The market extended the previous week rally, rising more than 1 percent on March 24 with Nifty hitting 23,700, intraday, amid buying across the sectors and a possible flexibility in President Trump’s tariff plan also added the fuel.
BSE Sensex and Nifty50 indices crossed 78,000 and 23,700 respectively for the first time since February 6.
Market opened strong with Nifty above 23,500, extending gains on six consecutive session and witnessed more buying as the day progress but final hour selling erased some of the intraday gains.
At close, the Sensex was up 1,078.87 points or 1.4 percent at 77,984.38, and the Nifty was up 307.95 points or 1.32 percent at 23,658.35.
Also Read - Market veteran Ramesh Damani says stocks went through a bull market correction
All the sectoral indices ended in the green with bank, capital goods, IT, oil & gas, power, realty, PSU Bank rose 1-3 percent.
BSE Midcap and Smallcap indices added more than 1 percent each.
Biggest Nifty gainers included Kotak Mahindra Bank, NTPC, SBI, Power Grid Corp, Tech Mahindra, while losers were M&M, Titan Company, IndusInd Bank, Trent, Bharti Airtel.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 73,583.22 | -1,690.23 | -2.25% |
| Nifty 50 | 22,819.60 | -486.85 | -2.09% |
| Nifty Bank | 52,274.60 | -1,433.50 | -2.67% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| ONGC | 281.95 | 11.75 | +4.35% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Shriram Finance | 903.80 | -52.20 | -5.46% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 29541.65 | -129.65 | -0.44% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 8249.45 | -331.60 | -3.86% |
90 stocks touched 52-week high on the BSE, including Kotak Mahindra Bank, Chambal Fertilisers, Shree Cements, Bajaj Finance, ICICI Bank, AAVAS Financiers, Narayana Hrudayalaya, Coromandel International, JSW Steel, AstraZeneca Pharma, Welspun Corp, Navin Fluorine, SRF, among others. Click here to view more
Outlook for March 25
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty has witnessed a further extension of its upward move, rising above the resistance level of 23,600. The RSI is in a bullish crossover, coupled with the fact that the price has been sustaining above the 50 EMA for the last three days.
In the short term, the index is likely to remain strong as long as it stays above the support level of 23,500. Only a decisive fall below 23,500 might trigger a small correction in the market.
Aditya Gaggar Director of Progressive Shares
The Bulls strengthened their hold on the market for the sixth consecutive day, with Nifty50 continuing to compound its gains and finishing the trade at 23,658.35 with notable gains of 307.95 points. All the sectors ended in green, with Banking Indices leading the charge, followed by the Realty and Energy sectors. Mid and Smallcap stocks largely mirrored the movement of the Frontline Index.
With another bullish candle forming on the daily chart, the Index has now entered an extremely overbought zone, approaching its previous swing high of 23,800, which is expected to act as immediate resistance. On the downside, 23,400 will serve as the key support level. After such a stellar one-way rally, a pullback is expected to offer a necessary correction.
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.
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