Sensex, Nifty trades higher

BSE Sensex traded higher by 570.15 or 0.79 per cent at 72,671.84 at 9.38 am, Nifty 50 rose 175.60 or 0.8 per cent to trade at 22,014.70.

Nifty smallcap 100 was up 1.96 per cent at 14,879.05, and Nifty midcap 100 rose 1.54 per cent at 46,626.35.

All sectoral indices traded in green. Nifty metal topped the chart with a 2 per cent gain at 8,018.50. Indices of bank, financial services, oil & gas, private bank, media and PSU banks traded over 1 per cent as of 9.43 am.

• Also Read: Stocks that will see action today—March 21, 2024

Commenting on the nifty outlook, Anand James, Chief Market Strategist, Geojit Financial Services, said, “Expect early positivity that could ease on approach to 22000. A turn lower from this region is not unexpected, but we will look forward to buying as long as above 21810. Direct rise above 22032 could call for 22140- 220, but with low visibility on further rise as maintained yesterday too, especially with 22400 appearing a stiff hurdle. Alternatively, inability to float above 21810 could expose 21400-20900.”

Prabhudas Lilladher’s Vice President of Technical Research, Vaishali Parekh, said that the support for the day is seen at 21900 level while the resistance would be seen at 22100.

• Also Read: Political stability to bode well for market sentiment: UBS

Shrikant Chouhan, Head Equity Research, Kotak Securities, said, “We believe the market has started a pullback to the recent sell-off between 22525 and 21710, which could last a minimum of up to 22250. Traders can hold or create long positions with a final stop loss at 21800 on a closing basis.” Chouhan remarked that the bank nifty is resilient and managed to sustain above the levels of 45900 on a closing basis. 

The stocks that were top gainers on the NSE as of 9.49 am were BPCL (higher by 2.91 per cent), Hindalco (2.78%), Tata Steel (2.64%), NTPC (2.55%), and Coal India (2.26%). Meanwhile, major laggards were Apollo Hospitals (-0.65%), Hero Motocorp (-0.62%), Maruti(-0.44%), Britannia (-0.39%), and Nestle India (-0.34%).

Stocks to watch

Solapur Transmission Limited (a wholly owned subsidiary of PFC Consulting Limited) established for the development of transmission system for evacuation of power from RE Projects in Solapur (1500 MW) SEZ in Maharashtra was transferred to Torrent Power Limited. Power Finance Corporation stock rallied 5.34 per cent to trade at ₹380.80. Meanwhile, Torrent Power stock inched up by 0.41 per cent at ₹1,224.95.

Wipro stock traded higher by 1.66 per cent at ₹501.70 as of 9.52 am. The company had announced the appointment of Anne-Marie (Annie) Rowland as Capco’s Chief Executive Officer. 

Zomato traded higher by 2.63 per cent at ₹169.95 on the NSE.

IIFL Finance stock has recovered from the 52-week low of ₹335.30, to currently trade at 342, up by 1.62 per cent.

RateGain Travel Technologies stock rose 2.35 per cent as of 9.58 am on the NSE to trade at ₹748.80. The company has been chosen by Brightline Trains for SaaS solutions.

COMMENT NOW