The Indian stock market opened on a strong note on Tuesday, driven by positive global cues and robust buying in the IT sector. At around 9:27 AM, the Sensex was trading 112.50 points or 0.14% higher at 78,096.88, while the Nifty rose 12.10 points or 0.05% to 23,670.45. Experts suggest a continued bullish trend, with the market showing signs of a V-shaped recovery.
Nifty’s V-Shaped Recovery and Future Outlook
Market analysts indicate that the Nifty has demonstrated a V-shaped recovery, with bulls gaining an upper hand. The index has approached its previous peak of 23,800 levels, suggesting a continued upward trajectory. Vaishali Parekh, Vice President (Technical Research) at PL Capital, stated, “With further targets expected at 24,200 and 24,700 levels, the sentiment remains positive. The crucial 50-exponential moving average (EMA) zone at 23,000 will act as a support level going forward.”
Nifty Bank and Broader Market Trends
The Bank Nifty has also maintained its bullish momentum, crossing the critical 200-period moving average at the 51,000 level. This has further strengthened market sentiment, indicating the potential for further gains. At the same time, Nifty Bank rose 147.19 points or 0.28% to 51,852.05.
Other market indices also showed positive movement. The Nifty Midcap 100 index gained 255.15 points or 0.49%, reaching 52,779.20, while the Nifty Small cap 100 index advanced 80.85 points or 0.49% to 16,444.55.
Top Gainers and Losers
Several blue-chip stocks contributed to the market rally. UltraTech Cement, HCL Tech, Infosys, Axis Bank, L&T, and Tata Motors emerged as the top gainers in the Sensex pack. However, some stocks lagged behind, with Power Grid, Tata Steel, Bajaj Finance, and ICICI Bank leading the list of top losers.
Global Market Influence
The rally in the Indian stock market was largely influenced by strong performances in global markets. In the United States, the Dow Jones surged 1.42% to close at 42,583.32 in the previous trading session. The S&P 500 gained 1.76%, closing at 5,767.57, while the tech-heavy Nasdaq soared 2.27% to end at 18,188.59.
In the Asian markets, Japan was trading in positive territory, while Seoul witnessed a decline. The mixed performance across Asian indices suggests varying investor sentiment in the region.
Institutional Investments
Foreign Institutional Investors (FIIs) continued their buying spree, acquiring shares worth ₹3,055.76 crore on March 24. Domestic Institutional Investors (DIIs) also remained net buyers, though at a significantly lower volume, investing ₹98.54 crore on the same day.
The Indian stock market continues its upward trajectory, with the Sensex surpassing 78,000 and Nifty maintaining strong momentum. Positive global cues, strong institutional investments, and sectoral gains in IT and banking have fueled investor confidence. While market trends remain optimistic, investors will be closely watching key resistance levels and global market movements to gauge the next phase of the rally.
(With inputs from agencies)
