Indian Stock Market Starts on a Positive Note, Sensex Surpasses 75,900

Synopsis

The Indian stock market opened positively today, with the Sensex surpassing the 75,900 mark, supported by strong global cues and buying interest in the IT and media sectors. Market analysts highlighted key trends in domestic consumption and renewed interest in defense and shipping sectors.

Key Takeaways

Sensex opened higher, trading at 75,903.75.
Nifty gained 133.40 points.
Strong buying in IT and media sectors.
Support levels for Nifty at 22,850.
Top gainers included Zomato and Infosys.

Mumbai, March 20 (NationPress) The domestic benchmark indices commenced higher on Thursday, bolstered by favorable global cues, with notable buying activity observed in the IT and media sectors during early trading.

At approximately 9:27 am, the Sensex was up by 454.70 points or 0.60 percent, trading at 75,903.75, while the Nifty gained 133.40 points or 0.58 percent, reaching 23,041.

The Nifty Bank index increased by 253.90 points or 0.51 percent, sitting at 49,956.50. The Nifty Midcap 100 index was trading at 51,123.20, up by 306.10 points or 0.60 percent. Meanwhile, the Nifty Smallcap 100 index climbed to 15,927.95, gaining 180.35 points or 1.15 percent.

Market analysts noted two important trends in the Indian market: Firstly, domestic consumption themes are gaining traction.

“Secondly, previously underperforming sectors such as defense and shipping are now attracting interest. Additionally, consumer-oriented digital stocks are performing well. This trend is likely to persist,” they remarked.

Following a strong opening, the Nifty is expected to find support at levels of 22,850, followed by 22,750 and 22,700.

On the upside, 23,000 could serve as immediate resistance, with further levels at 23,100 and 23,200, according to Hardik Matalia from Choice Broking.

In the Sensex pack, notable gainers included Zomato, Infosys, Tech Mahindra, M&M, IndusInd Bank, HCL Tech, TCS, Bharti Airtel, and SBI. Conversely, top losers were Sun Pharma, Hindustan Unilever, L&T, Bajaj Finance, and UltraTech Cement.

In the previous trading session, the Dow Jones in the US rose by 0.92 percent, closing at 41,964.63. The S&P 500 increased by 1.08 percent to 5,675.29, and the Nasdaq added 1.41 percent, finishing at 17,750.79.

Among Asian markets, only Hong Kong and China were in the red, while Japan, Seoul, Jakarta, and Bangkok were trading positively.

Regarding institutional trading, foreign institutional investors (FIIs) sold equities worth Rs 1,096.50 crore on March 19, while domestic institutional investors (DIIs) purchased equities worth Rs 2,140.76 crore on the same day.