Sensex Soars by 1,131 Points, Nifty Surpasses 22,800 as Markets Surge
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Synopsis
On March 18, the Indian stock market experienced a remarkable surge, with the Sensex gaining 1,131.31 points and the Nifty rising above 22,800, driven by strong performances in various sectors like realty and automobiles. Investor confidence remained high, as the market saw significant advancements across the board.
Key Takeaways
- Sensex rose by 1,131.31 points to 75,301.26.
- Nifty closed up by 325.55 points at 22,834.30.
- Strong rally driven by sectors such as realty and automobile.
- Market breadth favored gainers with 2,715 stocks advancing.
- Positive sentiment supported by Federal Reserve interest rate cut expectations.
Mumbai, March 18 (NationPress) The Indian stock markets concluded on a robust note on Tuesday, with both the Sensex and Nifty recording substantial gains. The Sensex skyrocketed by 1,131.31 points, or 1.53%, finishing at 75,301.26, while the Nifty increased by 325.55 points, or 1.45%, to close at 22,834.30.
During trading hours, the Sensex reached an intra-day peak of 75,385.76, with the Nifty fluctuating between 22,599.20 and 22,845.95.
This marks the second consecutive session of impressive gains for the benchmark indices.
According to Sundar Kewat from the Institutional Equity Desk, "The surge was mainly fueled by the real estate, automotive, metals, and banking sectors, significantly aiding the market's upward movement."
He also mentioned that from an options perspective, the highest open interest on the call side was observed at 23,000 and 23,500, while the put-side open interest was focused on 22,500 and 22,700.
"Weaker-than-anticipated US retail sales data has heightened expectations that the Federal Reserve may contemplate interest rate reductions later this year," stated Kewat.
The vigorous rally across various sectors and broader indices reflects sustained investor confidence, propelling the markets to elevated levels.
The market experienced a widespread rally, with 2,715 stocks advancing, 1,153 declining, and 117 remaining unchanged.
Investors maintained a positive outlook as most stocks reported gains. Among the notable gainers on the Nifty were ICICI Bank, Mahindra & Mahindra (M&M), Shriram Finance, Larsen & Toubro (L&T), and Tata Motors.
Conversely, Bajaj Finserv, Bharti Airtel, and Tech Mahindra were among the few stocks that ended in the red.
Sectoral indices performed admirably, with all sectors closing positively. The automotive, capital goods, consumer durables, metals, power, real estate, and media sectors registered gains of 2-3%.
Broader markets also showed commendable performance, with small-cap stocks spearheading the rally. The Nifty Smallcap100 index jumped 2.71%, while the Nifty Midcap100 index rose 2.10%.
Sectoral indices on the NSE closed positively, achieving gains of up to 3.62%. The Indian rupee appreciated against the dollar, finishing 23 paise higher at 86.56 per dollar, compared to the previous close of 86.79.
