Final Trade: Sensex jumps 557 pts, Nifty reclaims 23,350; oil & gas lead, metals lag
Indian equity markets ended on a strong note on March 21, with the Sensex surging 557 points and Nifty closing at 23,350.
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04:08 PM IST
Indian equity markets wrapped up Friday’s session on a strong note, with the Sensex rising 557 points to close at 76,905, while the Nifty 50 gained 159 points to finish at 23,350. The rally was led by oil & gas, media, and banking stocks, helping the Nifty surpass the 23,300 mark.
Top gainers and losers
Among the Nifty 50 constituents, BPCL, ONGC, SBI Life, NTPC, and Coal India saw gains of over 2 per cent. Meanwhile, Hindalco, Wipro, Trent, Infosys, and Tata Steel dragged the index lower.
Sectoral performance
The BSE Midcap and Smallcap indices surged 1-2 per cent, reflecting strong participation from broader markets. Sectorally, oil & gas, media, and telecom stocks gained the most, each rising 2 per cent, while metals and consumer durables underperformed.
52-week highs and lows
A total of 75 stocks hit fresh 52-week highs, including Bajaj Finance, Kotak Mahindra Bank, Shree Cement, and SRF. On the flip side, 96 stocks touched 52-week lows, such as Adroit Infotech, Bharat Gears, Megastar Foods, and Wardwizard Innovations.
Expert take: Market outlook remains positive
Vinod Nair, Head of Research at Geojit Financial Services, stated that a declining dollar index and expectations of rate cuts by the US Fed have renewed foreign investor interest in emerging markets.
Nifty outlook: Watch for a breakout above 23,400
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty has broken a falling trendline, signalling bullish momentum. He noted that a move above 23,400 could push the index to 23,600, while failure to cross this level may lead to short-term consolidation.
Markets have closed the week strong, and analysts expect the positive sentiment to continue if global cues remain stable.
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