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After sharp gains of over 4% on both the headline indices in the past week, Indian equities opened on a tepid note in Monday's session (March 24, 2025) mirroring Asian markets. At the start, Nifty was up 0.5 per cent or 124.7 points at 23,475.1, while the BSE Sensex was up at 77,366.23, up 460.72 or 0.6 per cent.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investment Services said, "The uncanny ability of the market to surprise was evident last week when the Nifty surged by 4.6% in a week. The fact that this happened when globally markets were jittery on fears of Trump’s reciprocal tariffs kicking in from April 2nd is important. So, what led to this sudden reversal of trend in the Indian market? "
Improving macros of the Indian economy and fair valuations have turned FIIs from sellers to buyers. More importantly, this has triggered massive short covering leading to sharp spikes in prices. Even though the undertone of the market is bullish investors have to be careful. April 2nd- the reciprocal tariffs day- is looming large and the uncertainty surrounding that is huge. Investors can wait for clarity to emerge regarding the reciprocal tariffs before taking a call on further investment, he added.
Asian markets
Asian markets remained in a tight range as investors discounted prospects of less severe trade tariffs under President Trump. Also, Japanese markets retreated lower amid weak business activity reading.
Technical markets
Anand James, Chief Market Strategist, Geojit Investment Services on the Nifty outlook said, "We have all but completed the first leg of the 23450-23807 move that we had set out with last week. Nifty would be trading above the upper Bollinger band for the third consecutive day, but 60% of Nifty 50 constituents are yet to trade above their respective upper bands. This lends hope towards finding new leaders to further the uptrend towards 23807. That said, inability to push beyond the 23450/500 region or an hour’s close below 23300 could set off a downmove towards 23160."
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