Stock market opens strong: FMCG, Finance, Metal & Media lead gains
The stock market opened higher on Monday, March 17, with FMCG, financial services, metal, and media stocks leading gains.
At 9:15 AM, the BSE Sensex climbed 235.54 points (0.32%) to 74,064.45, while the NSE Nifty gained 62.30 points (0.28%) to 22,459.50. Among Sensex stocks, IndusInd Bank surged 4.87% to ₹704.80, followed by Bajaj Finserv (up 1.73% to ₹1,838.20) and Tata Motors (up 1.54% to ₹665.50). Seventeen of the 30 Sensex stocks traded in the green.
The Nifty FMCG Index led sectoral gains, rising 0.50% to 52,140.15, followed by Nifty Financial Services Ex-Bank (up 0.47% to 24,381.15), Nifty Metal (up 0.43% to 8,815.25), and Nifty Media (up 0.43% to 1,444.05). Nifty IT was the only sector in red, dropping 0.45% to 35,961.00.
The market had closed in the red on Thursday, March 13, with Sensex falling 200.85 points (0.27%) to 73,828.91 and Nifty slipping 73.30 points (0.33%) to 22,397.20. Friday was a market holiday due to Holi.
“The Nifty struggled with tariff-related uncertainties, keeping investors cautious,” said Akshay Chinchalkar, Head of Research at Axis Securities. “A breakout above the 22,677 resistance level is needed for a strong upward move.”
Zomato led losses in the previous session, dropping 1.97% to ₹201.40, followed by Tata Motors (down 1.95% to ₹655.40) and IndusInd Bank (down 1.84% to ₹672.10). Only nine Sensex stocks closed higher.
The Nifty IT Index declined the most, losing 2.91% to 36,310.65, followed by Nifty Midsmall IT & Telecom (down 2.49% to 8,672.35) and Nifty Realty (down 1.65% to 815.05).
Foreign Institutional Investors (FIIs) sold ₹792.90 crore worth of equities, while Domestic Institutional Investors (DIIs) bought ₹1,723.82 crore.
“Buyers defended the 22,200 support level, but sellers dominated near 22,700, triggering liquidation,” said Kunal Kamble, Senior Technical Research Analyst at Bonanza. “The market needs a breakout above 22,700 for further upside.”
