Final Trade: Sensex jumps 341 pts, Nifty tops 22,500; metal, pharma, auto lead gains
Sensex gains 341 pts to close at 74,169, Nifty above 22,500; metal, pharma, auto lead rally, while realty, media lag. Midcaps rise 0.7%, smallcaps end flat.
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03:53 PM IST
Indian equity indices recovered on March 17, with the Sensex and Nifty ending their recent losing streaks, led by robust performances in banking, financial, and pharma stocks. Encouraging global cues and a rebound in mid- and small-cap stocks also helped market sentiment.
Benchmark indices end higher, breaking losing streak
The Sensex jumped 341.04 points, or 0.46 per cent, to end at 74,169.95, and the Nifty 50 increased by 111.55 points, or 0.50 per cent, closing at 22,508.75. This is a turnaround after the Nifty's two-day and Sensex's five-day losses. Broader market indices also moved higher, with the Nifty Midcap 100 up 0.70 per cent and the Nifty Smallcap 100 up 0.48 per cent.
Banks, pharma, and auto shares boost mood
Among sectoral gainers, financials, banking, automobiles, and pharma stocks received significant buying interest and went up by 0.5-1.5 per cent. Metal stocks also picked up strength on the back of China's recent policy initiatives to enhance domestic consumption. While FMCG and realty stocks continued their slide, media stocks also declined marginally.
Global cues support the rally
Wall Street relief rally in the previous Friday paved the way for Asian markets, and good momentum spilled over into Indian stocks. Also, a decline in the U.S. dollar index to a five-month low, in the face of trade tensions and economic worries in the U.S., kept investors in high spirits.
Top Nifty 50 gainers and losers
At the forefront of the pack of gainers were Bajaj Finserv, SBI Life Insurance, Dr. Reddy's Labs, Trent, and Axis Bank. Britannia, Hero MotoCorp, Wipro, BPCL, and ITC closed in the red on the other hand.
Outlook for the market
With firm institutional buying and recovery in major sectors, market analysts see sustained momentum in the near term. Yet, investors will watch global economic trends, interest rate actions, and corporate earnings for further guidance.
As the markets settle down, investors and traders might seek selective opportunities, especially in the banking, automobile, and pharmaceuticals sectors, which have demonstrated resilience in the ongoing rally.
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