Sensex, Nifty end with gains; FM Sithraman says economic package to be announced soon

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March 24, 2020 4:24 PM

The near term trend of Nifty is still negative and the upside bounce could be considered as a temporary before another round of fall. The next downside target of 6825 remains intact

Sensex, NiftyMarket seemed to breathe a sigh of relief today after the crash yesterday, in sync with the global markets

A day after the bloodbath on Indian stock markets, Sensex and Nifty ended around 2.5 per cent higher in Tuesday’s session as the Union Finance Minister reiterated that an economic package will be announced sooner, rather than later. In her press briefing today, she came up with comprehensive announcements on compliance and regulations. S&P BSE Sensex ended 692 points or 2.67 per cent higher at 26,674, while the broader Nifty 50 index settled at 7,801, up 191 points or 2.51 per cent. “Market seemed to breathe a sigh of relief today after the crash yesterday, in sync with the global markets. In addition to the huge relief package by the US Fed yesterday, there were also expectations of a fiscal package by the government. Market came off its highs after no significant announcements by the FM and the fact that the economic package was still in development,” Vinod Nair, Head of Research at Geojit Financial Services said.

FM announcements on regulatory and statutory compliance- FM Nirmala Sitharaman taking the market volatility in cognizance said that she is closely monitoring volatility in stock market, in contact with regulators three times a day. “The need of the hour is a well defined finance package which has been already promised by the Finance minister. We believe market to stay focused on fiscal action from the government rather than these regulatory actions in the near term,” Vinod Nair said.

Top gainers and losers on S&P BSE Sensex- As many as 21 stocks out of 30 Sensex stocks finished trade in green, with Infosys as the top gainer, up 12.69 per cent to Rs 593.55, followed by Bajaj Finance, Maruti and HUL. On the flip side, M&M was the top Sensex laggard, down 8.32 per cent to Rs 269.25. IndusInd Bank, ITC, Power Grid and LT were among other Sensex losers in Tuesday’s trade.

Nifty IT index gained 6%- Barring Nifty Realty index, all the sectoral indices settled in green. Nifty IT index was the top sectoral gainer with a growth of 6.13 per cent led by NIIT Tech, Infosys and Hexaware. While Nifty Pharma, PSU Bank indices gained over 2 per cent each.

Technical Observation- After witnessing a historical one day weakness on Monday, Nifty witnessed a relief rally on Tuesday amidst volatility. “The near term trend of Nifty is still negative and the upside bounce could be considered as a temporary before another round of fall. The next downside target of 6825 remains intact,” Nagaraj Shetti – Technical Analyst, HDFC securities said.

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