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An evening walk down D-Street: A blockbuster close to March series; 11,600 crucial going ahead

The Nifty Bank rose 3,631 points in March series, biggest ever gain in a series, and Nifty rallied 7.2 percent or 777 points in the same period to register its biggest gains since January 2015.

March 28, 2019 / 05:23 PM IST
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The Nifty not just reclaimed 11,550 but also registered a fresh 6-month closing high while Sensex rallied by over 400 points on March 28.

The final tally – the S&P BSE Sensex closed 412 points higher at 38,545 while the Nifty50 ended 124 points up at 11,570.

The rally was largely led by banks, and IT stocks. The Bank Nifty hit yet another record high of 30,496, led by gains in Bank of Baroda (up 7 percent), SBI (up 3.3 percent), YES Bank (up 2.8 percent), Axis Bank (up 2.8 percent), and RBL Bank (up 2.3 percent).

Except for metal, all other sectoral indices ended in green led by banks, IT, infra, FMCG, auto, energy and pharma.


The Bank Nifty rose 3,631 points in March series, biggest ever gain in a series, and Nifty rallied 7.2 percent or 777 points in the same period to register its biggest gains since January 2015.

The next big question is: Can we hit a record high in April series? Well, after a smart rally seen in March, experts feel that 11,600 will act as a crucial hurdle for the index, and a weekly close above this level could open room for fresh record highs towards 11,800.

“We have seen a stellar rally in today’s session but if we look closely there has been a constant battle between the bulls as well as the bears in March. Although we have closed near to record highs, 11,600 will act as a crucial resistance level for the index in April series,” Meghana V Malkan, co-founder, Malkansview told Moneycontrol.

“Bulls victory can only be confirmed once the index close above 11,600 on a weekly basis, which will open room for the index to rally to a record high towards 11,800,” she said.

Stocks in news

IT stocks move higher as IT sector hiring trends have been strong for two months. The rally was led by stocks like HCL Tech, TCS, NIIT Tech, and Infosys.

HCL Technologies was the top Sensex gainer after BofA-ML upgraded the stock to buy from neutral and also hiked its target price from Rs 1,060 earlier to Rs 1,250 that translates into an upside of nearly 20 percent from March 27 closing price.

Shares of Dewan Housing Finance Corporation surged 9 percent after CNBC-TV18 reported that Piramal Enterprises was in advanced stages of negotiation to acquire a major shareholding in the company.

However, later DHFL said it has not taken any such decision as of now. “The board of directors had constituted a special committee to evaluate such interest. However, no further discussions or decision in relation to the same have been made by the board,” the NBFC said in a regulatory filing.

SBI gained 3 percent after Credit Suisse lifted earnings estimates on expected stronger net interest margin.

Shares of Adani Ports rallied 4 percent after the company became the first Indian port operator to record 200 Million Metric Tons (MMT) cargo movement.

Reliance Communication tanked nearly percent after lenders of the company invoked 15.6 percent of promoters' pledged shares between March 25-27.

Bank of Baroda surged more than 6 percent after the government decided to infuse Rs 5,042 crore into the state-owned bank.

Global Update

European markets are trading higher after report stating progress in trade talks between the US and China.

Asian markets closed lower on the back overnight fall on Wall Street. Nikkei shed 1.61 percent to 21,033.76 and Shanghai Composite was down 0.92 percent to 2,994.94.

Kospi declined 0.82 percent to end at 2,128.10, while Hang Seng ended higher at 28,775.21.

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Kshitij Anand is the Editor Markets at Moneycontrol.
first published: Mar 28, 2019 05:19 pm
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