Sensex and Nifty Rise on Strong Financial and Pharma Stock Demand
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Synopsis
On March 17, the Indian stock market experienced substantial gains, led by strong performance in the financial and pharmaceutical sectors, with both Sensex and Nifty closing higher. Key stocks like Bajaj Finserv and Adani Ports contributed significantly to the positive momentum.
Key Takeaways
- Sensex closed up by 341 points at 74,170.
- Nifty gained 112 points, settling at 22,509.
- Bajaj Finserv was a top gainer, increasing by 3.8%.
- Profit booking caused a slight dip from the day’s high.
- Rupee strengthened against the dollar.
Mumbai, March 17 (NationPress) The Indian stock market concluded the day with significant gains on Monday, propelled by investments in financial, pharmaceutical, and select metal stocks.
Both the Sensex and Nifty wrapped up positively despite a mixed beginning. The Sensex commenced cautiously, dipping to 73,796, down 33 points in early trading.
However, it swiftly gathered strength, soaring to a peak of 74,376, which was 400 points above the intra-day low. After maintaining a consolidated performance for the remainder of the session, the Sensex wrapped up 341 points higher at 74,170.
The Nifty index also began on a weak footing, starting with a 44-point deficit at 22,353. Yet, it quickly recovered and ascended to an intra-day high of 22,577. By the end of trading, the index concluded at 22,509, marking a gain of 112 points or 0.5 percent.
Among the top performers on the Sensex, Bajaj Finserv surged by 3.8 percent to Rs 1,875. Adani Ports, Mahindra & Mahindra, Axis Bank, and Bajaj Finance also witnessed gains of around 2 percent each.
Other notable winners included Zomato, ICICI Bank, Sun Pharma, UltraTech Cement, Tata Motors, and Tata Steel.
Conversely, ITC fell by 1 percent, while Nestle India, SBI, and Reliance Industries also finished in the red.
In the broader market, the BSE MidCap index rose by 0.8 percent, while the SmallCap index remained flat. Among sectors, the BSE Healthcare, financial services, automobile, and metal indices each gained around 1 percent on Monday.
“As the session progressed, profit booking contributed to a 100-point dip from the day’s high, indicating a cautious approach among market participants,” stated Sundar Kewat from Ashika Institutional Equity.
He added that globally, sentiment was uplifted as China revealed a strategic plan on Sunday to invigorate domestic demand.
“Moreover, better-than-anticipated industrial production and rising retail sales in China further fueled optimism,” he noted.
The rupee traded robustly, up by 0.27 at 86.86 against the dollar, bolstered by a weak dollar index and reduced outflows in the secondary capital markets recently.
“The dollar’s weakness continues to lend support to the rupee, while market participants are vigilant regarding key US economic data releases, including retail sales, the Fed’s policy meeting, and its statement later this week,” remarked Jateen Trivedi from LKP Securities.
