Indian Stock Market: Sensex and Nifty Extend Gains Amid Global Uncertainty

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Indian Stock Market: Sensex and Nifty Extend Gains Amid Global Uncertainty

Team FS

22/Mar/2024

Key Points:

Sensex and Nifty 50 mark their third consecutive session of gains amidst mixed global cues.
Sensex closes at 72,831.94, up 191 points (0.26%), while Nifty 50 ends at 22,096.75, up 85 points (0.39%).
Mid and smallcap indices outperform, with BSE Midcap rising by 0.38% and Smallcap surging by 1.06%.

In a day marked by mixed global cues, the Indian stock market showcased resilience as both the Sensex and the Nifty 50 extended their gains for the third consecutive session.

The Sensex commenced the day's trading at 72,231.66, slightly below the previous close, but swiftly made gains throughout the session. Touching an intraday high of 73,115.62 and a low of 72,172.09, the index closed at 72,831.94, marking a notable uptick of 191 points or 0.26%. Similarly, the Nifty 50 opened at 21,932.20, reached an intraday high of 22,180.70, and closed at 22,096.75, up by 85 points or 0.39%.

Leading the gainers on the Sensex were Sun Pharma, Maruti Suzuki, and IndusInd Bank, while the top losers included Infosys, Wipro, HCL Tech, TCS, and Tech Mahindra, reflecting a mixed performance across sectors.

Despite the mixed sentiment, mid and smallcap indices exhibited strong performance, with the BSE Midcap index rising by 0.38% and the Smallcap index jumping by an impressive 1.06%, indicating broad-based optimism among investors.

In intraday trading, several stocks including Bajaj Auto, Bharti Airtel, DMart, Maruti Suzuki, Pidilite Industries, and Siemens reached fresh 52-week highs, underlining the market's buoyancy.

The overall market capitalisation of BSE-listed firms witnessed a significant uptick, soaring to nearly ₹382.2 lakh crore from the previous session's ₹380 lakh crore, enriching investors by over ₹2 lakh crore in a single session.

Among the Nifty 50 gainers, Hero MotoCorp, Maruti, and Sun Pharma emerged as top performers, while LTIMindtree, Infosys, and Wipro experienced losses, leading the pack of losers.

Sector-wise, the Nifty IT index faced a decline of 2.33%, contrasting with gains in other sectors. Nifty Realty and Auto showed significant growth, rising by 1.76% and 1.67% respectively, while the Media and Pharma indices also posted gains of 1.25% each.

Despite global uncertainties, the Indian stock market's upward momentum underscores investor confidence in the domestic economy's resilience and the potential for sustained growth.

Also read : European Stock Markets Take a Breather: Key Updates for Indian Investors
In the bustling world of stock markets, European exchanges took a moment to catch their breath after a recent surge that saw major indexes hitting multi-year highs. On Friday, the STOXX 50 index, a key indicator, slipped by 0.4% to 5,030 points, stepping back from its peak not seen in over 23 years. Similarly, the broader STOXX 600 index retreated by 0.2% from its all-time high. Despite these minor setbacks, both indices remained poised for weekly gains, thanks to supportive measures from central banks earlier in the week.

Also read : India's Private Sector Soars: March Sees Record Growth in Manufacturing and Services
In a promising development for India's economy, the private sector activity surged to an eight-month high in March. This surge was fueled by robust growth in both manufacturing and services, resulting in a notable increase in aggregate sales. According to the third flash results by HSBC, the Flash India Composite PMI Output Index rose to 61.3 from a revised figure of 60.6 in February, marking its 32nd consecutive month in the growth territory.

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Indian Stock Market: Sensex and Nifty Extend Gains Amid Global Uncertainty

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