Industries shares jump 8% on inking MoU with Advait Greenergy

by Hansraj Agrawal | Mar 16, 2026 | Share Market

Deep Industries shares jumped 8.1 per cent in trade on the BSE, logging an intra-day high at ₹358.75 per share. At 11:29 AM, Deep Industries’ share price was trading 4.4 per cent higher at ₹346.2. In comparison, Sensex was up 0.12 per cent at 74,652.24.

The buying on the counter came after the company entered into a memorandum of understanding (MoU) with Advait Greenergy Pvt Ltd (AGPl) to jointly bid for and execute green hydrogen project tenders floated by government bodies, PSUs and other entities in India and overseas, as per an exchange filing.

According to the filing, the MoU is part of the company’s strategic growth initiatives and is intended to create a framework for collaboration in participating in tenders and executing projects if awarded.

Under the MoU, Deep Industries and AGPL will work together on:

Preparing and submitting joint bid proposals

Making technical submissions and financial responses

Executing the project upon award, based on the respective scope defined in the MoU

The company said the parties may jointly pursue tenders floated by entities such as NTPC, SECI, IOC, HPCL, BPCL, GAIL, other PSUs, state utilities and other organisations.

Key terms

No upfront consideration has been paid for entering the strategic tie-up

The MoU is valid for two years from March 13, 2026, and may be extended by mutual agreement

The company said the transaction is not a related party transaction

Deep Industries said the collaboration aims to leverage the strengths of both companies to expand business opportunities in the green hydrogen space.

Deep Industries specialises in providing Air and Gas compression services, drilling and workover services, gas dehydration services, and also has expertise in Integrated Project Management Services.

The company has grown up to be a “One Stop Solution” provider for every need in Oil and Gas field operations by providing various equipment and services under a rental and chartered-hire basis. Its comprehensive portfolio includes various machines, equipment, and tools to be used in the Oil and Gas Industry, from exploration & production services to midstream services.

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Goodluck India commences first overseas dispatch of heavy calibre empty shells

by Hansraj Agrawal | Mar 16, 2026 | Share Market

Goodluck India said that its subsidiary Goodluck Defence & Aerospace has commenced its first overseas dispatch of 155 mm heavy calibre empty shells from its manufacturing plant in Uttar Pradesh.

This dispatch represents a structured and milestone-driven journey undertaken by the Company over the past few months, and a significant advancement in the Companys expansion into international markets, strengthening its position within the global defence supply chain, Goodluck India stated.

Beginning with the establishment of a dedicated manufacturing facility for 155 mm heavy calibre empty shells, the company progressively built the required infrastructure, systems, and quality processes necessary to operate within the defence manufacturing ecosystem.

Following this, requisite technical validations and manufacturer approvals were secured, enabling the company to participate in the global supply chain.

Subsequently, the Company successfully procured its first export order, obtained all necessary internal and regulatory clearances for acceptance and execution, and has now commenced dispatch.

Mahesh Chandra Garg, chairman, Goodluck India, said: We have moved forward in a deliberate and sequential manner to strengthen and expand our business operations.

With this first overseas dispatch, we transition from capability creation to sustained commercial participation in the global defence supply chain.”

Goodluck India is an engineering solutions provider. It makes defence products, high-end forgings, and heavy steel structures. The company also builds components for high-speed rail and infrastructure projects. It manufactures precision tubes for the automotive sector and other industries.

The company’s consolidated net profit rose 6.52% to Rs 43.64 crore on a 10.12% increase in revenue to Rs 1,027.95 crore in Q3 FY26 as compared with Q3 FY25.

The scrip fell 1.13% to currently trade at Rs 1014.05 on the BSE.

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Avio Smart Market Stack (Bartronics India) collaborates with Agrosperity Tech Solutions

by Hansraj Agrawal | Mar 16, 2026 | Share Market

Avio Smart Market Stack (ASMS), formerly known as Bartronics India, has entered into a (MoU) with Agrosperity Tech Solutions, the company behind the KiVi (Kisan Vikas) platform, to explore collaborative initiatives aimed at strengthening India’s agricultural ecosystem through digital technology, financing, and supply-chain integration.

The collaboration forms part of Project AVIO Agritech, ASMS’s initiative to develop an integrated agri-services ecosystem by leveraging the company’s extensive rural outreach and financial inclusion infrastructure.

Through this MoU, the two companies will explore collaboration across multiple areas of the agricultural value chain. The partnership will focus on leveraging ASMS’s rural network to generate farmer leads for agricultural credit solutions, while also supporting agri-commodity supply chain financing for buyers and suppliers. In addition, the collaboration will seek to expand distribution channels for agricultural inputs and explore opportunities in commodity warehousing and post-harvest infrastructure. The companies will also evaluate initiatives related to climate and sustainability, including the development of carbon sequestration solutions for the agriculture sector.

The partnership aims to combine ASMS’s rural outreach and ecosystem access with Agrosperity’s digital and commerce capabilities to develop scalable solutions for farmers, agri-entrepreneurs, and rural enterprises.

The MoU with Agrosperity forms part of the broader ecosystem being built under Project AVIO Agritech, through which ASMS has been working with multiple domain partners across environmental solutions, and sustainable agriculture to develop new programs for the rural economy.

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GSP Crop Science IPO opens today: Check GMP, price band, key dates, review

by Hansraj Agrawal | Mar 16, 2026 | Share Market

GSP Crop Science IPO: The initial public offering (IPO) of GSP Crop Science, an agrochemical company, opens for public subscription today, March 16, 2026. The company aims to raise ₹400 crore through its mainline issue comprising a fresh issue of 7.5 million equity shares and an offer for sale (OFS) of 5 million shares.

Ahead of its IPO, the company raised ₹120 crore from two anchor investors on March 13. The company has allotted 3.75 million shares to anchor investors at the upper end at the price of ₹304 to ₹320 per share. Craft Emerging Market Fund PCC and Shine Star Build Cap participated in the anchor round, according to a circular uploaded on BSE’s website.

GSP Crop Science IPO GMP

On Monday, the unlisted shares of GSP Crop Science were trading flat at ₹320, the upper band price, according to the sources tracking unofficial markets.

GSP Crop Science IPO review

According to SBI Securities, the second half of the fiscal year is seasonally weak for crop protection chemical manufacturers, and the current rise in raw material and freight costs due to the Middle East war is likely to impact performance in Q4FY26. Additionally, the 2026 monsoon is likely to be weaker than last year due to the possible development of El Niño conditions, which could impact the acreage and the resultant demand for insecticides, herbicides, and fungicides.

“At the upper price band of the issue price of ₹320, the IPO is valued at 18.3x FY25 P/E, which is at a premium to peers that are domestic market focused,” the brokerage said in its note. Hence, it assigned a ‘Neutral’ rating and would like to monitor the company’s performance for a few quarters post-listing.
READ | Innovision IPO extended to Mar 17: Check price band, subscription, GMP

Here are the key details of the GSP Crop Science IPO:

GSP Crop Science IPO key dates

The subscription window for the issue will close on Wednesday, March 18, 2026. The share allotment process is expected to be concluded by Friday, March 20. The company is expected to list its shares on the exchanges, NSE and BSE, on Tuesday, March 24.

GSP Crop Science IPO lot size

GSP Crop Science has set the price band for the issue in the range of ₹304 to ₹320 per share. The lot size for an application is 46 shares. Accordingly, a retail investor would require a minimum investment amount of ₹14,720 to bid for at least one lot and in multiples thereof.

GSP Crop Science IPO registrar, lead manager

MUFG Intime India is serving as the registrar for the issue. Equirus Capital and Motilal Oswal Investment Advisors are the book-running lead managers.

GSP Crop Science IPO objective

According to the red herring prospectus (RHP), the company plans to utilise ₹170 crore from the net fresh issue proceeds for repayment or prepayment of certain borrowings availed by the company. The remaining funds will be used for general corporate purposes.

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