In yet another volatile session on (March) monthly F&O expiry day, Indian equity markets managed to close with decent gains with Nifty rising above 17,100, and Sensex above 58,000, intraday.
At close, the Sensex was up 346.37 points or 0.60% at 57,960.09, and the Nifty was up 129 points or 0.76% at 17,080.70.
Amid mixed global cues, market started on a positive note and extended the gains as the day progress. However, mid-session selling erased all the gains but final hour buying across the sectors help to end near the day's high.
Stocks and Sectors
Adani Enterprises, Adani Ports, JSW Steel, Eicher Motors and HCL Technologies were among the biggest gainers on the Nifty, while losers were UPL, Bharti Airtel, Reliance Industries, ICICI Bank and Asian Paints.
Among sectors, auto, FMCG, PSU Bank, capital goods, realty and metal indices up 1-3 percent.
The BSE midcap and the smallcap indices added 1.5 percent each.
More than 500 stocks touched their 52-week lows on the BSE. These included, Rushil Decor, Marico, Dharani Sugars, Mastek, Chambal Fertilisers, Hathway Cable & Datacom, Gayatri Projects, Jubilant Pharmova, Vakrangee, Genesys International Corporation.
Index | Prices | Change | Change% |
---|---|---|---|
Sensex | 83,467.66 | 862.23 | +1.04% |
Nifty 50 | 25,585.30 | 261.75 | +1.03% |
Nifty Bank | 57,422.55 | 622.65 | +1.10% |
Biggest Gainer | Prices | Change | Change% |
---|---|---|---|
Nestle | 1,276.60 | 55.20 | +4.52% |
Biggest Loser | Prices | Change | Change% |
---|---|---|---|
HDFC Life | 742.85 | -18.30 | -2.40% |
Best Sector | Prices | Change | Change% |
---|---|---|---|
Nifty FMCG | 55853.90 | 1105.20 | +2.02% |
Worst Sector | Prices | Change | Change% |
---|---|---|---|
Nifty PSU Bank | 7688.75 | -34.35 | -0.44% |
Among individual stocks, a volume spike of more than 100 percent was seen in Oberoi Realty, Balrampur Chini Mills and Bajaj Auto.
A long build-up was seen in Adani Enterprises, Adani Ports and Aditya Birla Capital, while a short build-up was seen in Vodafone Idea, Indus Towers and Coromandel International.
Also Read - March auto volumes | PVs slowing down, 2W steady with no improvement: Nomura
Outlook for March 31
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
Nifty witnessed a trending day of trade today. It opened on a positive note and continued to inch higher throughout the day to close the day on a strong note up ~130 points. On the daily charts, we can observe that the narrow range of the previous couple of trading sessions has been broken on the upside. Indicating resumption of up move after a brief pause.
The daily and hourly momentum indicator has a positive crossover which is a buy signal. Thus, both price and momentum indicator is suggesting continuation of the positive momentum over the next few trading sessions.
On the upside initial resistance is placed at 17,207 and beyond that it can stretch higher till 17,500 levels. The crucial support zone is placed at 16,940 - 16,910.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Despite some hiccups, markets staged a smart rebound as investors placed bullish bets on the day of current month derivative expiry. Although there is no major change in global market sentiment, foreign investors turning net buyers of domestic equities in recent sessions has helped improve the overall mood.
Technically, after the breakout of the 17,050 range, the positive momentum intensified. A promising reversal formation and long bullish candle on daily charts is indicating further uptrend from the current levels.
For the bulls, 17,000 would act as a trend decider level and above the same, the index could move up to 17,200-17,250. On the flip side, below 17,000 the uptrend would be vulnerable.
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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