Synopsis
On March 21, Mumbai's benchmark equity indices, Sensex and Nifty, extended their winning streak for the fifth day, driven by a robust rupee and a rebound in IT stocks, wrapping up the week with notable gains.Key Takeaways
- Sensex rose by 557 points, closing at 76,906.
- Nifty gained 160 points, ending at 23,350.
- NTPC was the top gainer on the Sensex with a 3.3% rise.
- MidCap and SmallCap indices showed strong performance.
- The rupee strengthened to 85.94 against the dollar.
Mumbai, March 21 (NationPress) The benchmark equity indices Sensex and Nifty maintained their upward trend on Friday, achieving their fifth consecutive day of gains, fueled by a robust rupee and a resurgence in IT stocks.
New foreign fund inflows significantly enhanced investor sentiment. The Sensex reached an intra-day peak of 77,042 before closing at 76,906, marking an increase of 557 points. Over the week, the index soared by 3,077 points, or 4.17 percent.
In a similar fashion, the Nifty rose to a high of 23,403 and finished the day at 23,350, achieving a gain of 160 points. Throughout the week, the Nifty experienced an impressive increase of 953 points or 4.26 percent.
Among the top performers on the Sensex, NTPC stood out with a 3.3 percent gain on Friday. Other stocks including Bajaj Finance, Sun Pharma, Larsen & Toubro, Kotak Mahindra Bank, Nestle India, Tata Motors, and Axis Bank also demonstrated significant increases.
Conversely, Mahindra & Mahindra saw a decline of over 1 percent, while Tata Steel, Infosys, Titan, and Bajaj Finserv also closed lower.
In the broader market, the BSE MidCap index surged by over 1 percent, while the SmallCap index jumped more than 2 percent during intra-day trading.
The BSE Oil & Gas index led sectoral gains with a rise of over 2 percent, while the Power, Healthcare, and Financial Services indices exhibited strong growth.
On the downside, the BSE Consumer Durables index fell by 0.8 percent, and the Metal index decreased by 0.4 percent.
The rupee gained further strength, rising sharply by Rs 0.40 or 0.46 percent to 85.94, as FII inflows surged with strong buying patterns in recent days.
"The Fed's decision to maintain rates and its outlook for lower rates ahead weakened the dollar, offering substantial support to the rupee. Moreover, the strengthening of the capital market has propelled the rupee higher," explained Jateen Trivedi of LKP Securities.
"Gold has been under profit booking pressure as the rupee strength has pushed MCX prices below Rs 88,100, testing the critical Rs 88,000 threshold," the analyst pointed out.
He added that prior to any fresh upward movement, gold could test support levels around $2,950–$2,965, as global risk sentiment appears to be stabilizing, thereby reducing the premium on uncertainty.
