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Taking Stock | Holi cheer for D-St; Sensex up 1,047 points, Nifty above 17,200

More than 100 stocks, including Titan Company, NDTV and HDIL, touched their 52-week high on the BSE

March 17, 2022 / 04:50 PM IST

The Indian market got into the Holi spirit on March 17, bringing cheer to investors as the benchmark indices gained nearly 2 percent on strong global cues and buying across sectors.

At close, the Sensex was up 1,047.28 points, or 1.84 percent, at 57,863.93, and the Nifty was up 311.70 points, or 1.84 percent, at 17,287. The market will be closed on March 18 on account of Holi.

After opening gap up and the market gains throughout the session, helped by declining crude oil prices, progress in Russia-Ukraine talks and FII buying.

"Global markets welcomed the fed decision to hike rates by 25bps as it was on expected lines. However, the Fed’s projection of another six hikes during the year is hawkish," said Vinod Nair, Head of Research at Geojit Financial Services.

"FIIs turning net buyers after a long wait was also a relief for the domestic market. With crude prices receding, war tensions calming down and foreign investors back to buying, we can expect the rally in the domestic market to continue."

HDFC, JSW Steel, Titan Company, SBI Life Insurance and Kotak Mahindra Bank were among the top Nifty gainers, while losers were Infosys, Cipla, IOC, Coal India and HCL Technologies.

All sectoral indices ended in the green, with Nifty auto and energy indices rising 2 percent each, while Bank, FMCG, pharma and metal rose over a percent each.

Also Read: Investors turn richer by Rs 19 lakh crore as Sensex adds over 5,000 points in 8 sessions

IndexPricesChangeChange%
Sensex62,293.6420.96 +0.03%
Nifty 5018,512.7528.65 +0.15%
Nifty Bank42,983.95-91.45 -0.21%
Nifty 50 18,512.75 28.65 (0.15%)
Fri, Nov 25, 2022
Biggest GainerPricesChangeChange%
HDFC Life586.6014.05 +2.45%
Biggest LoserPricesChangeChange%
Nestle19,529.35-206.10 -1.04%
Best SectorPricesChangeChange%
Nifty Midcap 10031587.70298.40 +0.95%
Worst SectorPricesChangeChange%
Nifty FMCG44102.60-139.20 -0.31%

Stocks and sectors

On BSE, except IT, all sectoral indices ended in the green. Auto and bank indices rose 2 percent each and realty index was up 3 percent.

Broader indices underperformed the main indices, with BSE midcap & smallcap indices gaining over a percent each.

A long build-up was seen in Trent, L&T Finance Holdings and Coromandel International, while a short build-up was seen in the ABB India, Atul and Apollo Hospitals Enterprises.

Among individual stocks, a volume spike of more than 200 percent was seen in Trent Sun TV Network and Titan Company.

More than 100 stocks touched their 52-week high on the BSE including Titan Company, NDTV and HDIL.

Outlook for March 21

Ajit Mishra, VP-Research, Religare Broking

The market made a strong start and gained nearly 2 percent in continuation to the prevailing recovery phase. In line with the previous session, the benchmark opened gap-up and remained range-bound thereafter.

However, noticeable traction on the broader front kept the participants busy till the end. Most sectoral indices contributed to the move, with realty, consumer durables and auto emerging as top gainers.

The recent rebound has certainly eased some pressure, however, lingering geopolitical tension combined with an uptick in the COVID case in China will continue to keep the participants on the edge.

On the index front, sustainability above 17,350 will pave the way for the 17,500-17,700 zone. In case of any decline, the 16,800-17,000 zone would act as a cushion. Participants should focus on sectors and stocks that are showing resilience and align the positions accordingly.

Amol Athawale, Deputy Vice President, Technical Research, Kotak Securities

Markets were in a sublime touch as rally across global indices gave a major fillip to local gauges. Major negative factors behind the recent crash are slowly on the wane, which is helping the markets to rejuvenate.

On the technical front, the support for Nifty has now shifted to 17,000 from 16,800 and as long as the index holds 17,000, the uptrend wave will continue till 17,450 and lift the index to 17,600.

However, 17000 could be the sacrosanct support level for the Nifty and close below the same could it slip to 16,900-16,800.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Rakesh Patil
first published: Mar 17, 2022 04:50 pm