Indian Market Extends Gains, Nifty Surpasses 23,300, Sensex Records 1,205 Point Rise

Indian Equity Indices Extend Relief Rally

Market Performance

On March 25, Indian equity indices continued their relief rally for the second consecutive session, with the Nifty closing above the 23,300 mark. The market opened on a strong note, driven by optimism over a possible de-escalation in US–Iran tensions, and extended its gains throughout the session.

Key Statistics

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

• Sensex: Up 1,205 points or 1.63% at 75,273.45
• Nifty: Up 394.05 points or 1.72% at 23,306.45
• Nifty Midcap index: Advanced 2.3%
• Nifty Smallcap index: Climbed 2.6%

Broader Markets

The broader markets extended their outperformance for a second straight day, with the Nifty Midcap index advancing 2.3% and the Nifty Smallcap index climbing 2.6%.

Market Capitalization

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

The market capitalization of BSE-listed companies rose Rs 7.82 lakh crore to Rs 430.99 lakh crore against Tuesday's Rs 423.16 lakh crore.

Sectoral Performance

All sectoral indices ended in the green, with the Consumer Durable index surging 3.5%, while Realty, Pharma, PSU Bank, Metal, Auto, FMCG, and Capital Goods indices up 2% each.

Top Gainers and Losers

• Biggest Nifty gainers: Shriram Finance, UltraTech Cement, Grasim Industries, Bajaj Finance, Adani Enterprises
• Biggest Nifty losers: Tech Mahindra, TCS, Bharat Electronics, Power Grid Corp

Technical Outlook

According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the market is encountering previous opening down gap resistance of 23,400-23,600 levels. The underlying trend of the market continues to be positive, with further sustainable upside from here could pull Nifty towards the next upside of 23,850 levels in the near term. Any consolidation/dip from here could find support around 23,000 levels.

Market Outlook

The market will remain shut on Thursday, March 26, on account of Shri Ram Navami holiday. The Indian rupee weakened to 93.97 against the US dollar, amid sustained foreign fund outflows that kept investors cautious.