Indian Equity Markets Close Higher Amid Stronger Gains

Indian Stock Market Update

March 20, 2024

The Indian stock market benchmarks, Sensex and Nifty 50, ended higher on Friday, March 20, following selective buying after Thursday's massive losses. The Sensex jumped 1,326 points, or 0.44%, to close at 74,532.96, while the Nifty 50 rose 112 points, or 0.49%, to 23,114.50.

Market Capitalisation

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The overall market capitalisation of BSE-listed firms rose to ₹429 lakh crore, a gain of ₹3 lakh crore from the previous session.

Sectoral Performance

The Nifty Midcap 150 index rose 0.59%, while the Nifty Smallcap 250 index gained 0.26%. The Nifty Bank index erased all gains seen during the day and ended 24 points lower, or 0.04%, at 53,427.05. The Nifty PSU Bank, IT, and Pharma indices jumped 2%.

Top Gainers and Losers

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Tech Mahindra, JSW Steel, and Tata Steel were the top gainers in the Nifty index, each rising over 3%. Hindalco Industries, HDFC Bank, and Shriram Finance were the top losers, falling 2-3%.

Most Traded Stocks

Vodafone Idea, Jaiprakash Power Ventures, Tata Silver Exchange Traded Fund, Tata Gold Exchange Traded Fund, and Sagility were the most traded stocks on the NSE.

Technical Outlook

According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty 50 may improve in the short term, potentially rising towards 23,400–23,600. However, Ajit Mishra, SVP- Research, Religare Broking, noted that the 23,400–23,600 zone may act as a resistance area in case of a rebound, while 22,800 remains a critical support level.