CLOSING BELL: Sensex Bounces Back, Ends 350 Points Higher, Nifty Closes Above 17.1K

On Friday, at close, BSE Sensex was trading 355.06 points up at 57,989.90 and Nifty50 was trading 114.45 points up at 17,100.05

New Delhi: Indian indices opened in green today, however, fell through the midday session led by losses in ITC and Reliance Industries. Sensex touched a high of 58,178.94 and Nifty climbed up to 17,145.80 during the day’s trade.

At close, BSE Sensex was trading 355.06 points up at 57,989.90 and Nifty50 was trading 114.45 points up at 17,100.05.

“Markets witnessed a sharp good recovery as Nifty reached 17100 mark on the back of short covering and well supported by uptick in banking stocks. Going ahead, the market is likely to stay positive supported by catalysts such as anticipation of dovish comments from the Federal Reserve, declining WTI crude oil prices, and revival plans in process to support banks in the US. The market is expected to be positive due to several positive factors such as anticipation of dovish comments from the Federal Reserve, declining WTI Crude oil prices, and revival plans in process to support banks in the US. It is also important to note that technical conditions are oversold, which is a significant silver lining. This suggests that the market may be due for a rebound and investors should keep a close eye on market developments to make informed investment decisions. However, it is important to note that confirmation of strength can only be attained above Nifty’s 200-DMA at the 17452 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

“Global equity markets reacted to the crisis in US and European banks. Indian markets were under pressure from these global developments. Accordingly, key domestic benchmark indices Nifty-50 and Sensex-30 were down during the week. Broader indices including BSE Midcap, BSE Small-cap and majority of the sectoral indices too posted negative returns in this week.  On the economy front, India’s February 2023 CPI inflation moderated to 6.44% and trade deficit remained in check with marginal increases (over January 2023) in exports and imports. Crude oil prices corrected sharply this week amid the recent banking crisis. The yield on the 10-year US Treasury was lower as compared with last week. Meanwhile, the European Central Bank raised interest rates by 50 bps and continued with its policy tightening measures. Market participants will keenly watch-out for next week’s Federal Reserve policy decision,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

SENSEX TOP GAINERS

• HCL Tech: 3.58 per cent
• UltraTechCement: 2.53 per cent
• NestleInd: 2.39 per cent
• Tata Steel: 1.90 per cent
• Kotak Bank: 1.63 per cent

SENSEX TOP LOSERS

• ITC: -1.51 per cent
• Maruti: -1.48 per cent
• NTPC: -1.25 per cent
• Asian Paints: -1.14 per cent
• Sun Pharma: -0.99 per cent

NIFTY TOP GAINERS

• HCL Tech: 3.68 per cent
• Hindalco: 2.94 per cent
• UltraTechCement: 2.68 per cent
• UPL: 2.53 per cent
• JSW Steel: 2.24 per cent

NIFTY TOP LOSERS

• Eicher Motors: -1.83 per cent
• NTPC: -1.78 per cent
• Maruti: -1.51 per cent
• ITC: -1.31 per cent
• PowerGridCorp: -1.18 per cent
• Cipla: -1.18 per cent