The benchmark indices ended on a positive note on March 14 and also erased some of the previous session losses with Nifty around 22,150 amid buying across the sectors.
The market wiped out opening losses and traded higher for the rest part of the session with Nifty crossing 22,200 intraday and Sensex also comfortably closing above the 73,000 mark.
At close, Sensex was up 335.39 points or 0.46 percent at 73,097.28 and Nifty was up 149 points or 0.68 percent at 22,146.70.
Top gainers on the Nifty included Adani Enterprises, Adani Ports, Hero MotoCorp, Hindalco Industries and ONGC, while losers included Axis Bank, IndusInd Bank, Bajaj Finance, Tata Steel and JSW Steel.
Except for bank, all other sectoral indices ended in the green with telecom, power, oil & gas added 3 percent each, while auto, capital goods, FMCG, Information Technology, healthcare and metal rose 1-2 percent.
Broader indices outperformed the main indices with the BSE Midcap index rising 2.2 percent and Smallcap index gaining 3 percent.
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A long build-up was seen in Birlasoft, Ipca Lab and Ambuja Cements, while a long build-up was seen in Axis Bank, NMDC and Bajaj Finance.
Outlook for March 15
Aditya Gaggar Director of Progressive Shares
At last a relief rally was seen in the Indian equities. After a volatile opening trade, one-way recovery was seen, especially in the Mid and Smallcap segments which led to an overall uptick in the markets except for BankNifty.
Both Nifty50 and Sensex30 reclaimed their psychological support levels of 22,000 and 73,000 and gained by 149 & 335 points respectively.
With gains of almost 2%; Metal sector was the top performer while in the Index recovery, IT counters played a crucial role. A sharp rebound was witnessed in the broader markets as Mid & Smallcaps advanced by 2.02% & 3.45% respectively.
With a hidden bullish divergence in RSI, the Index has formed a small green candle indicating a continuation of an uptrend where the downside seems to be protected at 21,920 while the higher side is capped at 22,320.
Rupak De, Senior Technical Analyst, LKP Securities
The sentiment remains negative as the Index consolidated around the lower half of the previous session's candle on the daily timeframe. Additionally, the index has closed below the 21EMA with a bearish crossover in the RSI. However, bulls managed to push the Nifty back into the rising channel by the session's end, suggesting a possibility of a bullish trend reversal.
Looking ahead, the Nifty could encounter resistance in the 22200-22250 zone. Clearing the resistance at 22250 might propel it towards 22500 in the near term. Support levels are situated at 22050-22000.
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