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Bulls ride on IT, metal stocks to drive Sensex 1,128 pts higher at 50,136

The Sensex index settled above the 50,000-mark for the first time since March 23

SI Reporter New Delhi
bull, markets, shares, stocks, bse, growth, sensex, nse

2 min read Last Updated : Mar 30 2021 | 4:46 PM IST
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4:46 PM

MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Sec

The formation of a Bullish Harami served as a powerful reversal formation for the market. The Nifty crossed the 14750 levels and moved very close to 14900. Today, all sectors except Bank Nifty and Auto performed well. Tomorrow we would see some increase in bank stocks, mainly because the Bank Nifty closed above the level of 33700. Bank Nifty can go up to 34500/34700. If the Bank Nifty performs, the Nifty could move closer to 14900 and 15050 levels. On the other side,  Nifty / Sensex would find major support at 14730 and 14620 levels.  Buy between 14750/14730 and for that keep a stop loss at 14600

4:37 PM

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Beating worries of increasing covid cases and rising bond yields, the domestic market sparked a rally today as investors turned their focus to economic recovery supported by vaccination drives. Positive openings seen in Asian and European markets also helped in boosting optimism in the Indian market. Barring realty, all sectorial indices joined the rally with IT and pharma contributing the most.

4:28 PM

MARKET CLOSING COMMENT :: CapitalVia Global Research

Indian equity benchmarks began the day with an optimistic start, owing to gains in global peers. The benchmarks continued to trade in high spirits in the morning session. In the late afternoon session, the indexes extended their gains and maintained their momentum. We expect 14900 to act as resistance but if the market breaks the level of 14900, we can expect it to continue till the levels of 15300.
 
Meanwhile, a meeting with Union Minister of Commerce and Industry, Piyush Goyal, US Trade Representative, Katherine Tai said that India and the US will explore ways to broaden trade ties and cooperate on pending bilateral issues which if resolved can have a positive impact on the market.

4:17 PM

MARKET CLOSING COMMENT :: Devarsh Vakil, Deputy Head of Retail Research at HDFC Securities

The unblocking of the Suez Canal and expected unveiling of an infrastructure plan from US President Biden buoyed sentiments on the street.
 
Our markets reacted very favorably to the positive global cues and surged. The Nifty gained 338 points or 2.33% to close at 14,845. The breadth of the markets was evenly balanced and broader indices like Midcap and small-cap index underperformed the Nifty.
 
BSE IT, Metal, Healthcare and FMCG indices took the lead. Major Asian and European markets had a positive session – while select few like Taiwan’s weighted index and Germany’s Dax index surged to fresh all-time highs. The Dow Jones Futures are also trading higher at fresh all-time highs, indicating a positive start in US markets today.
 
Technically, with the Nifty surging higher and closing above the crucial 20-day SMA, the bulls seem to have an upper hand in the short term. 
 

4:06 PM

MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities

Markets opened firm on strong Global Cues with Joe Biden slated to announce his $3tn Infra Package. Investors shrugged off the rising corona virus cases in few states as the GOI prepares for a vaccine rollout on a larger scale. Steel & IT stocks led the bull charge while FMCG stocks joined the party in late afternoon trade as the Sensex scaled past 50k

3:55 PM

NEW STOCK ON THE BLOCK :: Nazara Tech closes 43% above issue price

3:51 PM

BSE Snapshot

3:49 PM

SmallCaps' Heatmap :: S&P BSE SmallCap index ends 1.3% up

3:47 PM

Broader market check :: MidCap index underperforms large-cap peers

3:45 PM

HDFC duo, RIL, Infy :: Stocks that lifted the Sensex today

3:41 PM

Sectoral trends on the NSE :: Metal, IT, Pharma indices end 3% higher each

3:38 PM

Sensex Heatmap at Close :: Only 3 stocks end the day in the red

3:34 PM

CLOSING BELL

The Sensex index settled above the 50,000-mark for the first time since March 23 at 50,136 levels, up 1,128 points or 2.33 per cent. The broader Nifty50 index, on the other hand, closed tad below the 14,850-mark at 14,845 levels, up 338 points or 2.33 per cent. 

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Topics :MARKET WRAPMarketsNazara TechnologiesSensexNifty50

First Published: Mar 30 2021 | 7:53 AM IST

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