Sensex surges 341 points, Nifty crosses 22,500 on market upswing and financial sector buying. Bajaj Finserv leads gainers, while ITC among losers. Investors await Fed and BOJ meetings.
Closing Bell: Positive global market sentiment impacted the Indian share market, with a b close on Monday, March 17th, the first trading day of the week. Robust buying in the financial and auto sectors fueled the market's rise.
Sensex and Nifty Movement
The 30-share BSE Sensex opened almost flat at 73,830 points but witnessed gains of up to 500 points during the day's trading. It finally closed at 74,169, up 341.04 points or 0.46%. Meanwhile, the Nifty 50 index on the National Stock Exchange (NSE) managed to surpass the crucial 22,500 mark. Intraday, Nifty touched a high of 22,577 points and eventually closed at 22,508, up 111.55 points or 0.5%.
Top Gainers: These stocks showed b performance
Among the 30 Sensex companies, Bajaj Finserv led the pack with a remarkable 3.6% increase, closing at ₹1,871. Mahindra & Mahindra, Axis Bank, and Bajaj Finance also registered gains of around 2%. Other notable gainers included Adani Ports, Zomato, ICICI Bank, Sun Pharma, UltraTech Cement, Tata Motors, and Tata Steel.
Top Losers: Which stocks saw declines?
However, some companies experienced losses. ITC's shares fell by 1%, and Nestle India, SBI, and Reliance Industries (RIL) also closed in the red.
Key Factors Driving Market Rise
Positive Global Cues: The US markets closed higher on Friday, influencing Asian and domestic markets positively.
Financial Sector Contribution: Buying at lower levels and good demand for select stocks led to a surge in the financial sector, providing impetus to both Nifty and Sensex. The financial sector contributed nearly two-thirds to Nifty's gains.
Future Market Outlook
According to Vinod Nair, Head of Research at Geojit Financial Services, "Strong performance from the healthcare and financial sectors resulted in a positive trading session. However, domestic investor participation remained somewhat subdued due to tariff-related uncertainties, which may limit the market's range-bound movement."
He further added that a decisive market momentum would be seen only after clear indications of corporate earnings growth. However, improving domestic economic indicators point towards a potential recovery.
