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Taking Stock: Markets snap 3-day rise; Sensex down 362 pts, Nifty falls 92 pts, mid-caps outperform

The broader indices outperformed the main indices with BSE Midcap index rising 0.7 percent and Smallcap index closed flat.

March 27, 2024 / 02:27 IST
On the sectoral front, bank and Information Technology index down 0.5 percent each, while capital goods, realty, oil & gas, metal up 0.5-1 percent.

The markets broke three-day winning momentum and ended lower in the volatile session on March 26 with Nifty around 22,000 amid selling seen in the Information Technology, Bank and Media sectors.

At close, the Sensex was down 361.64 points, or 0.5 percent, at 72,470.30, and the Nifty was down 92.10 points, or 0.42 percent, at 22,004.70.

After a weak start, the market traded in a negative zone, however, it witnessed an intraday recovery with buying seen in the Oil & Gas, Metal, Capital Goods and Realty stocks. But ended near the day’s low amid selling in major Media, IT and Banking names.

Bajaj Finance, Hindalco Industries, Britannia Industries, Adani Ports and L&T were among the top gainers on the Nifty, while losers were Power Grid Corporation, Eicher Motors, Bharti Airtel, Kotak Mahindra Bank and Wipro.

On the sectoral front, Bank and Information Technology indices were down 0.5 percent each, while Capital Goods, Realty, Oil & Gas, Metal indices gained 0.5-1 percent.

The broader indices outperformed the main indices with BSE Midcap index rising 0.7 percent and Smallcap index closed flat.

Among individual stocks, a volume spike of more than 1100 percent was seen in Piramal Enterprises, Balrampur Chini and Indus Towers.

A long build-up was seen in Dr Lal PathLabs, Hindustan Copper and Interglobe Aviation, while a short build-up was seen in Godrej Consumer Products, Power Grid and Bharti Airtel.

IndexPricesChangeChange%
Sensex82,172.10398.44 +0.49%
Nifty 5025,181.80135.65 +0.54%
Nifty Bank56,192.05173.80 +0.31%
Nifty 50 25,181.80 135.65 (0.54%)
Thu, Oct 09, 2025
Biggest GainerPricesChangeChange%
JSW Steel1,175.2030.00 +2.62%
Biggest LoserPricesChangeChange%
Axis Bank1,167.40-13.20 -1.12%
Best SectorPricesChangeChange%
Nifty Metal10356.20219.70 +2.17%
Worst SectorPricesChangeChange%
Nifty Auto26587.0064.60 +0.24%

More than 100 stocks tested their 52-week high on the BSE, including Apar Industries, Avenue Supermarts, Chalet Hotels, Colgate Palmolive, CRISIL, Cummins India, Deep Industries, Gujarat Pipavav, Indus Towers, Interglobe Aviation, Jindal Stainless, Jindal Steel, Oracle Financial Services, PB Fintech, Sanghvi Movers, Solar Industries, Thermax, Time Technoplast, Torrent Power, Triveni Turbine, Voltamp Transformers, Zomato, among others. Click to view full list

Outlook for March 27

Rupak De, Senior Technical Analyst, LKP Securities

Nifty remained sideways throughout the day as market participants stayed perplexed on the first day of the holiday-shortened week. However, the trend remained positive for the short term as the index closed above the critical moving average on the daily chart.

On the lower end, support is placed at 21,840 for the short term, below which weakness may emerge. On the higher end, resistance is visible at 22,240-22,300.

Aditya Gaggar Director of Progressive Shares

Indian bourses began the truncated week on a tepid note and remained rangebound throughout the day to close the session at 22,004.70 with a loss of 92.05 points. Among the sectors, Realty was the top performer while Media was the major laggard followed by IT. Buying traction was seen more in the broader markets as Mid and Smallcaps gained by 1.05% & 0.41% and outperformed the Nifty50. On the hourly chart, it appears that the Index is forming an inverted head & shoulder formation where a level of 22,200 will be considered as a breakout point (neckline), and in that case, the target is 22,640.

Disclaimer: The views and investment tips expressed by investment 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, 2024 03:42 pm

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