Indian Benchmark Indices Extend Rally for Third Consecutive Session

Key Figures:

• Nifty: 23,777.80, up 196.65 points or 0.83 percent
• Sensex: 76,704.13, up 633.29 points or 0.83 percent
• Rupee: 92.63, record closing low against the US dollar

Market Performance:

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The Indian benchmark indices continued their upward trend on March 18, with the Nifty surpassing the 23,850 mark intraday. The broader markets outperformed the benchmarks, with the Nifty Midcap 100 and Nifty Smallcap 100 indices gaining 2 percent and 1.6 percent, respectively.

Sectoral Performance:

Except for FMCG and metal, all other sectoral indices ended higher, with realty, IT, auto, media, capital goods, consumer durables, telecom, and infra up 1-3 percent.

Top Gainers and Losers:

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The biggest Nifty gainers were Jio Financial, Tech Mahindra, Infosys, Eternal, and M&M, while losers included Coal India, NTPC, HUL, Cipla, and Sun Pharma.

Stock-Specific News:

• Clean Max Enviro Energy Solutions shares shed 3 percent post quarterly earnings
• Wipro share price rose 1.5 percent on collaboration with AI software delivery platform company
• Urban Company shares jumped 11 percent after SBI Mutual Fund picks additional stake
• Mankind Pharma share price rose 1.7 percent on acquiring Rivotril brand for India
• Strides Pharma Science share price rose 3 percent on entering into agreements with Sandoz AG, Switzerland
• Mafatlal Industries shares added 6 percent on bagging five-year order worth Rs 114 crore
• Thomas Cook shares rallied more than 9 percent as board to consider corporate restructuring proposal
• BEML shares rose 3 percent on securing overseas metro rolling stock order of USD 60 mn

Outlook:

More than 200 stocks touched their 52-week low, including Gujarat State Petro, Cipla, Tata Chemicals, and Gujarat Gas.

Technical Analysis:

According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty has been giving a positive close for the last three sessions, and the sentiment is likely to remain positive with a possibility to rise towards 24,250. However, a support is placed at 23,500.

Market Strategy:

Shrikant Chouhan, Head Equity Research, Kotak Securities, suggests buying on intraday dips and selling on rallies for day traders. The immediate support zones are 23,600/76,000 and 23,500/75,700, while 23,950–24,000/77,000-77,300 could act as crucial resistance areas for the bulls.

Market Insights:

Ajit Mishra – SVP, Research, Religare Broking, notes that the markets extended their recovery for the third consecutive session, supported by stable global cues, although volatility persisted. The Nifty settled near the 23,764 mark, rising approximately 0.78 percent.