Metal and Auto Stocks Lead Market Gains Amid Positive Global Sentiment

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Metal and Auto Stocks Lead Market Gains Amid Positive Global Sentiment

Team FS

18/Mar/2024

Key Points:

Market Overview: The Nifty 50 and Sensex closed with modest gains, driven by select metal and auto heavyweights like Tata Steel and Mahindra and Mahindra.
Global Influence: Positive cues from Chinese economic data buoyed global sentiment, while concerns lingered over real estate performance.
Upcoming Events: Investors are eyeing major central bank meetings in the US, UK, and Japan this week, shaping market expectations and sentiment.

In today's trading session, the Indian equity market witnessed a steady performance with domestic benchmarks Nifty 50 and Sensex inching up, backed by the strong performance of metal and auto sectors. Tata Steel, Mahindra and Mahindra, JSW Steel, and Tata Motors were among the key contributors to the market's upward movement.

Global markets also provided a positive backdrop as better-than-expected Chinese economic data instilled confidence among investors. China reported a 7% year-on-year growth in industrial output for the January-February period, coupled with a 5.5% increase in retail sales. However, concerns persisted regarding the real estate sector, which saw a 9% decline in property investment.

Looking ahead, market participants are closely monitoring the upcoming monetary policy meetings of major central banks. The Federal Reserve in the US, Bank of England, and Bank of Japan are all scheduled to convene this week. These meetings are significant as they could potentially influence market trends and investment strategies in the near term.

The Nifty 50 opened slightly lower at 21,990.10 but managed to touch an intraday high of 22,123.70 before settling at 22,055.70, up by 32 points or 0.15%. Similarly, the Sensex opened at 72,587.30, reaching an intraday high of 72,985.89, and closing at 72,748.42, up by 105 points or 0.14%.

Among the top gainers in the Nifty 50 index were Tata Steel, Mahindra and Mahindra, and JSW Steel, which registered gains of 5.01%, 3.31%, and 2.81%, respectively. Conversely, UPL, Infosys, and Tata Consumer Products were the top losers, with declines of 2%, 1.97%, and 1.95%, respectively.

Sectoral indices portrayed a mixed picture, with Nifty Metal emerging as the top gainer with a rise of 2.33%, followed by Nifty Auto, Realty, and Media indices. On the flip side, Nifty IT recorded a decline of 1.79%. Nifty Bank closed with a marginal gain of 0.07%, while PSU Bank and Nifty Private Bank indices displayed modest movements.

In summary, today's market performance showcased resilience amidst global economic dynamics and anticipation surrounding central bank decisions. With metal and auto sectors leading the charge, investors remain cautiously optimistic, awaiting further cues from upcoming monetary policy meetings.

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Metal and Auto Stocks Lead Market Gains Amid Positive Global Sentiment

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