Indian stocks extended their bull run for the third straight session on Wednesday, March 19, driven by gains in financials, heavyweight stocks, and value buying in beaten-down counters. Despite weak sentiment on Wall Street ahead of the Federal Reserve’s monetary policy decision, domestic markets remained resilient, driven by positive macroeconomic factors.

Barring IT and FMCG, all major sectoral indices finished the session in green, with metals garnering significant interest, driven by the 12% safeguard duty recommended by the Directorate General of Trade Remedies (DGTR) on the import of certain steel products to curb imports.

Against this backdrop, the Nifty 50 ended the session with a gain of 0.32%, closing at a three-week high of 22,907 points, while the Sensex wrapped up the trade with a 0.22% gain, finishing at a three-week high of 75,468 points.

The broader market outperformed the benchmark indices for the second consecutive session, with the Nifty Midcap 100 index rising 2.63% to close at 50,817. Likewise, the Nifty Smallcap 100 index gained 2.43%, ending the session at 15,747 points.

PSU defense stocks have gained strong momentum, with Garden Reach Shipbuilders, Mazagon Dock, and Bharat Dynamics rallying up to 20% amid renewed interest in the sector, driven by a potential India-US bilateral trade deal and Germany’s defense spending package.