Synopsis
On March 24, the Indian stock markets celebrated their sixth consecutive day of gains, with the Sensex climbing over 1,000 points. Both Sensex and Nifty exhibited strong performances, contributing to an optimistic market sentiment despite some stocks facing declines.Key Takeaways
- Sensex surged by 1,078.87 points.
- Nifty increased by 307.95 points.
- Majority of Sensex stocks closed in the green.
- Banking sector led the rally.
- FIIs recorded significant inflow of Rs 7,470 crore.
Mumbai, March 24 (NationPress) The Indian stock markets experienced a continued upward trend on Monday, marking the sixth consecutive day of growth, with both Sensex and Nifty closing with significant gains.
Investor sentiment remained optimistic, as major indices rose by over 1 percent during intra-day trading. The 30-share Sensex increased by 1,078.87 points, or 1.40 percent, finishing at 77,984.38. At its peak, it reached an intra-day high of 78,107.23.
In a similar fashion, the Nifty index advanced by 307.95 points, or 1.32 percent, closing at 23,658.35, after hitting a high of 23,708.75 earlier in the trading session.
The market's positive sentiment was reflected in the performance of the stocks, with 24 out of 30 Sensex stocks finishing in the green. Notable gainers included NTPC, Kotak Mahindra Bank, SBI, Tech Mahindra, and Power Grid Corporation, which saw increases of up to 4.63 percent.
Conversely, stocks such as Nestle India, Bharti Airtel, Mahindra & Mahindra, Zomato, IndusInd Bank, and Titan faced declines, with losses reaching up to 2.73 percent.
The broader market also fared well, as the Nifty Midcap100 and Smallcap100 indices each increased by over 1 percent.
Banking stocks spearheaded the rally, with PSU banks showing the strongest performance. The Nifty PSU Bank index surged by 3.18 percent, while both Bank Nifty and the Nifty Private Bank index also saw gains exceeding 2 percent.
Additionally, sectors such as capital goods, oil and gas, power, realty, and telecom stocks experienced positive movements, with rises between 1-2 percent.
All sectoral indices on the NSE, except for the Nifty Media index, finished in positive territory, contributing to the overall market optimism.
"With every sector closing positively and banking stocks leading the way, the market’s bullish momentum remains intact," stated Sundar Kewat of Ashika Institutional Equity.
He further noted, "Investors are now looking for additional cues to determine the potential continuation of this rally."
On Friday, foreign institutional investors (FIIs) recorded a net inflow of Rs 7,470 crore, bolstering market confidence.
FIIs also increased their long positions in index futures, with the Long-Short ratio improving to 31.8 percent, signaling a gradual shift towards optimism—an element that likely enhanced sentiment during today’s trading.
The Indian rupee also demonstrated strength, closing 34 paise higher at 85.63 per US dollar, compared to Friday’s close of 85.97.
According to Vinit Bolinjkar, Head of Research at Ventura, the rupee’s strengthening is supported by favorable domestic factors and the RBI’s policies.
