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Wednesday, March 27, 2024

In the Sensex and Nifty rebound, Reliance auto stocks lead.

Sensex and Nifty rebound auto stocks lead

Following a range-bound session, the BSE Sensex and NSE Nifty50 ended the day more than 0.5% higher due to investor interest in Reliance Industries, auto, and banking stocks, but the decline in big IT firms limited the benchmarks' upward potential.

According to exchange's provisional data, foreign institutional investors (FIIs) purchased stocks worth ₹2,170.32 crore, which helped lift the indexes in addition to the favorable macroeconomic indicators.

In the Sensex and Nifty rebound, Reliance auto stocks lead.

Notwithstanding the financial year-end and monthly derivatives expiry, market professionals warned investors of the expected volatility tomorrow.

The wider Nifty50 increased 118.95 points, or 0.54 percent, to 22,123.65, while the Sensex climbed 526.01 points, or 0.73 percent, to 72,996.31.

The overall market saw the BSE 500 conclude 0.41 percent higher, the BSE SmallCap close 0.7% higher, and the MidCap close flat. 1,471 of the 3,949 equities that were traded saw gains, 2,381 saw declines, and 97 saw no change. On the BSE, 153 stocks reached a 52-week low and 129 stocks reached a 52-week high.

BSE Services saw the largest increase of 1.01 percent among the sectoral indexes, followed by Capital Goods (1%), Consumer Durables (0.98%), Industrials (0.97%), and Realty (0.93%). Nevertheless, the biggest loses were Metal (0.31%), Teck (0.40%), and BSE Information Technology (0.48%).

UPL (2.07 percent), Hero MotoCorp (2.04 percent), Wipro (1.64 percent), Apollo Hospitals (1.54 percent), Dr. Reddy's (1.42 percent), Reliance Industries (3.49 percent), Maruti Suzuki India (2.53 percent), Bajaj Auto (2.16 percent), Bajaj Finance (1.72 percent), and Titan (1.62 percent) were the major gainers within the Nifty pack.

Observe the Moves of FIIs

The recent few days have seen Nifty consolidating inside a range, but the biasness appears to be positive as buying demand is being observed in the intraday drops, according to Ruchit Jain, Lead Research,

"Ahead of another long weekend, it will be crucial to observe how FII's roll over their positions, as most of them were on the short side in the March series. The immediate obstacle in the options market is the 61.8 percent retracement of the most recent fall at 22220, but 22000 put options have respectable open interest outstanding and would be viewed as a key support on the expiration day, according to Jain.

Local and Worldwide Cues

The mood was improved by the recent upward revision to the GDP growth estimate for India made by S&P Global and Moody's. Additionally, the decrease in the domestic current account balance from October to December and the DIIs' purchase of more than ₹50,000 crore in March contributed to the positive sentiment, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.

Small- and Mid-Caps Gain

The market ended positively, according to Vinod Nair, Head of Research at Geojit Financial Services, as a result of stock-specific moves and favourable undercurrents brought on by a strong expectation for economic growth.

Nevertheless, investors are now concentrating on US GDP data tomorrow and the RBI policy decision next week to determine market direction due to the holiday-driven shortened week. Although volumes are low, the mid- and small-cap sectors are prospering because investors have access to favorable bargains, Nair continued.

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