Market Rally Continues for Third Day; Varun Beverages Subsidiary Acquires Crickley Dairy Stake & More – Paper by Pocketful

Mar 18, 2026

Varun Beverages (+2.15%): Stock rose after its subsidiary agreed to acquire 100% stake in Crickley Dairy, South Africa, for ₹131.4 crore to expand into dairy and juice segments.
Mafatlal Industries (+6.90%): Stock gained after winning a ₹114 crore order from OCAC to establish 500 robotic labs across 16 districts in Odisha over five years.
Tech Mahindra (+3.23%): Stock rose after its subsidiary agreed to acquire a 20% stake in Tech Mahindra Arabia from Midad for ₹2.06 billion, strengthening Middle East presence.
Tata Steel (-0.01%): Stock remained unchanged after board approved merger of Neelachal Ispat Nigam and plans to invest up to $2 billion in subsidiary T Steel Holdings from FY27.

Media | Nifty Media (+3.35%): The sector extended gains for the second consecutive session, led by broad-based buying with 9 gainers and 1 loser, supported by improving sentiment and selective accumulation.
IT | Nifty IT (+2.78%): The sector extended sharp gains, led by Infosys, TCS, and HCL Tech, driven by short covering and bargain buying amid improving global cues and easing volatility.
Metal | Nifty Metal (-0.10%): The sector declined amid mild profit booking and weak global cues, with a mixed trend as 8 stocks advanced while 6 declined, reflecting cautious sentiment.
FMCG | Nifty FMCG (-0.05%): The sector edged lower with minor decline, dragged by losses in HUL, ITC and Radico, while overall sentiment remained stable across other stocks.

Technical Level: Nifty opened with a gap up and witnessed a sharp rally, making support at 23,630 in early trade. The index continued its upward momentum to form resistance near 23,860, followed by a minor decline towards closing.
Advance-Decline Ratio: Market breadth remained strong with advances at 2,537 and declines at 706, indicating broad-based buying across the market.
The Big Picture: U.S. Treasury yields fell, with the 10-year at 4.17%, 30-year at 4.82%, and 2-year at 3.65%, as investors await the Federal Reserve’s rate decision. Markets expect rates to remain at 3.5%–3.75%. Lower yields reflect cautious sentiment. Meanwhile, oil prices declined despite geopolitical tensions, as rising U.S. crude inventories eased supply concerns.
FII/DII Activity (Mar 17, 2026): Domestic Institutional Investors (DIIs) bought ₹5,225 crore, while Foreign Institutional Investors (FIIs) sold ₹4,741 crore, reflecting continued domestic support amid foreign outflows.

Macro: USA Fed Press Conference & Japan BoJ Interest Rate Decision data are scheduled to be released tomorrow , which may influence global market sentiment.
Index Watch: Nifty extended its rally for the third straight session, showing strong buying from lower levels. The index tested resistance near 23,850 and witnessed slight profit booking towards close. The weekly structure indicates a bullish rebound, but sustainability above 23,850 is crucial. Continued global support may drive further upside, while rejection could lead to consolidation.

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Market Risk
The value of mutual funds fluctuates with the overall market. Equity funds are particularly sensitive to stock market movements.

Credit Risk
Debt mutual funds investing in corporate bonds may face the risk that a borrower fails to repay interest or principal.

Interest Rate Risk
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Liquidity Risk
Certain securities held by a fund may become difficult to sell during stressed market conditions.

Understanding these risks helps investors choose funds aligned with their risk tolerance and investment horizon.

Breakout: A breakout occurs when a stock or index moves above a key resistance level with strong momentum, often indicating the start of a new upward trend and potential further gains.

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