Synopsis
On March 24, the Indian stock market saw a positive opening as benchmark indices rose amid favorable global cues, influenced by US President Trump's hints at possible tariff flexibility. Key sectors like PSU banks and real estate showed strong performance.Key Takeaways
- Market indices rise due to global cues.
- Strong performance in PSU banks and realty sectors.
- Upcoming Q4 FY25 earnings expected to boost sentiment.
- Immediate resistance for Nifty at 23,400.
- FIIs continued buying streak; DIIs sold equities.
Mumbai, March 24 (NationPress) The domestic benchmark indices commenced the day on a high note on Monday, buoyed by encouraging global signals, as US President Donald Trump hinted at possible reciprocal tariff flexibility.
Initial trading revealed strong interest in the PSU bank and real estate sectors.
By around 9:32 am, the Sensex was up by 414.98 points or 0.54 percent at 77,320.49, while the Nifty rose by 137.80 points or 0.59 percent to 23,488.20.
The Nifty Bank index saw an increase of 393.45 points or 0.78 percent, reaching 50,987.00. The Nifty Midcap 100 index was at 52,375.50, gaining 524.75 points or 1.01 percent. The Nifty Smallcap 100 index climbed to 16,423.40, up 238.45 points or 1.47 percent.
Market analysts anticipate that upcoming Q4 FY25 earnings reports will reflect robust results, potentially boosting overall market sentiment, while the underlying trend of the Nifty remains positive.
“The Nifty is encountering immediate resistance at the 200 EMA of 23,400. If this barrier is overcome, the markets may progress towards the next resistance level of 23,800 in the near future. Support for the Nifty has shifted upward to the 23,200-23,250 range,” stated Devarsh Vakil, Head of Prime Research at HDFC Securities.
Within the Sensex components, L&T, PowerGrid, NTPC, Tech Mahindra, Kotak Mahindra Bank, HCLTech, Tata Motors, Bajaj Finance, Maruti Suzuki, and Sun Pharma emerged as the top gainers. In contrast, Titan, UltraTech Cement, Hindustan Unilever Limited, and Infosys were the notable losers.
In the previous trading session on Friday, the Dow Jones in the US rose by 0.08 percent, closing at 41,985.35. The S&P 500 also climbed 0.08 percent to 5,667.56, while the Nasdaq climbed 0.52 percent to finish at 17,784.05.
Asian markets, including Hong Kong, Jakarta, China, Japan, Seoul, and Bangkok, were trading in the red.
US index futures are displaying optimism due to indications that the upcoming round of Trump’s trade tariffs on April 2 may be more measured than previously anticipated.
On the institutional side, foreign institutional investors (FIIs) continued their purchasing trend for the second consecutive day on March 21 (the last trading session), acquiring equities worth Rs 7,470.36 crore. Conversely, domestic institutional investors (DIIs) extended their selling activities, offloading equities worth Rs 3,202.26 crore on the same day.
