March 27, 2023
New Delhi, India
Indian Stock Market Closes Higher
The Indian stock market closed on a positive note today, with both the Nifty and the Sensex recording gains. The bullish trend was primarily led by heavyweight stocks like Reliance Industries and HDFC Bank.
Both the index Nifty and Sensex Closed at 22,123.65 up +118.95
Sector Performance:
Sectors such as auto, bank, capital goods, power, realty, and telecom witnessed gains ranging from 0.5% to 1%. Conversely, sectors like metal, IT, and media saw slight declines ranging from 0.3% to 0.5%.
Top Gainers and Losers:
Reliance Industries, Maruti Suzuki, Bajaj Auto, Bajaj Finance, and Titan Company emerged as the top gainers on the Nifty. Meanwhile, Hero MotoCorp, Tata Consumer Products, Apollo Hospitals, Dr Reddy’s Labs, and Wipro were among the top losers.
Oil Prices: Oil prices experienced a decline for the second consecutive day due to concerns over surging U.S. stockpiles and indications of unchanged output policy by the OPEC+ group. Brent crude futures for May dropped by 1.12%, while WTI crude futures fell by 1.14%.
Market Sentiment: Analysts foresee increased volatility in the near term, especially with the approaching F&O expiry. Despite mixed global market conditions, the domestic indices remained positive, supported by the strength of key stocks like Reliance Industries and HDFC Bank.
Midcap and Smallcap Indices: While the BSE Midcap index saw a marginal rise of 0.1%, the Smallcap index closed 0.7% higher, indicating overall positivity in the broader market.
Individual Stock Movement: Reliance Industries saw a significant increase of 3.5%, contributing substantially to the Sensex gains following a target price raise by Goldman Sachs. Other notable gainers included Maruti, Bajaj Finance, Bajaj Auto, Titan, Kotak Bank, HDFC Bank, IndusInd Bank, M&M, Axis Bank, and Larsen & Toubro. On the flip side, Wipro, UPL, Hero Moto, Nestle India, TCS, and Tata Motors witnessed losses among large caps.
Also Read: Market Watch: Key Triggers for the Week – Macro Data, F&O Expiry, T+0 Settlement, Global Cues
Closure
In conclusion, the Indian stock market ended the day on a positive note, driven by specific sectors and individual stock performances. However, investors remain cautious amidst expectations of increased volatility in the upcoming sessions.
Disclaimer:
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