Indian shares ended higher for the second consecutive session on March 29 on positive global cues following reports of peace talks between Russia and Ukraine and a fall in crude prices.
At close, the Sensex was up 350.16 points, or 0.61 percent, at 57,943.65 and the Nifty was up 103.30 points, or 0.60 percent, at 17,325.30.
"Reports of peace talks between Russia and Ukraine along with weakening crude prices helped the global markets to trade firm. Gains in the Asian markets were led by Japanese shares as the Bank of Japan maintained its ultra-loose monetary policy in order to control rising yields," said Vinod Nair, Head of Research at Geojit Financial Services.
Crude prices settled following the prospects of peace talks and on the expectation of lower demand from the Chinese market due to increased Covid restrictions, he added.
Eicher Motors, Divi’s Labs, JSW Steel, HDFC and Adani Ports were among the top Nifty gainers. Hero MotoCorp, ONGC, Coal India, IOC and ITC saw the biggest fall.
Among sectors, the Nifty pharma index rose 1.5 percent, while PSU bank index shed 0.8 percent.
Stocks and sectors
On the BSE, except oil & gas and auto, all indices ended in the green. Healthcare and realty were up 1 percent each and capital goods index added 0.65 percent.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 54,326.39 | 1,534.16 | +2.91% |
| Nifty 50 | 16,266.15 | 456.75 | +2.89% |
| Nifty Bank | 34,276.40 | 960.75 | +2.88% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Dr Reddys Labs | 4,249.10 | 319.65 | +8.13% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Shree Cements | 22,001.20 | -215.15 | -0.97% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 5706.35 | 230.10 | +4.20% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 28789.40 | 437.25 | +1.54% |
BSE midcap and smallcap indices added 0.6 percent each.
A long build-up was seen in Ipca Laboratories, JK Cement and Max Financial, while a short build-up was seen in the Hero MotoCorp, ONGC and Coal India.
Over 100 stocks touched their 52-week high on the BSE. These included Adani Power, Nava Bharat Ventures, Jindal Steel & Power and Hindalco Industries.
Among individual stocks, a volume spike of more than 500 percent was seen in Indiabulls Housing, SAIL and L&T Finance Holdings.
Outlook for March 30
Rupak De, Senior Technical Analyst, LKP Securities
The Nifty ended the session just below the resistance of 17,330. The benchmark index witnessed a recovery following a hammer candle pattern on the daily chart.
Going forward, 17,330 may continue to act as the point of polarity.
A decisive move beyond 17,330 may induce a strong rally. On the lower end, support is visible at 17,200.
Palak Kothari, Research Associate, Choice Broking
The Nifty traded in the 17,000-17,400 range for the eighth day. The index opened in the green but dipped to the day’s low of 17,235.70 and closed at 17,325.30, gaining 103.30 points. The Bank Nifty closed the session at 35,847.40.
Technically, the Nifty is trading near the resistance levels and above the 50-day simple moving average, indicating further strength.
The index formed a hammer candlestick on the daily chart, which confirms strength in the counter.
The momentum indicator Stochastic saw a positive crossover on daily charts, pointing to upside movement. The index also managed to close above 21-HMA and if sustains above it, then the Nifty would head north.
The Nifty may find support around 17,000, while on the upside, 17,400 may act as an immediate hurdle.
The Bank Nifty has support at 35,300 and resistance at 36,500.
Rahul Sharma, Co-founder, Equity 99
The markets ended bullish, with the broader indices up by 0.60 percent. This was in the hope of a positive outcome of the Russia-Ukraine peace talks. The fall in oil price also supported the market.
However, rising inflation, increase in crude oil rates and the US Fed rate hike need to be considered. This can affect the market in the short term but in the long run, markets will give good move and we advise buy-on-dips strategy at major levels.
For the Nifty, 17,300 will act as support but if the index slips, 17,255 would be the next strong support, a breach of which can take the index to 17,150.
On the upper side, 17,440 will be strong resistance. If this level is breached, the next hurdle will be 17,530 and then 17,600.
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