Sensex Surges Past 78,000 as Bullish Momentum Persists
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Synopsis
On March 25, the Sensex opened above 78,000, driven by positive global cues and notable buying in the IT sector. The Nifty also showed a slight increase, indicating strong bullish behavior in the market as investors remain optimistic about future growth.
Key Takeaways
- Sensex opened higher at 78,096.88.
- Nifty increased to 23,670.45.
- Significant buying in the IT sector.
- Possible targets for Nifty set at 24,200 and 24,700.
- Foreign institutional investors net bought Rs 3,055.76 crore.
Mumbai, March 25 (NationPress) The domestic benchmark indices opened significantly higher on Tuesday, buoyed by favorable global signals, particularly with strong buying observed in the IT sector during the early trading session.
As of approximately 9:27 am, the Sensex was trading up by 112.50 points, or 0.14 percent, at 78,096.88, while the Nifty increased by 12.10 points, or 0.05 percent, reaching 23,670.45.
Experts indicate that the Nifty is continuing its strong ascent, showing signs of a V-shaped recovery as bullish sentiment prevails over bearish trends, approaching the previous peak around the 23,800 mark.
"With anticipated targets of 24,200 and 24,700, the overall sentiment has shifted positively. The critical 50EMA level at 23,000 is established as a major support that must be maintained," stated Vaishali Parekh, Vice President of Technical Research at PL Capital.
The Bank Nifty has formed a series of robust bullish candles on the daily chart, decisively surpassing the significant 200-period MA at 51,000, thereby reinforcing the positive trend. With sentiment turning favorable, further increases are expected in the upcoming days, Parekh added.
At the same time, the Nifty Bank saw an increase of 147.19 points, or 0.28 percent, reaching 51,852.05. The Nifty Midcap 100 index stood at 52,779.20, up by 255.15 points or 0.49 percent, while the Nifty Smallcap 100 index rose to 16,644.55 after climbing 80.85 points or 0.49 percent.
Among the Sensex constituents, top gainers included UltraTech Cement, HCL Tech, Infosys, Axis Bank, L&T, and Tata Motors. Conversely, PowerGrid, Tata Steel, Bajaj Finance, and ICICI Bank were among the top losers.
In the previous trading session, the Dow Jones in the US rose by 1.42 percent to close at 42,583.32. The S&P 500 climbed 1.76 percent to 5,767.57, while the Nasdaq added 2.27 percent, finishing at 18,188.59.
In Asian markets, Japan was trading in the green, whereas Seoul was experiencing losses.
On March 24, foreign institutional investors (FIIs) purchased equities worth Rs 3,055.76 crore, while domestic institutional investors (DIIs) bought equities totaling Rs 98.54 crore.
