The Indian stock market opened on a positive note on March 20, driven by positive global cues and a surge in buying activity, especially in the IT and media sectors.
This marks a strong start to the day’s trading, with both benchmark indices showing healthy gains.
At around 9:27 AM, the Sensex was up by 454.70 points, or 0.60%, trading at 75,903.75.
Similarly, the Nifty gained 133.40 points, or 0.58%, reaching 23,041.
These gains were reflective of the upbeat sentiment in the market.
The Nifty Bank index saw a rise of 253.90 points, or 0.51%, reaching 49,956.50.
The Nifty Midcap 100 index was up by 306.10 points, or 0.60%, at 51,123.20, and the Nifty Smallcap 100 index surged 180.35 points, or 1.15%, to reach 15,927.95.
Market watchers pointed to two major trends. First, domestic consumption themes, such as consumer goods and retail, were seeing positive movements.
Second, sectors that had been previously underperforming, such as defense and shipping, were gaining attention.
Additionally, consumer-facing digital stocks were also on a strong upward trajectory.
According to Hardik Matalia from Choice Broking, Nifty could find support around 22,850, with subsequent levels at 22,750 and 22,700.
On the upside, the immediate resistance is seen at 23,000, followed by 23,100 and 23,200.
These levels will be crucial in determining the market’s next move.
Among the top gainers in the Sensex pack were Zomato, Infosys, Tech Mahindra, M&M, IndusInd Bank, HCL Tech, TCS, Bharti Airtel, and SBI.
In contrast, some of the notable losers included Sun Pharma, Hindustan Unilever, L&T, Bajaj Finance, and UltraTech Cement.
The positive opening in India follows strong performances in international markets.
On the previous day, the US markets closed in the green with the Dow Jones adding 0.92%, the S&P 500 climbing 1.08%, and the Nasdaq rising 1.41%.
In the Asian markets, Japan, Seoul, Jakarta, and Bangkok were all trading higher, while Hong Kong and China saw slight declines.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,096.50 crore on March 19, while Domestic Institutional Investors (DIIs) were net buyers, purchasing equities worth Rs 2,140.76 crore on the same day.
The contrasting activities of FIIs and DIIs highlight a shift in market dynamics.The Indian stock market’s positive opening reflects a strong sentiment, driven by sectoral gains and favorable global trends.
As the day progresses, market participants will closely monitor key levels of support and resistance.
The market’s performance also signals that sectors like IT, media, and defense may continue to drive momentum in the coming sessions.
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