Sensex gains 191 pts, Nifty nears 22,100; realty, auto shine, IT drops

Stock market highlights on March 22: In the broader markets, too, positive sentiment lifted the BSE MidCap index 0.38 per cent and the BSE SmallCap index 1.06 per cent

Closing Bell on March 22: Shrugging off early weakness, equity markets rebounded and held their gains through the day on Friday. The S&P BSE Sensex, which fell over 200 points in early deals, closed 191 points (0.26 per cent) higher at 72,832 levels.

The Nifty50, on the other hand, ended at 22,097, up 85 points (0.39 per cent), led by Hero MotoCorp, Maruti Suzuki, UPL, Apollo Hospitals, Sun Pharma, Cipla, SBI Life, Bajaj Auto, Titan, Eicher Motors, ITC, JSW Steel, L&T, Hindalco, Tata Motors, and Adani Ports. 

In the broader markets, too, positive sentiment lifted the BSE MidCap index 0.38 per cent and the BSE SmallCap index 1.06 per cent. 

Among sectors, the Nifty IT was the only sector that declined today after global giant Accenture trimmed its revenue forecast for FY24, and painting a dull outlook for the sector. The IT index slipped 2.26 per cent today. 

4:06 PM

Outlook:: Nifty needs to sustain above 22,100 for a fresh rally to emerge

"Nifty witnessed two days of recovery following a doji formation on the daily chart, indicating a bullish reversal. Moreover, the Nifty has reclaimed the critical 55-day exponential moving average. However, Nifty needs to cross over 22,100 to witness a clear rally towards the all-time high of 22,525. On the lower end, 22,950 might remain a strong support for the index. Below this level, the index might enter a consolidation phase."

 

- Rupak De, Senior Technical Analyst at LKP Securities

 

4:00 PM

COMMENT:: Dovish BoE comments, dip in crude oil prices aided market gain

"The domestic market swiftly rebounded from an initial downturn and maintained a positive trajectory throughout the day, buoyed by favourable global cues driven by dovish comments from the BoE and buying activity at lower levels in the wake of a recent sell-off. Additionally, the retreat of crude oil prices from recent highs contributed to the positive sentiment. While most sectors experienced gains, the IT remained in the red due to subdued guidance from Accenture, a major global IT player."

 

- Vinod Nair, Head of Research at Geojit Financial Services

 

3:54 PM

View on Bank Nifty:: Bias to remain bullish above 46,600 - 46,500 support zone

"The Bank Nifty index saw robust buying from lower levels but struggled to breach the resistance at 47,000. Immediate support lies at 46,600-46,500, and as long as the index holds above this level, the outlook remains bullish. A breakthrough above 47,000 is anticipated to trigger sharp short-covering rallies towards the 48,000 mark."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities

3:52 PM

Market breadth was fairly positive; Around 2,450 stocks advanced, while near about 1,375 declined on the BSE

3:50 PM

Sectoral ALERT:: Nifty Auto index rallies 1.7%; Hero Moto, Maruti lead

3:48 PM

Sectoral ALERT:: Nifty IT index sheds 2.3%; Infy falls 3%

3:47 PM

BSE Smallcap Heatmap:: EMudhra, Vadilal, JSW Holdings shine; Rama Steel whines

3:45 PM

BSE Midcap Heatmap:: IREDA, IRFA jump up to 5%; NMDC slips 2%

3:43 PM

Broader Market Check:: MidCap, SmallCap indices fare marginally better; VIX dips 2%

3:41 PM

Nifty 50 Losers:: LTIMindtree, Infosys, Wipro, HCL Tech drop over 2%

3:40 PM

Nifty 50 Gainers:: Hero Moto, Maruti, Sun Pharma, UPL rally over 3%

3:38 PM

Sensex 30 Heatmap:: 21 Gainers v/s 9 Losers

3:37 PM

CLOSING BELL:: NSE Nifty50 jumps 85 points to settle at 22,097

3:34 PM

CLOSING BELL:: S&P BSE Sensex ends 191 points higher at 72,832

3:21 PM

DMart hits new 52-week high, up 7% in 3 days after CLSA initiates buy rating

The brokerage believes investor concerns around competition from quick commerce and vertical-based players are valid but still factored in the stock price. READ MORE