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Taking Stock | Nifty above 17,100; Sensex gains 446 points backed by financials

Among sectors, bank and capital goods are up 1 percent each, while oil and gas and power indices rise 0.5 percent each.

March 21, 2023 / 16:28 IST
The BSE midcap index rose 0.66 percent and smallcap index added 0.5 percent.

Indian indices erased the previous session's losses and ended on a positive note on March 21 amid easing banking crises in the US and the possibility of a pause in rate hikes from the Federal Reserve policy meeting this week.

The Sensex was up 445.73 points or 0.77 percent at 58,074.68, and the Nifty was up 119.10 points or 0.70 percent at 17,107.50.

On the back of supportive global cues, the market started on a firm footing and remained green throughout the session amid volatility. Buying was seen in banking, capital goods and power stocks.

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Stocks and sectors

HDFC Life, Reliance Industries, Bajaj Finance, Bajaj Auto and SBI Life Insurance were among the top gainers on the Nifty, while losers included HUL, Power Grid Corp, Britannia Industries, Tech Mahindra and TCS.

Among sectors, bank and capital goods were up 1 percent each, while oil and gas and power indices were up 0.5 percent each. On the other hand, information technology and FMCG lost 0.5 percent each.

The BSE midcap index rose 0.66 percent and smallcap index added 0.5 percent.

IndexPricesChangeChange%
Sensex84,562.7884.11 +0.10%
Nifty 5025,910.0530.90 +0.12%
Nifty Bank58,517.55135.60 +0.23%
Nifty 50 25,910.05 30.90 (0.12%)
Fri, Nov 14, 2025
Biggest GainerPricesChangeChange%
Eternal303.756.00 +2.02%
Biggest LoserPricesChangeChange%
Infosys1,502.80-39.00 -2.53%
Best SectorPricesChangeChange%
Nifty PSU Bank8399.9096.85 +1.17%
Worst SectorPricesChangeChange%
Nifty IT36301.30-378.10 -1.03%

Binani Industries, Siemens and KPIT Technologies touched their 52-week high on the BSE.

On the other hand, more than 200 stocks touched their 52-week low including Rushil Decor, Trident, SPML Infra, Tide Water Oil, Pfizer, NOCIL, Mphasis, Laurus Labs, Genesys International Corporation, Biocon and Compuage Infocom.

Among individual stocks, a volume spike of more than 200 percent was seen in GNFC, Indiamart Intermesh and Indraprastha Gas.

A long build-up was seen in Indiamart Intermesh, Crompton Greaves Consumer Electrical and ABB India, while a short build-up was seen in Gail India, GMR Airports Infrastructure and L&T Technology Services.

Outlook for March 22

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

Global markets recovery ushered in gains in domestic equity indices as both benchmarks ended above the psychological levels on the back of strong gains in financials. However, the optimism may face hurdles as the recent turmoil in large banks in the US and Europe has shaken investor sentiment.

The US FOMC meeting on Wednesday on interest rate decision would be keenly eyed as any hike surpassing street expectations could unsettle investors. Also, falling crude oil prices at a faster pace is raising concerns over the weakening global economic health.

Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

The Nifty witnessed a steady day of trade today. It opened on a positive note and consolidated during the first half of the trading session. Buying interest emerged during the second half of the session which helped the Nifty to close around the highs for the day.

We expect the positive momentum to continue over the next few trading sessions. On the hourly charts, we can observe positive divergence along with a positive crossover on the momentum indicator which indicates a loss of momentum on the downside and shall provide speed to the current pullback.

On the upside, we expect the Nifty to target the zone of 17,150 -17,200 which coincides with the previous swing high and the 38.2 percent Fibonacci retracement level of the fall from 17,800. The immediate support stands at the lower end of the downward-sloping channel 16,800 – 16,850.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Rakesh Patil
first published: Mar 21, 2023 04:02 pm

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