Indian equity markets recorded a sharp rebound as the Sensex rose 300 points toward 80,000 and the Nifty closed near 24,737. Gains were driven by metal, pharma, realty, and defense sectors, with Reliance Industries, Adani Ports, and Hindalco among the top performers. Defense stocks surged following reports that the Indian Navy is finalizing a 99,000 crore rupees deal with ThyssenKrupp Marine Systems and Mazagon Dock Shipbuilders for six submarines. In the energy sector, two Russian tankers carrying 1.4 million barrels of Urals crude diverted to Indian ports amid West Asia supply chain concerns. While the IMF warns that escalating Iran conflicts could impact global energy prices and inflation, Indian refiners maintain 50 days of reserves. Additionally, FADA reported record auto retail sales in February, which jumped 26 percent year-on-year to 24 lakh units. Despite the rally in energy and metals, banking and IT stocks faced declines as market participants monitored geopolitical shifts and potential Strait of Hormuz disruptions.
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