NewKerala.com

Sensex Soars 939 Points, Nifty Jumps 1% to Snap 3-Day Losing Streak

The Indian stock market snapped a three-day losing streak with a strong late-session rally, lifting benchmark indices significantly. The Sensex surged 939 points to close at 75,502.85, while the Nifty climbed 257.70 points to settle at 23,408.80. Gains were led by auto and banking stocks, though the broader midcap and smallcap indices ended in the red. Market experts noted that while the recovery was strong, persistent geopolitical tensions and elevated oil prices kept investor sentiment cautious.

Key Points: Sensex, Nifty Jump Over 1% After 3-Day Losing Streak

  • Sensex rose 939 points
  • Nifty gained 257.70 points
  • Auto sector top performer
  • Broader markets under pressure
  • Late-session buying drives recovery
2 min read

Sensex, Nifty jump over 1 pc after 3-day losing streak

Indian stock market rebounds as Sensex gains 939 points and Nifty climbs 1.11%. Auto and banking stocks lead recovery despite broader market weakness.

"On the upside, 23,500 remains the key resistance level - Market Analyst"

Mumbai, March 16

The Indian stock market ended higher on Monday as benchmark indices recovered strongly in the last leg of trading, snapping a three-day losing streak.

Gains in auto and banking stocks helped lift the market despite weakness in broader indices.

The benchmark Sensex rose 939 points, or 1.26 per cent, to close at 75,502.85. Meanwhile, the Nifty climbed 257.70 points, or 1.11 per cent, to settle at 23,408.80.

Commenting on Nifty technical outlook, experts said that the immediate support for the index is placed around 23,200-23,100, while a stronger base remains near 22,950.

"On the upside, 23,500 remains the key resistance level, and a decisive breakout above this zone could extend the recovery toward 23,800 in the near term," an analyst stated.

"However, failure to sustain above the 23,400-23,500 supply band may lead to renewed consolidation within the 23,000-23,500 range," as per market analyst.

Sun Pharma, Bharti Airtel, HCL Tech and TCS were among top losers on Sensex packs. On the other side, HDFC Bank, Mahindra and Mahindra, Eternal and Tata Steel were among top gainers on 30-share packs.

Market sentiment improved towards the end of the trading session as investors bought shares in the auto and financial sectors.

The rally helped the benchmark indices recover from the losses seen over the past three sessions.

However, the broader markets did not perform as strongly as the main indices. The Nifty Midcap 100 ended 0.43 per cent lower, while the Nifty Smallcap 100 closed 0.65 per cent down.

Among sectoral indices on the National Stock Exchange, the auto sector saw the biggest gains, with the Nifty Auto emerging as the top performer.

Financial stocks also supported the market, as the Nifty Financial Services and Nifty Private Bank ended higher.

On the other hand, the real estate sector lagged behind the broader market, with the Nifty Realty emerging as the weakest performer among sectoral indices.

Market experts said that the strong late-session buying helped the benchmark indices close in the green, even though midcap and smallcap stocks remained under pressure.

"Persistent geopolitical tensions in West Asia and elevated crude oil prices kept investors cautious, leading to sharp sectoral divergence and wide intra-day swings across the market," an analyst mentioned.

- IANS

Share this article:

Reader Comments

P
Priya S
The recovery is a relief, but the article rightly points out the weakness in mid and small caps. My portfolio is heavy on those and it's still in the red. Feels like only the big boys are getting the love from FIIs.
R
Rohit P
Auto sector shining! Tata Motors and M&M have been on my watchlist. This might be the right time to enter, especially with the festival season around the corner. Bharat ka market zindabad! 🇮🇳
S
Sarah B
As a long-term investor, these daily swings don't bother me much. But the geopolitical tensions and oil prices are a genuine concern. The market seems to be dancing on a volatile floor. Cautiously optimistic.
V
Vikram M
Respectfully, while the headline looks good, the underlying data is concerning. The rally was narrow, driven by a few heavyweights. Broader market participation is missing. This isn't a healthy bull run, it's selective buying. Retail investors should be careful.
K
Karthik V
The technical levels mentioned (23,100 support, 23,500 resistance) are very useful for traders. Let's see if Nifty can break and close above 23,500 convincingly. That's the key for the next leg up to 23,800.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50