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Taking Stock | On third day of gains, Sensex surges 740 points, Nifty flirts with 17,500

On the sectoral front, Nifty Bank, auto and PSU bank added a percent each, while the metal index fell 2 percent

March 30, 2022 / 04:51 PM IST

The Indian equity benchmark rose for the third straight session on March 30, rallying to a six-week high on progress in Russia-Ukraine talks and gains in auto, IT, bank, capital goods and realty names.

At close, the Sensex was up 740.34 points, or 1.28 percent, at 58,683.99, and the Nifty was up 173 points, or 1 percent, at 17,498.30.

"High volatility prevailed in the global market but peace talks between Russia and Ukraine gave hopes of de-escalation of the war, helping the domestic market to trade with confidence," said Vinod Nair, Head of Research at Geojit Financial Services.

The easing of crude and other commodity prices also supported the market, he added.

Bajaj Finserv, HDFC Life, Tata Consumer Products, Bajaj Finance and Hero MotoCorp were among the top Nifty gainers. ONGC, Hindalco, JSW Steel, ITC and Tata Steel were the top losers.

Close

On the sectoral front, Nifty Bank, auto and PSU bank added a percent each, while the metal index fell 2 percent.

Stocks and sectors

On the BSE, auto, IT, bank, capital goods and realty indices rose 1 percent each. The metal index shed nearly 3 percent, power index 0.4 percent and oil & gas 0.8 percent.

IndexPricesChangeChange%
Sensex54,177.511,203.67 +2.27%
Nifty 5016,219.05376.75 +2.38%
Nifty Bank34,270.75673.15 +2.00%
Nifty 50 16,219.05 376.75 (2.38%)
Tue, May 17, 2022
Biggest GainerPricesChangeChange%
Hindalco428.2037.25 +9.53%
Biggest LoserPricesChangeChange%
Cipla927.05-6.35 -0.68%
Best SectorPricesChangeChange%
Nifty Metal5702.15342.20 +6.38%
Worst SectorPricesChangeChange%
Nifty Pharma12725.60117.30 +0.93%

The broader indices underperformed the frontliners. The BSE midcap index rose 0.8 percent and the smallcap index 1 percent.

A long build-up was seen in Godrej Consumer Properties, Dalmia Bharat, L&T Infotech, while a short build-up was seen in the ONGC Hindalco Industries and JSW Steel.

More than 100 stocks touched their 52-week high on the BSE. These included SRF, Intellect Design Arena, Adani Enterprises and Delta Corp.

Among individual stocks, a volume spike of more than 100 percent was seen in Tata Consumer Products, Torrent Power and ONGC.

Outlook for March 31

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

The bulls were back in action ahead of the F&O expiry, which helped the Sensex close above the crucial 58,000-mark.

Investors cheered the progress in Russia and Ukraine peace talks, which provided some stability to markets globally. The fall in crude prices, which would help keep a lid on rising inflation, also aided the rally.

The market is trading near its important resistance level and has formed a small Hammer candlestick.

As long as the Nifty trades above 17,400, the breakout structure is likely to persist till 17,600-17,645. On the flip side, below 17,400, the index could retest 17,350-17,265.

Sachin Gupta, AVP-Research, Choice Broking

Technically, the Nifty has been rising for the last three sessions and has moved above the prior swing highs. The index has sustained above 100-EMA on the daily chart which suggests bullish strength for the coming day.

The momentum indicator RSI (14) is moving above the 60 level and MACD is pointing to a positive crossover, supporting the bullish trend.

The index has support at 17,340, while resistance comes at 17,650. On the other hand, the Bank Nifty has support at 35,700, while resistance is at 36,900.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas

For the Nifty, the leap that started from 17,000 continued on March 30 and the index tested the crucial 17,500-mark but couldn’t hold on to it.

Unless 17,500 gets taken out on a closing basis, the index will stay in a consolidation range of 17,000-17,500.

If it closes above 17,500, the tables will turn in the favour of the bulls. The Nifty can then move towards 18,000. So, at present, the index is hovering around a make or break level from a short-term perspective.

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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Rakesh Patil
first published: Mar 30, 2022 04:51 pm
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