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Taking Stock: Sensex up 568 points, Nifty above 14,500 as midcaps outperform

All the sectoral indices ended in the green, with the Nifty metal index rose 3.6 percent. BSE midcap and smallcap indices gained over a percent each.

March 26, 2021 / 05:10 PM IST

After two days of selloff, Indian markets started the April series on a positive note, with the Sensex gaining 568.38 points, or 1.17 percent, to close at 49,008.50 and the Nifty ending 182.40 points, or 1.27 percent, higher at 14,507.30 on March 26.

"Equity market has been consolidating under fear of losing its traction of economic growth recovery. Positive US job data and climb in fourth-quarter US GDP to 4.3 percent helped to reduce the gravity of the contraction," said Vinod Nair, Head of Research at Geojit Financial Services.

"On the domestic front, high-frequency data suggests good economic activity in Q4FY21 and results will be announced from April. The second wave of COVID-19 and high valuation will maintain volatility in the near term," he added.

All the sectoral indices ended in the green, with the Nifty metal index rising 3.6 percent. BSE midcap and smallcap indices gained over a percent each.

Tata Steel, Bajaj Finserv, Asian Paints, Hindalco Industries and Tata Motors were among the major gainers on the Nifty, while the losers included UPL, Eicher Motors, Power Grid Corp, IndusInd Bank and ITC.

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Stocks & sectors

All the S&P BSE sectoral indices ended in the green, with the metal index adding 3.5 percent, while capital goods, auto, FMCG and realty indices rose over 1 percent each.

A long buildup was seen in the Vodafone Idea, Godrej Properties, ONGC, while a short buildup was seen in Power Grid, Lupin and Pfizer

More than 100 stocks, including Godrej Industries, JSW Steel, Polycab India, hit a fresh 52-week high on the BSE.

market snapshot 2603

Technical View

The Nifty formed a Doji candle and also a Doji Star pattern by combining the price behaviour of the last two trading sessions. "The Nifty has to cross and hold above 14,550 to witness a bounce towards 14,675 and 14,800 zones, while on the downside, support exists at 14,400 and 14,250 levels," said Chandan Taparia of Motilal Oswal Financial Services.

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.
Rakesh Patil
first published: Mar 26, 2021 04:26 pm

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