Adani Power Surges on 1,600 MW Power Supply Deal; Nifty Oil & Gas Continues Decline & More – Paper by Pocketful
Market Recap: 16th March, 2026
Stock News Highlights
Adani Power (+5.11%): Stock rose sharply after the company received a Letter of Award (LoA) from Maharashtra State Electricity Distribution Company (MSEDCL) for the supply of 1,600 MW thermal power under a long-term Power Supply Agreement.
Bajel Projects (+20.00%): Stock hit a 20% upper circuit after the company secured an EPC contract worth over ₹700 crore from Maharashtra State Electricity Transmission Co. (MSETCL) to establish a 400/220 kV AIS substation at Saswad, Pune, along with associated transmission lines.
Waaree Energies (+2.35%): Stock rose after the company announced plans to set up a 10 GW integrated ingot and wafer manufacturing facility in Nagpur, Maharashtra, with an investment of ₹6,200 crore.
Data Patterns India (-3.70%): Stock declined despite the company receiving a ₹288 crore order from the Indian Meteorological Department (IMD) for the supply of 32 units of Doppler Weather Radars.
Sectoral Performance
Auto | Nifty Auto (+1.67%): The sector rebounded after three consecutive days of decline, led by 10 gainers and 5 losers, as buying interest returned in major automobile stocks supported by improved market sentiment.
Financial Services | Nifty Fin Services (+1.50%): The index moved higher with buying in major financial stocks, led by HDFC Bank, ICICI Bank, and SBI, as the broader market remained positive.
Oil & Gas | Nifty Oil & Gas (-1.58%): The index declined for the second consecutive session, with 3 gainers and 12 losers, as selling pressure persisted in major oil & gas stocks amid elevated crude oil prices and ongoing U.S - Iran conflict concerns, keeping investor sentiment cautious.
Realty | Nifty Realty (-1.57%): The index remained under pressure amid continued selling in major real estate stocks, as the sector has declined nearly 18% over the past month. Weak sentiment persisted with stocks like DLF, Oberoi Realty, and Lodha Developers hitting 52-week lows, reflecting concerns over high interest rates, inflation, and slowing housing demand.
Market Insights
Technical Level: The index opened flat with a slight downside, making a support near 22,950 in early trade. It then rebounded from that level and traded in a narrow range during the session. Near closing, the market witnessed a sharp rally, adding positivity to the index and closing near the key resistance level of 23,500.
Advance-Decline Ratio: Despite benchmark indices closing in the positive, overall market sentiment remained weak, with 1,074 stocks advancing and 2,212 declining, indicating broader selling pressure across the market.
The Big Picture: India will seek vessel-by-vessel clearance from Iran for ships transiting the Strait of Hormuz amid rising regional tensions. Indian LPG and crude tankers carrying energy supplies are safely heading to India, with ports preparing priority berthing. The government is actively coordinating with Iran to ensure secure passage for critical energy shipments.
FII/DII Activity (Mar 13, 2026):FIIs remained heavy sellers, offloading ₹10,716 crore, while DIIs bought ₹9,977 crore. Notably, DII buying failed to offset FII selling, something that has rarely happened in recent months, reflecting continued pressure from foreign investors.
Watch Out For Tomorrow
IPO Corner: Innovision IPO is set to close tomorrow, giving investors the final opportunity to bid for the issue before the subscription window ends.
Index Watch: Nifty may open on a cautious note today after recent volatility and is expected to find immediate support near the 23,000–23,100 zone. The market may trade in a range during the session, with resistance placed around 23,500. A move above this level could trigger short-covering, while a break below 23,000 may lead to further downside pressure.
5-Day Course
Theme: Understanding Mutual Funds for Indian Investors
Day 1 – What Are Mutual Funds? (Understanding the Basic Idea)
A mutual fund is a professionally managed investment vehicle that pools money from many investors and invests it in assets such as stocks, bonds, or other securities.
Instead of selecting and managing individual investments yourself, a professional fund manager makes investment decisions on behalf of investors.
In India, mutual funds are regulated by SEBI (Securities and Exchange Board of India) and managed by Asset Management Companies (AMCs) such as SBI Mutual Fund, HDFC Mutual Fund, and ICICI Prudential Mutual Fund.
When you invest in a mutual fund, you receive units of the fund based on its Net Asset Value (NAV).
Three important components define every mutual fund:
Net Asset Value (NAV)
This represents the per-unit price of the mutual fund and is calculated daily based on the value of underlying assets.
Fund Manager
The professional responsible for selecting and managing the portfolio.
Expense Ratio
This is the annual fee charged by the fund house for managing the fund.
For beginners, the key takeaway is simple:
Direct stock investing requires selecting individual companies, while mutual funds allow investors to participate in markets through professional management and diversification.
Word of the day
Exit Load: It is a fee charged by a mutual fund when an investor redeems their units before a specified holding period, acting as a penalty for early withdrawal and encouraging long-term investing.