Market Wrap: Sensex Ends Higher By 341 Points, Nifty Closes Above 22,500 Amid Global Rally

Indian stock markets opened on a positive note, driven by strong global cues. The Sensex, which started at 73,830.03 maintained its momentum throughout the session. The Nifty opened at 22,353.15, up 0.4 per cent.

The rally was supported by robust domestic macroeconomic indicators, including a Q3 GDP growth rate of 6.2 per cent and a decline in February CPI inflation to 3.61 per cent. The Nifty 50 closed on a positive note up by 119 points or 0.53 per cent at 22,515.9 while the Sensex closed 362 points or 0.49 per cent higher at 74,190.

Sectoral Performance

Nifty Pharma led the gains among sectoral indices, closing 1.56 per cent higher. Auto, banking, power, and pharma stocks also saw gains ranging between 0.5-1.5 per cent. The Nifty Midcap 100 index gained 0.48 per cent, while the Nifty Smallcap 100 index ended 0.7 per cent higher.

Top Gainers And Losers

Dr Reddy’s Laboratories emerged as the top gainer closing 3.93 per cent higher. Other major gainers included SBI Life, Bajaj Finserv and Trent which closed up to 3.89 per cent higher. Wipro emerged as the biggest loser closing lower by 1.53 per cent. Other major losers included BPCL, Hero Motocorp and ITC as they closed lower by as much as 1.03 per cent.

Notable Stock Movements

IEX, Coromandel, Atul, UPCL, HUDCO, and Varun Beverages gained significantly on March 17. On the other hand, LTIMindtree shares fell after reports of a spending cut by a major client. Ola Electric shares tumbled 7 per cent following the filing of an insolvency petition against its subsidiary.

Global Markets

Wall Street rebounded strongly on Friday, with the Dow Jones surging over 670 points, while the S&P 500 and Nasdaq gained more than 2 per cent. European markets posted mixed results, with Germany’s DAX slipping 0.2 per cent while France’s CAC 40 and the UK’s FTSE 100 rose by 0.4 per cent.

Primary Market Action

The public issues of Rapid Fleet Management Services, Arisinfra Solutions and Grand Continent Hotels will open for subscription later this week. PDP Shipping & Projects Ltd and Super Iron Foundry Ltd shares will also debut on the exchanges this week.

Cues To Watch

Meanwhile, investors are closely watching the U.S. Federal Reserve’s two-day FOMC meeting, which begins on March 18.