On Wednesday, both the BSE Sensex and NSE Nifty50 saw a rise of over 0.5%. This increase was primarily driven by investor interest in stocks of Reliance Industries, as well as those in the auto and financial sectors. However, the gains were limited due to a fall in IT majors during a period of range-bound trading.
Foreign institutional investors (FIIs) also contributed to the market’s upward movement by purchasing equities worth ₹2,170.32 crore, according to provisional data from the exchanges. Despite positive macroeconomic indicators, experts warned of potential volatility due to monthly derivatives expiry and the financial year-end.
The Sensex gained 526.01 points, or 0.73%, closing at 72,996.31, while the Nifty50 advanced by 118.95 points, or 0.54%, ending at 22,123.65.
In the broader market, the BSE 500 index ended 0.41% higher, with BSE SmallCap gaining 0.7% and BSE MidCap closing flat. Among the 3,949 stocks traded, 1,471 advanced, 2,381 declined, and 97 remained unchanged. Notably, 129 stocks hit a 52-week high, while 153 hit a 52-week low on BSE.
Sector-wise, BSE Services gained 1.01%, followed by Capital Goods (1%), Consumer Durables (0.98%), Industrials (0.97%), and Realty (0.93%). Conversely, BSE Information Technology (-0.48%), Teck (-0.40%), and Metal (-0.31%) were the top losers.
Among the Nifty pack, notable gainers included Reliance Industries (3.49%), Maruti Suzuki India (2.53%), Bajaj Auto (2.16%), Bajaj Finance (1.72%), and Titan (1.62%). On the other hand, UPL (-2.07%), Hero MotoCorp (-2.04%), Wipro (-1.64%), Apollo Hospitals (-1.54%), and Dr Reddy’s (-1.42%) were among the major laggards.
Ruchit Jain, Lead Research at 5paisa.com, noted that while Nifty has consolidated in a range recently, the overall bias remains positive, with intraday declines attracting buying interest. He emphasized the importance of monitoring FII positions ahead of a long weekend and highlighted key support and resistance levels in the options segment.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, highlighted positive sentiments driven by upward revisions in India’s GDP growth forecast and a decline in the domestic current account balance. He also noted significant buying activity by domestic institutional investors in March.
Vinod Nair, Head of Research at Geojit Financial Services, attributed the market’s positive closure to stock-specific actions and optimistic economic growth forecasts. However, he cautioned investors to remain vigilant amid low volumes due to the holiday-shortened week and upcoming events such as the US GDP data release and RBI policy announcement.
Overall, the stock market saw positive movements driven by investor interest in select sectors and buoyed by positive economic indicators. However, experts advise caution due to potential volatility ahead and advise investors to stay informed and monitor key developments in the coming sessions.
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