Indian equity markets closed on a positive note on Thursday, with both major indices ending the day with significant gains. The Nifty ended at 23,600, marking a strong finish for the session.
At the close, the Sensex had gained 317.93 points, or 0.41 per cent, settling at 77,606.43. The Nifty also saw a rise of 105.10 points, or 0.45 per cent, closing at 23,591.95. Market breadth was somewhat negative, with 1,628 stocks advancing, 2,247 declining, and 79 remaining unchanged.
Key gainers on the Nifty included Hero MotoCorp, Bajaj Finserv, IndusInd Bank, HDFC Life, and NTPC, all of which saw notable gains. On the flip side, major losers included Tata Motors, Sun Pharma, Eicher Motors, Maruti Suzuki, and Bharti Airtel, which saw declines during the trading session.
Sectorial Update
In terms of sectoral performance, most indices closed in the green. The media, oil & gas, and realty sectors posted gains of around 1 per cent each. However, the auto and pharma sectors saw losses, with the auto index falling by 1 per cent and the pharma index declining by 0.4 per cent.
Broader Market
Among broader market indices, the BSE Midcap index rose by 0.5 per cent, while the Smallcap index outperformed with a nearly 1 per cent gain.
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Expert Comment
Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates, said, “In light of feeble global indicators, the Indian benchmark indices commenced lower on March 27. However, after initial volatility, Nifty witnessed buying interest and ultimately settled the day on a positive note at 23,592. The broader market, especially the Nifty Smallcap 100, outperformed Nifty and settled with a gain of 1.15 per cent. Meanwhile, the volatility index, India VIX, cooled off by 1.26 per cent to 13.30, indicating a decline in market volatility.”
“Technically, on the daily chart, Nifty found support around the 100-Days Exponential Moving Average (100-DEMA), placed near 23,390, and formed a green candle, indicating strength. However, on the upside, the index is still facing resistance near the 23,800–23,810 levels. If the index sustains above 23,810, the rally could extend towards 24,000–24,080 levels, where its 200-Days Simple Moving Average (200-DSMA) is placed. Traders are advised to follow a “buy on dips” strategy in Nifty as long as it holds above the 100-DEMA support of 23,390,” he added.
