Synopsis
On March 17, the Indian equity markets opened on a positive note, with the Sensex and Nifty rising due to strong performance in the pharma and auto sectors. Analysts note a need for a decisive move past 75,000 for continued growth, with favorable global cues supporting the upward trend.Key Takeaways
- Indian indices opened higher on positive global cues.
- Pharma and auto sectors showed notable buying interest.
- Sensex faced resistance near 74,550, crucial support at 73,600.
- Experts suggest a move past 75,000 is needed for further gains.
- FIIs sold equities, while DIIs were net buyers.
Mumbai, March 17 (NationPress) The Indian equity benchmark indices commenced the trading session on a positive note on Monday, buoyed by favorable global indicators, as significant purchases were observed in the pharma and auto sectors during the initial trading hours.
At approximately 9:32 am, the Sensex was up by 504.88 points, or 0.68 percent, at 74,333.79, while the Nifty increased by 164.00 points, or 0.73 percent, at 22,561.20.
Market analysts noted that the Sensex has faced resistance near the 74,550 level and has experienced some profit-taking, causing it to lose momentum. The crucial near-term support level for the index currently stands at 73,600.
“A decisive breakthrough past the 75,000 mark is essential to foresee further increases in the coming days. The day's support is expected at 22,300, with resistance at 22,600,” stated Vaishali Parekh, Vice President - Technical Research at PL Capital Group.
Simultaneously, the Nifty Bank saw an uptick of 259.95 points, or 0.54 percent, reaching 48,320.35. The Nifty Midcap 100 index was recorded at 48,308.40, having gained 183.30 points, or 0.38 percent. The Nifty Smallcap 100 index was at 14,959.50, climbing 62.15 points, or 0.42 percent.
The short-term market outlook appears stable with a positive inclination. Positive indicators include a consistent decline in foreign institutional investor (FII) outflows and India's outperformance against the US in the previous week, according to experts.
This optimistic trend is fundamentally supported by a recovery in FY25 Q3 GDP growth to 6.2 percent, an increase in January's IIP to 5 percent, and a drop in February's CPI inflation to 3.61 percent, experts indicate.
Within the Sensex constituents, IndusInd Bank, Bajaj Finserv, Tata Motors, UltraTech Cement, L&T, Axis Bank, and ICICI Bank emerged as the top gainers. Conversely, Infosys, Zomato, HCL Tech, Nestle India, and Kotak Mahindra Bank were the primary laggards.
In the previous trading session, the Dow Jones jumped by 1.65 percent, closing at 41,488.19. The S&P 500 rose by 2.13 percent to 5,638.94, while the Nasdaq increased by 2.61 percent, ending at 17,754.09.
In the Asian markets, Bangkok and Jakarta were in the red, while Japan, Seoul, China, and Hong Kong showed positive performance.
Regarding institutional trading activity, foreign institutional investors (FIIs) sold equities worth Rs 792.90 crore on March 13, whereas domestic institutional investors (DIIs) acquired equities worth Rs 1,723.82 crore on the same day.
