Market Wrap: Nifty Above 23,600, Sensex Inching To Reclaim 78,000 Mark As Benchmark Indices Rally For Seven Sessions

Indian stock market investors experienced the continuation of last week’s relief rally on March 24. The benchmark indices extended gains for seven straight sessions as the Nifty closed at the 23,658.35 level, up by 307.95 points or 1.32 per cent. The Sensex also inched towards the 78,000 mark as it closed at 77,984.38 levels, up by 1078.87 points or 1.4 per cent.

Top Gainers And Losers On March 24

All constituents of the Nifty 50 index closed in the green on March 24. However, banking and oil and gas stocks led the rally as Kotak Mahindra Bank, NTPC, and State Bank of India’s shares gained up to 4.86 per cent. Other major gainers included Tech Mahindra and Power Grid Corporation of India Ltd., which closed up to 3.6 per cent higher.

All Sectoral Indices Close Higher

All major sectoral indices closed in the green on March 24. However, Nifty Bank and Nifty Oil and Gas gained the most, closing higher by 2.2 per cent and 1.46 per cent higher respectively. Broader market indices also extended gains as the Nifty SmallCap 100 and Nifty MidCap 100 closed higher by 1.3 per cent.

Global Markets

US market indices such as the S&P 500 and Nasdaq closed higher by up to 0.52 per cent on March 22. Asian indices such as Japan’s Nikkei 225 closed lower by 0.18 per cent. On the other hand, the Hang Seng and the Shanghai Composite closed higher by up to 0.9 per cent. 

Primary Market Action

Desco Infratech IPO opened for subscription on March 24. On the other hand shares of Divine Hira Jewellers Ltd and Paradeep Parivahan Ltd made their D-street debuts. Shares of Divine Hira Jewellers listed flat on the NSE, and Paradeep Parivahan shares made a weak debut on the BSE.

Cues To Watch

A US delegation is scheduled to meet Russian officials to negotiate a ceasefire and end the ongoing war in Ukraine. Additionally, investors are also looking forward to the release of US GDP data on March 27.