Sensex Rises by 318 Points, Nifty Approaches 23,600 on Expiry Day

Synopsis

On March 27, the Indian stock markets, led by the Sensex and Nifty, closed positively amid strong buying activity. The Sensex gained 317.93 points, while the Nifty rose by 105.10 points. Small-cap stocks performed particularly well, and PSU banks outperformed despite some selling pressure in auto and pharma sectors.

Key Takeaways

Sensex closed at 77,606.43, up 317.93 points.
Nifty ended at 23,591.95, gaining 105.10 points.
Small-cap stocks led the market rally.
PSU banks saw significant gains.
Auto and pharma sectors faced selling pressure.

Mumbai, March 27 (NationPress) The Indian stock exchanges concluded on a robust note on Thursday, with both the Sensex and Nifty finishing in positive territory.

The 30-share Sensex climbed by 317.93 points, or 0.41 percent, closing at 77,606.43. During the session, the index reached an intra-day peak of 77,747.46 and a low of 77,082.51.

In the same vein, the Nifty increased by 105.10 points, or 0.45 percent, settling at 23,591.95. The index recorded its highest point of 23,626.75 and a low of 23,412.20 throughout the day.

Among the stocks on the Sensex, top gainers included Bajaj Finserv, NTPC, IndusInd Bank, Larsen & Toubro, and Bajaj Finance, with increases up to 2.85 percent.

Conversely, Tata Motors, Sun Pharma, Hindustan Unilever, Kotak Mahindra Bank, and Bharti Airtel were among the biggest decliners, with Tata Motors experiencing the largest drop of 5.38 percent.

The broader market also exhibited strong performance, particularly with small-cap stocks leading the way. The Nifty Smallcap100 index rose by 1.15 percent, while the Nifty Midcap100 index finished 0.37 percent higher.

In terms of sectoral performance, most sectors concluded positively, with the exception of Nifty Auto and Nifty Pharma. Auto stocks faced selling pressure following former US President Donald Trump's announcement of a 25 percent tariff on imported cars not manufactured in the US, leading to a 1.04 percent decline in the Nifty Auto index.

On a brighter note, PSU banks excelled, with the Nifty PSU Bank index rising 2.50 percent. Bank of Baroda and Punjab National Bank were pivotal in driving this surge.

Market sentiment remained optimistic, driven by buying activity in financial and infrastructure stocks, while auto and pharma shares faced selling pressure.

Experts noted that after a slow start to the monthly expiry trade, the market exhibited a strong recovery from lower levels, although the index later fluctuated within a narrow range before ultimately closing at 23,591.95 with gains of 105.10 points.

“The Index appears to have concluded its corrective phase, filling the bullish gap zone and forming a Piercing candlestick pattern. Immediate resistance is projected at 23,800, and a breakout above this level could propel the Index towards the psychological mark of 24,000. Conversely, support is identified at 23,400,” stated Aditya Gaggar, Director of Progressive Shares.

Overall, the market demonstrated a robust intraday recovery, rebounding from the day’s lows and remaining close to session highs. Given the ongoing global uncertainties, investors will closely monitor trade developments and institutional inflows to assess the market’s next trajectory, according to Sundar Kewat, Technical and Derivatives Analyst at Ashika Institutional Equity.