For the third-day straight domestic equity markets recorded gains. S&P BSE Sensex closed 254 points higher at 51,279 while the 50-stock NSE Nifty 50 ended above 15,150.
Bajaj Finance and Sun Pharma were the top gainers on Sensex.
For the third-day straight domestic equity markets recorded gains. S&P BSE Sensex closed 254 points higher at 51,279 while the 50-stock NSE Nifty 50 ended above 15,150 but failed to breach the 15,200 levels. Volatility slipped during the day to now sit below 21 levels. Broader markets were slightly better than benchmarks with Smallcap and Midcap indices on both NSE and BSE outperformed Nifty and Sensex. Among sectors, Nifty Metal, Nifty IT and Nifty Pharma were the best performers. Bajaj Finance and Sun Pharma were the top gainers on Sensex.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities-
“Today, the market closed at the level of 15170 and reached a high, however, traders were not keen to carry positions due to the bank holiday on Thursday. Technically, the market closed above the level of 15,150/51,250, which could maintain the market’s bullish continuation. We may see at least 15280 or 15350 levels in the near term. However, if the Nifty / Sensex fails to break the 15280 level, it may send the market to consolidation between 15000 and 15280. If the index goes below 15000/50750, the bullish trend will break. Bond yields and the dollar index would once again determine the market trend in the coming days.”
“Domestic markets mirrored positive cues from its global peers, tracking gains from the US market as bond yields pulled back easing concerns about rising inflation. As per the data published by the Federation of Automobile Dealers Association, the retail sales for February grew 10.59% YoY after reporting a 4.4% decline in January keeping the outlook for the sector intact. However, two-wheeler, three-wheeler and commercial vehicles continued to see sluggish demand. Buying interest was broad-based led by IT, pharma and metal stocks.”
“With Technology stocks doing well on NASDAQ the day clearly belonged to Midcap IT as the street demonstrated increased appetite today for Technology. Broader markets witnessed good investor interest in Metal stocks. Several Small-Cap names across sectors were sought after as a lower interest rate scenario is seen beneficial to them.”
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments-
“The Nifty has not been able to get past 15300 and hence the markets continue being sideways. If we get past that level, we should be able to achieve 15500-15600. The index has got good support at 14800 and till that holds, the overall trend is positive. Any dip or intraday correction can be utilized to accumulate long positions.”
“There has been a trend of weakening institutional participation in markets, coinciding with a lack of trend in overall indices. Volatility in global bond and commodities markets have induced uncertainty factors that do not appear to be fully reflecting in equities. Going forward, IT sector can be expected to be an out-performer in a defensively positioned market environment, and an extension of recent under-performance by mid-caps appears likely. Going into year-end, seasonal tightness of liquidity in money markets would manifest itself in a weaker INR and some pressure on Financials names.”