Sensex crosses 50,000, Nifty ends above 14,800; are bulls back on Dalal Street?

By: |
March 23, 2021 4:17 PM

Domestic equity markets closed in the positive territory on Tuesday. S&P BSE Sensex gained 280 points to close at 50,051 while Nifty 50 added 78 points to reach 14,814.

Stock market, share marketAmong the top gainers on Sensex were Ultratech Cement, HDFC Bank, IndusInd Bank, and ICICI Bank. (Image: REUTERS)

Domestic equity markets closed in the positive territory on Tuesday. S&P BSE Sensex gained 280 points to close at 50,051 while Nifty 50 added 78 points to reach 14,814. Among the top gainers on Sensex were Ultratech Cement, HDFC Bank, IndusInd Bank, and ICICI Bank while on the other side of the table ONGC, Powergrid, and ITC were the top drags. Broader markets outperformed the benchmark indices while the volatility index inched higher and closed above 20 levels once again. Bank Nifty ended 1.8% higher. Nifty FMCG, Metal, and Media were the only sectoral indices to end in red.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities –

“The market remained volatile throughout the day but finally closed above 14,800/50,000 levels. The 50-day moving average was a major hurdle for the market and is positive for the medium-term trend of the market. Based on it the Nifty/Sensex could move closer to 14,950 to 15,000 (50,500/50,700) levels. Surprisingly, support is still at 14,570/49,250 levels. The formation of a double bottom in the Bank Nifty is working positively. The Bank Nifty is expected to move closer to 35,000. Maintain a stop loss of 33,850.”

Ajit Mishra, VP – Research, Religare Broking –

“Markets continue to trade volatile and ended half a per cent higher. After a sluggish opening, the benchmark oscillated in a range initially however the SC judgment on the moratorium case lifted sentiment as the day progressed. We feel banking might help the index to inch further higher but negative sentiment due to the rise in the COVID cases and mixed global cues would cap the upside. We reiterate our cautious approach and suggest preferring hedged positions.”

Rohit Singre, Senior Technical Analyst at LKP Securities – 

“Index managed to close a day above 14800 zone with gains of half per cent and formed a small bullish candle on the daily chart. The index has formed a broader range of 14500 on the downside and 15300 on the higher side and going forward also we may see prices to trade in the same range, recently prices touched lower band and started moving northwards if current levels are held then we may see next leg of rally towards previous swing highs.”

Vinod Nair, Head of Research at Geojit Financial Services

“Domestic market ended the day on a strong footing supported by a rally in banking stocks amidst weak cues from global markets. Sentiments in the banking stocks were lifted post the Supreme Court’s order against granting interest waiver and extension of the moratorium period. While its decision to not charge compound interest added a minor concern in the banking space. In the global space, European markets pulled back as rising covid infections reflected lockdown worries.”

S Ranganathan, Head of Research at LKP Securities –

“Bulls have come a long way exactly one year after markets made a low same day last year. Many segments like 2-wheelers etc across sectors have seen stock prices rise manifold in this one year. Tuesday’s trade witnessed Cement stocks continue their upward momentum for the second consecutive day after the lower house approved the amendments to the MMDR Act. With the interest waiver case on loan moratorium decided today, investors value picked on PSU banks selectively. In the broader market, Fertiliser stocks  saw demand on receipt of subsidy payments.”

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