Mumbai, March 18 (IANS) Equity frontline indices opened higher on Wednesday, extending gains for the third consecutive session as markets bounced back from last week’s sharp correction triggered by the West Asia conflict.

Sensex opened at 76,367, up 296 points or 0.39 per cent, while the Nifty started about 50 points higher at 23,632, registering a gain of 0.22 per cent.

In the broader market, smallcap stocks witnessed the sharpest uptick. The Nifty Smallcap 50 rose 0.51 per cent, while the Nifty Smallcap 100 and Nifty Smallcap 250 gained 0.39 per cent each.

Benchmark broader indices also moved higher, with the Nifty 100, Nifty 200 and Nifty 500 rising around 0.35 per cent.

In the midcap space, the Nifty Midcap 50, Nifty Midcap 100 and Nifty Midcap 150 advanced up to 0.30 per cent.

Sectorally, IT and auto stocks led the gains, while metals and chemicals remained under pressure.

Among Nifty constituents, HDFC Bank, ICICI Bank, Hindalco Industries, Tata Steel, JSW Steel and Cipla were among the top losers in early trade.

The Nifty IT index emerged as the top gainer, rising around 1 per cent to 29,063.95, rebounding after being among the worst performers in the previous session. The Nifty Auto index advanced 0.87 per cent to 25,335.50.

On the downside, the Nifty Metal index declined 0.75 per cent to 11,550.65, emerging as the top loser of the session. The Nifty Chemicals index fell 0.32 per cent to 26,275.70, while the Nifty Realty index slipped 0.18 per cent to 709.95.

An analyst said that Nifty is trading near a crucial resistance zone of 23,700–23,750, and a breakout above this range could push the index towards 23,800–23,850. Immediate support is seen near 23,400–23,450.

Another market expert said that the market is showing signs of recovery supported by value buying across metals, auto and banking stocks after recent corrections.

However, the expert cautioned that crude oil prices remain a key risk due to ongoing geopolitical tensions in the Middle East, which could keep volatility elevated.

“The market is likely to remain event-driven in the near term. Stability in crude oil prices and easing geopolitical concerns could support further recovery,” according to an expert.

In Asia, markets showed mixed trends, with Japan’s Nikkei 225 trading over 2 per cent higher, Hong Kong’s Hang Seng remaining largely flat, and South Korea’s KOSPI rising around 4 per cent.

--IANS

ag/na