After a rough start, benchmark indices Nifty and Sensex staged a dramatic afternoon rebound on March 11, completely erasing their early losses. A surge in metal and oil & gas stocks lifted sentiment, offering much-needed relief to investors. The broader market saw mixed trends, with midcaps holding steady while smallcaps extended losses, slipping 0.83 percent but recovering slightly from the day’s lows. Both are down over 24 percent and 27 percent from their peaks, yet analysts remain wary of valuations, warning that further downside may be ahead. Experts suggest that ongoing tariff conflicts and growing concerns about a potential federal government shutdown have fueled worries that the U.S. economy might be heading toward a recession. NMDC shares slipped over 2 percent after Kotak Institutional Equities said that the iron ore major is heading towards a sticky patch starting FY26, with its earnings likely to peak this year. The Kotak note anticipates a rise in India’s iron ore surplus over FY26-27, driven by lower exports and a ramp-up in merchant mining.