RITES Secures LoA for Railways High-Speed Test Track Maintenance; US Pursuing Deal with Iran Trump Says & More – Paper by Pocketful
Market Recap: 23rd March, 2026
Stock News Highlights
RITES (-3.96%): Stock declined despite the company securing a Letter of Acceptance (LoA) for the maintenance of Indian Railways’ first high-speed test track. The 64-km dedicated track, developed by RDSO, is aimed at comprehensive testing of rolling stock.
NBCC (-5.74%) Stock down amid weak market sentiment despite securing a ₹58.61 crore Odisha university project, involving construction, infrastructure development, and PMC services.
L&T Technology Services (-4.75%): Stock fell sharply despite expanding its AI-led BlueVerse Tech platform with AppIQ, AgentIQ, and FusionIQ to accelerate software development and reduce engineering effort.
Vedanta (-3.93%): Stock declined despite announcing a third interim dividend of ₹11/share (₹4,300 crore payout) and providing clarification on the Jaiprakash Associates acquisition.
Sectoral Performance
Consumer Durables | Nifty Consumer Durables (-5.17%): The sector declined with most stocks in the red, dragged by profit booking and weak demand outlook, led by Titan Company, Dixon Technologies, and Voltas.
Metal | Nifty Metal (-4.81%): The index entered the correction zone, pressured by falling copper prices (down 11% in a month), with heavy selling in Tata Steel, JSW Steel, and Hindalco.
Realty | Nifty Realty (-4.74%): The sector declined sharply amid rising West Asia tensions, triggering a broad selloff, with heavy losses in Lodha, DLF, and Prestige Estates.
Defence | Nifty India Defence (-4.64%): The sector traded lower today, witnessing profit booking across stocks, amid weak market sentiment and lack of fresh triggers, leading to broad-based selling pressure in defence counters.
Market Insights
Technical Level: Nifty Opened with a gap-down, witnessing heavy selling at the start of the session. The index faced resistance at 22,840 and found support near 22,470, with negative sentiment dominating.
Advance-Decline Ratio: Market breadth remained Negative with advances at 331 and declines at 3,007, indicating broader Selling across the market.
The Big Picture: Donald Trump said the United States is strongly pursuing a deal with Iran, delaying potential military strikes after reported talks. Iran denied any negotiations, calling it psychological warfare. Markets reacted positively, with stocks rising, the dollar weakening, and oil prices declining on easing tensions.
FII/DII Activity (Mar 19, 2026): Domestic institutional investors bought 12,034, while foreign institutional investors sold 10,414, indicating mixed sentiment but overall domestic support in the market.
Watch Out For Tomorrow
IPO Corner: Central Mine Planning & Design Institute IPO is set to close tomorrow, giving investors the final opportunity to bid for the issue before the subscription window ends.
Macro: Japan Inflation Rate YoY (Feb) & India HSBC Manufacturing PMI Flash (Mar) data are scheduled to be released on Monday , which may influence global market sentiment.
Index Watch: Nifty opened on a negative note, reflecting heavy selling pressure as the market continues to form lower lows. As we highlighted in Friday’s newsletter, the index tested support around 22,600 and is still hovering near that zone amid weak global cues. However, improved sentiment after Donald Trump signaled willingness to negotiate with Iran has lifted GIFT Nifty by nearly 3%, indicating a potential short-term bounce. Despite this, the broader trend remains weak and any upside may not signal a reversal. Traders should remain cautious, with immediate support near 22,000 and resistance around 22,800, pointing to continued volatility ahead.
5-Day Course
Theme: How to Invest in a Falling Market
Day 1 – Understanding a Falling Market (Opportunity vs Fear)
A falling market, also known as a correction or bear phase, occurs when stock prices decline due to economic concerns, global events, or negative sentiment. Most investors panic and exit, but experienced investors see this as an opportunity to buy quality assets at discounted prices.
Market declines are temporary, but wealth creation is long-term. Historically, markets have always recovered and gone on to make new highs.
Example: If a good mutual fund falls from ₹100 to ₹80 NAV, it doesn’t mean it’s bad—it may simply be undervalued.
Key Takeaway:
Market falls are normal
Panic selling leads to losses
Smart investors prepare to invest, not exit
Word of the day
Rupee Cost Averaging: Rupee Cost Averaging is an investment strategy where you invest a fixed amount regularly, regardless of market conditions, buying more units when prices are low and fewer when prices are high.