Markets end firm in sync with positive global cues; realty, pharma stocks rise sharply

FPJ Web DeskUpdated: Tuesday, March 29, 2022, 05:05 PM IST
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The stock markets indices ended on a positive note. | ANI Photo

The stock markets indices ended on a positive note. The index has been trading in a range of 17,000-17,400 level for the eighth trading day. The index opened positive but made an intraday low at 17,235.70 level and closed the session with a gain of 103.30 points. Bank Nifty closed the session at 35847.4.

Among sectors Pharma and Realty indices ended up by more than 1 percent each while Auto, FMCG &Media ended in red.

At close, the Sensex was up 350.16 points or 0.61percent at 57,943.65. The broader Nifty was up 103.30 points or 0.60 percent at 17,325.30. About 1,307 shares have advanced, 1917 shares declined, and 89 shares are unchanged.

From the 30-share pack, HDFC, Bharti Airtel, UltraTech Cement, HDFC Bank, Dr Reddy's, Sun Pharma, Infosys and ICICI Bank were among the lead gainers. On the other hand, ITC, Tata Steel, State Bank of India, IndusInd Bank, Bajaj Finserv and NTPC were among the laggards.

Among top gainers on the Nifty were Eicher Motors, Divis Labs, JSW Steel, HDFC and Adani Ports. Hero MotoCorp, ONGC, Coal India, IOC and ITC were among the biggest laggards.

Technically, the Nifty50 is trading near to the resistance levels & above 50-days Simple Moving Averages indicates further strength, said Palak Kothari, Research Associate, Choice Broking. The index has confirmed the hammer candlestick on a daily chart which confirms thestrength in the counter. However, the momentum indicator STOCHASTIC in trading with positive crossover on daily charts which indicates upside movement can be seen. Moreover, the index has managed to close above 21-HMA sustained above the same can show northward direction. The Nifty may find support around 17000 levels while on the upside 17,400 may act as an immediate hurdle for the index. On the other hand, BankNifty has support at 35300 levels while resistance at 36,500 levels.

Benchmark indices ended the day’s session on a positive note, with Sensex and Nifty 50 ended a volatile session with gains led by healthcare and consumer durable stocks and globally too, stocks gained amid expectations of progress in negotiations between Russian and Ukrainian delegates in Istanbul, Turkey, said Mohit Nigam, Head - PMS, Hem Securities.

Firm global mood and fall in crude oil prices gave market bulls a leg up on Tuesday while high US inflation and an increasingly hawkish Fed can be a major headwinds in near future. The market breadth as skewed in the favour of bears. Crucial support for Nifty 50 is 17,100 while Nifty may face some resistance at 17,500, Nigam added.

Russia Ukraine peace talks kindle hopes

The steady rise in markets in the last few sessions is due to hopes that the peace talks between the two warring nations could help provide some solutions to end the stalemate, said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd. On the other hand, the falling crude prices at a time when inflation has been a major concern worldwide is adding to the optimism. But all eyes will be on the US Fed as rising yields could trigger another rate and may put investors in a spot in the near to medium term. We are of the view that as long as Nifty is trading above the 50-day SMA the short term texture is positive. For the trend following traders, the support has shifted to 17,250 from 17,100. Above the level of 17,250, the index could touch the level of 17,450 and 17,500. However, a quick intraday correction up to 17,00-17,140 is not ruled out if the index trades below 17,250.

The market mood remained relatively upbeat amidst falling crude-oil prices on backdrop of media reports that Russia was no longer going to demand Ukraine be "denazified" in the upcoming negotiations, said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd. The index mostly will aim to strengthen higher on backdrop of recent fall in oil prices as investors will continue to monitor developments in the Russia-Ukraine war and consider tighter monetary policy from the Federal Reserve in the year ahead. Technically, positive bias as long as Nifty holds above its 200 DMA at 17053 mark. Nifty bears will look to sharpen their claws only below the 17,053 mark.

Global shares up

Global markets veered in different directions on Tuesday, with shares climbing to five-week highs, recession warnings growing in the government bond markets and Japan's yen headed for its worst month since 2016. Europe's main bourses made strong opening gains, taking cues from Asia overnight after the Bank of Japan had defended its vast stimulus programme, and as warring Russia and Ukraine held their first face-to-face talks in more than two weeks in Turkey, Reuters said.

In Asia, bourses in Tokyo, Seoul and Hong Kong ended with gains, while Shanghai settled marginally lower.

FIIs main sellers

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 801.41 crore on Monday, according to stock exchange data.

Rupee surges by 19 paise

The rupee appreciated by 19 paise to 75.97 against the US dollar as risk appetite improved in view of broader weakness in the greenback and a firm trend in domestic equities. However, persistent foreign fund outflows restricted gains in the domestic unit, forex traders said.

Meanwhile, the dollar index, which measures the greenback's strength against a basket of six currencies, fell sharply by 0.34 percent to 98.71.

Crude recovers

International oil benchmark Brent crude recovered 0.52 per cent to USD 113.1 per barrel.

(With inputs from Reuters)

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