Sensex rises 110 pts, Nifty nears 17k; Quess Corp rises 11%; South Indian Bank tanks 13%
BSE Sensex added 110.6 points, or 0.19 per cent, to trade at 57,724.32, while NSE's Nifty50 gained 37.45 points, or 0.22 per cent, to 16,989.15 at 9.20 am.
- Mar 29, 2023,
- Updated Mar 29, 2023 10:06 AM IST
Domestic equity markets opened with mild gains during the early trading session on Wednesday. The absence of decisive cues or triggers capped any major move on either side of the markets. However, benchmark indices are likely to remain volatile ahead of the F&O contracts' expiry. At 9.20, the 30-share pack BSE Sensex added 110.6 points, or 0.19 per cent, to trade at 57,724.32, while NSE's Nifty50 gained 37.45 points, or 0.22 per cent, to 16,989.15. Broader markets were in tandem with the headline peers as BSE midcap and smallcap indices were slightly up. Fear gauge India VIX dropped more than 2 per cent to 14.75-level. 16900 remains the immediate support, followed by the sacrosanct support of the 16850-16800 zone. While on the higher end, 17100-17200 is likely to act as the sturdy wall, and an authoritative breach beyond the same could only trigger some more respite in the comparable period, said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One. "Going forward, we would advocate the participants to keep a close tab on the mentioned levels and avoid undue risk in the market. Even though the indices are not doing much, sector churning is visible in the broader market, and hence one should focus on identifying such potential movers. In the meanwhile, stay abreast with global developments," he said. All the sectoral indices of Nifty were trading in green during the early trading hours, led by strong gains in the Nifty Auto index. Nifty Bank, Financial Services, FMCG, Media and Pharma indices also posted some decent gains. Adani stocks were back in focus on Wednesday after the exchange sought clarification from the group after some media reports. Adani Transmission, Adani Total Gas and Adani Green hit lower circuits of 5 per cent each, whereas Adani Power and Adani Wilmar were slightly down. However, Adani Enterprises and Adani Ports were trading higher. Barring the Adani Group stocks, Mahindra & Mahindra rose more than a per cent in the Nifty50 pack. Eicher Motors, Bajaj Auto, Tata Motors, SBI Life Insurance and Hindustan Unilever were also trading with decent gains among the blue-chip counters. On the contrary, Reliance Industries topped among the laggards on NSE's barometer. Tata Steel also shed about a per cent at the opening tick. Infosys, IndusInd Bank, Divi's Bank and UPL were among the other top laggards In the absence of near-term cues, the market is likely to remain range-bound for some days before taking a new direction. Cues from the mother market US on inflation, the Fed response and the banking crisis-related news will weigh on markets in the near term, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. "With FIIs turning buyers yesterday, the 16,800 Nifty level is unlikely to be broken on the downside now. Expect a range-bound market for the near term. The recent correction has made valuations for the broader market attractive. For long-term investors this is a good opportunity to invest in small and midcap mutual funds through SIPs," he said. In the broader markets, Quess Corp surged over 11 per cent on the back of heavy trading volumes. Faze Three rose more than 10 per cent, whereas Astec Lifescience advanced more than 8 per cent. Shalby jumped about 6 per cent after the company issued non‐convertible redeemable preference shares. On the contrary, South Indian Bank plunged over 13 per cent after its managing director and CEO declined to offer himself for re-appointment after its ongoing tenure. Symphony also plunged more than 6 per cent, while Timken India tumbled 4 per cent.
Also read: Jindal Stainless shares gain after three sessions; here’s why
Domestic equity markets opened with mild gains during the early trading session on Wednesday. The absence of decisive cues or triggers capped any major move on either side of the markets. However, benchmark indices are likely to remain volatile ahead of the F&O contracts' expiry. At 9.20, the 30-share pack BSE Sensex added 110.6 points, or 0.19 per cent, to trade at 57,724.32, while NSE's Nifty50 gained 37.45 points, or 0.22 per cent, to 16,989.15. Broader markets were in tandem with the headline peers as BSE midcap and smallcap indices were slightly up. Fear gauge India VIX dropped more than 2 per cent to 14.75-level. 16900 remains the immediate support, followed by the sacrosanct support of the 16850-16800 zone. While on the higher end, 17100-17200 is likely to act as the sturdy wall, and an authoritative breach beyond the same could only trigger some more respite in the comparable period, said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One. "Going forward, we would advocate the participants to keep a close tab on the mentioned levels and avoid undue risk in the market. Even though the indices are not doing much, sector churning is visible in the broader market, and hence one should focus on identifying such potential movers. In the meanwhile, stay abreast with global developments," he said. All the sectoral indices of Nifty were trading in green during the early trading hours, led by strong gains in the Nifty Auto index. Nifty Bank, Financial Services, FMCG, Media and Pharma indices also posted some decent gains. Adani stocks were back in focus on Wednesday after the exchange sought clarification from the group after some media reports. Adani Transmission, Adani Total Gas and Adani Green hit lower circuits of 5 per cent each, whereas Adani Power and Adani Wilmar were slightly down. However, Adani Enterprises and Adani Ports were trading higher. Barring the Adani Group stocks, Mahindra & Mahindra rose more than a per cent in the Nifty50 pack. Eicher Motors, Bajaj Auto, Tata Motors, SBI Life Insurance and Hindustan Unilever were also trading with decent gains among the blue-chip counters. On the contrary, Reliance Industries topped among the laggards on NSE's barometer. Tata Steel also shed about a per cent at the opening tick. Infosys, IndusInd Bank, Divi's Bank and UPL were among the other top laggards In the absence of near-term cues, the market is likely to remain range-bound for some days before taking a new direction. Cues from the mother market US on inflation, the Fed response and the banking crisis-related news will weigh on markets in the near term, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. "With FIIs turning buyers yesterday, the 16,800 Nifty level is unlikely to be broken on the downside now. Expect a range-bound market for the near term. The recent correction has made valuations for the broader market attractive. For long-term investors this is a good opportunity to invest in small and midcap mutual funds through SIPs," he said. In the broader markets, Quess Corp surged over 11 per cent on the back of heavy trading volumes. Faze Three rose more than 10 per cent, whereas Astec Lifescience advanced more than 8 per cent. Shalby jumped about 6 per cent after the company issued non‐convertible redeemable preference shares. On the contrary, South Indian Bank plunged over 13 per cent after its managing director and CEO declined to offer himself for re-appointment after its ongoing tenure. Symphony also plunged more than 6 per cent, while Timken India tumbled 4 per cent.
Also read: Jindal Stainless shares gain after three sessions; here’s why