Markets opened higher on Friday due to broad-based buying with banking, realty and metal stocks outperforming across the board. The Sensex edged closer to the psychological mark of 58,000, while the Nifty 50 edged slightly above the 17,100 mark. A sharp rebound in global cues boosted domestic equities on hopes of relief from bank turmoil.
Sensex It closed at 57,989.90, up 355.06 points or 0.62%. The Nifty 50 closed at 17,100.05, up 114.45 points or 0.67%. Bank Nifty advanced nearly 466 points or 1.2%, while BSE Bankex gained 541 points or 1.2%.
With respect to sectoral indices, the metal index on BSE closed with a gain of around 461 points or 2.42%. Besides, the realty index soared 3.2%, while the IT index jumped over 1.1%.
In the broader markets, small cap stocks on BSE rallied nearly 187 points, recovering previous losses.
HCL Tech was the top gainer in the Sensex pack, rising around 3.6%. UltraTech Cement and Nestle were the top gainers, up 2.5% and 2.3%, respectively. Tata Steel, Kotak Bank, ICICI Bank, Bharti Airtel, HDFC Bank, HDFC, Infosys and L&T among others gained 1-2% each.
Among the losers on the Sensex — ITC was the top gainer with a fall of 1.5%, followed by Maruti Suzuki, NTPC and Asian Paints.
“After a sharp rally in global markets, domestic indices heaved a sigh of relief on hopes of a respite from global banking turmoil,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair said, “Global equities reversed their selling streak on reports of a rescue package for crisis-hit First Republic Bank with aid provided to Credit Suisse from the Swiss central bank, which will calm concerns over global financial stability.” ” Also, the ECB raised its rates by a further 50 bps, indicating its readiness to provide liquidity to banks if needed.”
At the interbank forex market, the rupee strengthened against the US dollar as market sentiments improved following liquidity rescues by some US and European banks. The local unit closed at 82.5525 against the greenback as compared to the previous print of 82.73 per dollar. During the whole week, however, the rupee depreciated by around 0.6%.
on Thursday, First Republic Bank Uninsured deposits amounting to $30 billion were received from major US banks such as Bank of America, Citigroup, JP Morgan, Goldman Sachs, Morgan Stanley, and Wells Fargo.
Going forward, on Nifty 50, Rupak Dey, Senior Technical Analyst, LKP Securities said, a Doji pattern followed by a recovery candle on the daily chart indicates the possibility of a bullish reversal. On the higher end, an immediate resistance is placed at 17250, where the bears may attempt to return to the market. However, if the bulls take Nifty above 17250, the index may move higher towards 17500-17600. On the lower side, support at 16950 remains intact.
Meanwhile, on Bank Nifty, Kunal Shah, Senior Technical Analyst, LKP Securities said, the index witnessed sharp recovery from lower levels and the index formed morning star pattern on the daily chart. If the index manages to sustain the 39,000 support on the downside, it could see a pullback rally towards 40,000. A sustained move above 40,000 will open up space for a bigger rally towards the 41,000 level.
Disclaimer: The views and recommendations given above are of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
Know your inner investor Do you have guts of steel or are you a victim of insomnia regarding your investments? Let’s define your investment approach.
Markets edged higher as US banks eased liquidity hedges; Sensex, Nifty up 1%
Markets opened higher on Friday due to broad-based buying with banking, realty and metal stocks outperforming across the board. The Sensex edged closer to the psychological mark of 58,000, while the Nifty 50 edged slightly above the 17,100 mark. A sharp rebound in global cues boosted domestic equities on hopes of relief from bank turmoil.
Sensex It closed at 57,989.90, up 355.06 points or 0.62%. The Nifty 50 closed at 17,100.05, up 114.45 points or 0.67%. Bank Nifty advanced nearly 466 points or 1.2%, while BSE Bankex gained 541 points or 1.2%.
With respect to sectoral indices, the metal index on BSE closed with a gain of around 461 points or 2.42%. Besides, the realty index soared 3.2%, while the IT index jumped over 1.1%.
In the broader markets, small cap stocks on BSE rallied nearly 187 points, recovering previous losses.
HCL Tech was the top gainer in the Sensex pack, rising around 3.6%. UltraTech Cement and Nestle were the top gainers, up 2.5% and 2.3%, respectively. Tata Steel, Kotak Bank, ICICI Bank, Bharti Airtel, HDFC Bank, HDFC, Infosys and L&T among others gained 1-2% each.
Among the losers on the Sensex — ITC was the top gainer with a fall of 1.5%, followed by Maruti Suzuki, NTPC and Asian Paints.
“After a sharp rally in global markets, domestic indices heaved a sigh of relief on hopes of a respite from global banking turmoil,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair said, “Global equities reversed their selling streak on reports of a rescue package for crisis-hit First Republic Bank with aid provided to Credit Suisse from the Swiss central bank, which will calm concerns over global financial stability.” ” Also, the ECB raised its rates by a further 50 bps, indicating its readiness to provide liquidity to banks if needed.”
At the interbank forex market, the rupee strengthened against the US dollar as market sentiments improved following liquidity rescues by some US and European banks. The local unit closed at 82.5525 against the greenback as compared to the previous print of 82.73 per dollar. During the whole week, however, the rupee depreciated by around 0.6%.
on Thursday, First Republic Bank Uninsured deposits amounting to $30 billion were received from major US banks such as Bank of America, Citigroup, JP Morgan, Goldman Sachs, Morgan Stanley, and Wells Fargo.
Going forward, on Nifty 50, Rupak Dey, Senior Technical Analyst, LKP Securities said, a Doji pattern followed by a recovery candle on the daily chart indicates the possibility of a bullish reversal. On the higher end, an immediate resistance is placed at 17250, where the bears may attempt to return to the market. However, if the bulls take Nifty above 17250, the index may move higher towards 17500-17600. On the lower side, support at 16950 remains intact.
Meanwhile, on Bank Nifty, Kunal Shah, Senior Technical Analyst, LKP Securities said, the index witnessed sharp recovery from lower levels and the index formed morning star pattern on the daily chart. If the index manages to sustain the 39,000 support on the downside, it could see a pullback rally towards 40,000. A sustained move above 40,000 will open up space for a bigger rally towards the 41,000 level.
Disclaimer: The views and recommendations given above are of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
Know your inner investor
Do you have guts of steel or are you a victim of insomnia regarding your investments? Let’s define your investment approach.
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