Sensex, Nifty Surge: IT, telecom, real estate drive market rally

The stock market opened higher on Tuesday, March 25, marking its second consecutive rally this week. IT, telecom, and real estate stocks led the gains.

At 9:15 am, the BSE Sensex rose 302.34 points (0.39%), reaching 78,286.72. The NSE Nifty increased by 92.75 points (0.39%), opening at 23,751.10.

Among Sensex stocks, UltraTech Cement gained 1.75%, trading at ₹11,244.45. HCL Technologies followed with a 1.24% rise to ₹1,624, while Infosys climbed 1.06% to ₹1,609. Only four Sensex stocks traded in the red.

The Nifty IT Index led sectoral gains with a 0.96% rise to 37,573.45. The Nifty Midsmall IT & Telecom Index followed, increasing by 0.82% to 9,377.70. The Nifty Realty Index rose 0.72% to 882.25.

On Monday, March 24, the Sensex closed 1,078.87 points higher (1.40%), reaching 77,984.38. The Nifty gained 307.95 points (1.32%), closing at 23,658.35. The market had also closed in the green for the entire previous week.

Akshay Chinchalkar, Head of Research at Axis Securities, noted that the Nifty has risen for six straight days. However, he warned that “the swift advance has sent some near-term oscillators to overextended territory,” urging caution. He identified resistance at 23,827 and 23,960, with support around 23,402.

Among Monday’s top Sensex gainers, NTPC rose 4.61% to ₹367.35. Kotak Mahindra Bank climbed 4.51% to ₹2,178.35, while SBI increased by 3.77% to ₹781.40. Only seven of the 30 Sensex stocks closed lower.

The Nifty PSU Bank Index rose the most among sectoral indices, climbing 3.18% to 6,326.10. The Nifty Private Bank Index gained 2.42% to 25,842.85, while the Nifty Financial Services 25/50 Index increased by 1.89% to 26,825.85.

Banking stocks surged after the United Forum of Bank Unions (UFBU) called off a nationwide strike scheduled for Monday and Tuesday. The UFBU, representing over eight lakh bank employees, postponed the strike indefinitely after discussions with the Indian Banks’ Association (IBA). The union had demanded adequate staffing, regularization of temporary employees, a five-day workweek, and better safety measures for bank staff.

In the Nifty PSU Bank Index, Union Bank of India led with a 4.29% gain, followed by Bank of Baroda (3.83%) and SBI (3.69%). In the Nifty Private Bank Index, Kotak Mahindra Bank rose 4.86%, followed by Federal Bank (4.29%) and RBL Bank (4.07%).

The Nifty Financial Services 25/50 Index saw Kotak Mahindra Bank climb 4.86%, Power Finance Corporation rise 4.71%, and REC increase by 3.90%.

Foreign Institutional Investors (FIIs) continued their buying spree, becoming net buyers of ₹3,055.76 crore worth of equities. Domestic Institutional Investors (DIIs) also turned net buyers, purchasing ₹98.54 crore worth of equities after previously selling more than they bought.