Indian equity markets extended their winning streak on fourth straight session on March 20, led by positive global markets after the US Federal Reserve held the benchmark interest rate steady and indicated more cuts later this year.
At close, the Sensex was up 899.01 points or 1.19 percent at 76,348.06, and the Nifty was up 283.05 points or 1.24 percent at 23,190.65.
On the back of positive global cues, the Indian indices had opened gap-up with Nifty above 23,000 and extended the gains to cross 23,200 intraday, before closing near day's high.
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All the sectoral indices ended in the green with metal, media, IT, FMCG, auto, consumer durables, realty, telecom up 1 percent each.
BSE Midcap and smallcap indices added 0.5 percent each.
Biggest gainers on the Nifty included Bharti Airtel, Titan Company, Bajaj Auto, BPCL, Britannia Industries, while losers were IndusInd Bank, Bajaj Finance, Trent, Shriram Finance.
More than 100 stocks touched 52-week low on the BSE, including KEI Industries, Paushak, Veritas, Kesoram Industries, GVK Power, Suyog Telematics, EKI Energy, among others. Click here to view more
Outlook for March 21
Aditya Gaggar Director of Progressive Shares
The Index began the weekly expiry trade with a strong opening, building on its positive momentum. After a slight dip at the start, Nifty50 continued to gain throughout the session, ultimately closing at 23,190.65 with notable gains of 283.05 points. All market segments ended the day in the green, with the Auto and FMCG sectors leading the way. In today's trade, buying was largely seen in Index based stocks which resulted in an underperformance by the Mid and Smallcap segments.
On the daily chart, Index has formed another bullish candle, breaking out from a Falling Wedge Formation, signaling a shift in trend towards the positive. However, on the hourly chart, the Index is in an overbought zone, suggesting that some sideways or corrective movement may occur. The immediate resistance is at 23,320, while the support level is at 23,000.
Ajit Mishra – SVP, Research, Religare Broking
The markets extended their winning streak for another session, posting gains of over one percent, driven by positive global cues. The dovish stance of the US Federal Reserve, which kept interest rates unchanged, provided relief to global markets and set the stage for a strong opening in the domestic market. Initially, the Nifty traded within a narrow range, but robust buying across sectors, coupled with short covering on the weekly expiry day, fueled further upside. As a result, the Nifty closed near the day's high at 23,190.65 level. All major sectors contributed to the rally, with auto, FMCG, and metal emerging as the top gainers. Meanwhile, broader indices also edged higher, each adding over half a percent.
The stability in global markets and moderation in FII selling have significantly improved sentiment. Notably, the recovery in banking and financial stocks, alongside strength in metal, real estate, and energy heavyweights, has played a crucial role in sustaining the momentum. Additionally, broader market participation and themes such as defense and railways have further eased pressure.
With Nifty decisively surpassing the 23,100 resistance and the banking index reclaiming its long-term moving average, the next target is now set at 23,400. Furthermore, the catch-up rally across sectors presents ample trading opportunities, and traders should focus on identifying strong stocks and utilizing dips to accumulate positions.
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