Sensex, Nifty open steady in green after strong rally
The stock market opened slightly higher on Wednesday, March 19, marking the third consecutive week of gains. Metals, mid and small-cap healthcare, and PSU bank stocks led the rise.
At 9:15 am, the BSE Sensex gained 27.52 points, reaching 75,328.78. The NSE Nifty climbed 15.25 points to 22,849.55. Bajaj Broking noted that investors are closely watching the upcoming Federal Reserve and Bank of Japan meetings.
Tata Steel surged 2.88%, trading at ₹159.10, making it the top gainer among Sensex stocks. Zomato followed with a 1.28% rise to ₹221.15, while IndusInd Bank climbed 1.11% to ₹689.25. IndusInd Bank recorded its third straight session of gains after opening higher on Monday and Tuesday.
Meanwhile, 11 Sensex stocks traded in the red. Among sectoral indices, the Nifty Metal Index rose the most, gaining 1.29% to 9,149.65. The Nifty Midsmall Healthcare Index increased by 0.51% to 39,145.00, while the Nifty PSU Bank Index added 0.47%, reaching 5,930.40.
On Tuesday, the market closed sharply higher for the second consecutive session. The Sensex jumped 1,131.31 points (1.53%) to 75,301.26, while the Nifty advanced 325.55 points (1.45%) to 22,834.30.
Kunal Kamble, Senior Technical Research Analyst at Bonanza, highlighted a bullish outlook. “Nifty closed above the falling window and near its high, signaling strength. The next resistance is at 23,000 and 23,200 levels, with support at 22,650 and 22,500. The overall trend remains positive.”
Zomato led the Sensex gainers with a 7.11% surge, closing at ₹218.35. Mahindra & Mahindra followed with a 3.27% gain to ₹2,792.50, while ICICI Bank climbed 3.25% to ₹1,309.60. Mahindra & Mahindra had also ranked among Monday’s top performers, gaining 2.30%.
Only four Sensex stocks ended in the red. Bajaj Finserv fell the most, dropping 1.43% to ₹1,845. Bharti Airtel slipped 0.69% to ₹1,628.15, Tech Mahindra lost 0.59% to ₹1,431.15, and Reliance Industries edged down 0.13% to ₹1,238.80. Bajaj Finserv’s decline followed its announcement of ending its 24-year joint venture with Allianz SE.
Among sectoral indices, the Nifty Media Index led the gains, rising 3.62% to 1,480.15. The Nifty Realty Index jumped 3.16% to 822.30, while the Nifty Midsmall Financial Services Index climbed 3.14% to 13,944.05.
In the Nifty Media Index, PVR INOX gained 6.41%, Dish TV India added 5.32%, and Network 18 Media & Investments advanced 4.74%. In the Nifty Realty Index, Raymond soared 13.94%, Macrotech Developers rose 4.52%, and Mahindra Lifespace Developers increased 4.20%.
The Nifty Midsmall Financial Services Index saw One 97 Communications jump 7.66%, PB Fintech rise 7.09%, and Central Depository Services (India) gain 6.22%.
Foreign Institutional Investors (FIIs) turned net buyers, purchasing ₹694.57 crore worth of equities. Domestic Institutional Investors (DIIs) also bought heavily, acquiring ₹2,534.75 crore worth of equities.
