The domestic stock market opened on a positive note on March 25, with the Sensex surpassing the 78,000 mark, continuing its upward movement.
Amidst positive global cues, buying activity was seen in the IT sector during early trading hours. As of 9:27 AM, the Sensex was up by 112.50 points, or 0.14%, trading at 78,096.88.
The Nifty also showed a modest gain, adding 12.10 points, or 0.05%, to reach 23,670.45.
Market Sentiment & Expert Predictions
Experts are optimistic about the market’s trajectory, with Nifty showing signs of a robust V-shaped recovery.
The Nifty’s current momentum brings it close to the 23,800 zone, nearing its previous peak.
According to Vaishali Parekh, Vice President-Technical Research at PL Capital, the market’s sentiment remains positive, and the next targets for Nifty could be 24,200 and 24,700.
Parekh also emphasized the importance of the 50EMA support zone at 23,000, which needs to be sustained for the bullish trend to continue.
Bank Nifty showed significant strength, having crossed the 200-period moving average (MA) at the 51,000 level.
The continued bullish candle formation on the daily chart indicates further potential for upward movement.
Parekh predicted further rises in Bank Nifty, given the positive market sentiment.
The Nifty Bank index rose by 147.19 points, or 0.28%, to reach 51,852.05, while the Nifty Midcap 100 index added 255.15 points, or 0.49%, trading at 52,779.20.
The Nifty Smallcap 100 index also climbed by 80.85 points, or 0.49%, to 16,444.55, reflecting the broad-based strength in the market.
Top Gainers & Losers
In the Sensex pack, UltraTech Cement, HCL Tech, Infosys, Axis Bank, L&T, and Tata Motors emerged as the top gainers.
On the other hand, PowerGrid, Tata Steel, Bajaj Finance, and ICICI Bank were the top losers.
Global markets continued their positive trajectory, with the Dow Jones Industrial Average adding 1.42%, closing at 42,583.32.
The S&P 500 climbed by 1.76%, reaching 5,767.57, and the Nasdaq gained 2.27%, closing at 18,188.59.
Asian markets also saw mixed results, with Japan trading in the green while Seoul traded in the red.
Foreign & Domestic Institutional Investments
Foreign Institutional Investors (FIIs) remained bullish, purchasing equities worth Rs 3,055.76 crore on March 24.
Domestic Institutional Investors (DIIs) also joined the buying spree, purchasing equities worth Rs 98.54 crore on the same day.
The Sensex and Nifty continue to experience strong momentum, driven by positive global cues and strong sectoral performance, particularly in the IT and banking sectors.
With key levels such as the 23,000 mark for Nifty and 51,000 for Bank Nifty acting as important supports, the market is expected to remain in an upward trend, with targets of 24,200 and 24,700 in the near future.
Investors remain optimistic, buoyed by solid institutional buying and favorable global conditions.
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