Markets Extend Gains for Second Straight Day

Indian Equity Benchmarks Continue Momentum

March 17, 2024

The Nifty 50 closed above 23,550, driven by buying across sectors, except for FMCG and IT names. Despite initial volatility fueled by the ongoing US-Iran conflict and rising crude oil prices, the market sentiment improved as the session progressed.

Market Performance

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• Sensex rose 567.99 points or 0.75% to 76,070.84
• Nifty gained 172.35 points or 0.74% to 23,581.15
• Nifty Midcap 100 increased by 1%, while Nifty Smallcap 100 added 0.65%

Top Gainers

• Eternal, Tata Steel, M&M, HDFC Life, and Bharat Electronics led the gainers on the Nifty
• Wipro, Tata Consumer, Infosys, Cipla, and ITC were among the losers

Sector Performance

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• Except for FMCG (-0.7%) and IT (-1%), all other indices ended in the green
• Capital goods, telecom, auto, infra, media, metal, reality, and private bank sectors rose by 1-2%

Stock-Specific Movements

• Andhra Cements shares rose 4% following the promoter's decision to sell their stake
• Axiscades Technologies shares gained 5% after acquiring a balance 24% stake in Cades Studec Technologies India
• Bajaj Electricals share price shed 5% following the acquisition of intellectual property and brand rights of Morphy Richards
• Omaxe share price rose 4.2% after receiving RERA Registration Certificates for two projects

52-Week Low

More than 340 stocks touched their 52-week low, including Cello World, Tata Elxsi, Relaxo Footwear, Jyothy Labs, Wipro, and others.

Outlook for March 18

Nifty is expected to remain slightly positive, with a possibility of a rise towards 23,800-24,000. Crucial support is placed at 23,400, and a fall below this level might reactivate the bears in the market.