On Monday, March 24, the stock market started the week on a high note. Real estate, oil and gas, and media stocks showed the biggest gains. By 9:15 AM, the Sensex, a key index of the Bombay Stock Exchange, was up by 481.79 points, or 0.63%, reaching 77,387.30. The Nifty 50, another major index on the National Stock Exchange, was up 124.70 points, or 0.53%, at 23,475.10.
Top Gaining Stocks Today
Among the 30 stocks in the Sensex, NTPC led the rise, increasing by 2.15% to ₹358.70. Tata Motors followed with a 1.72% increase, reaching ₹714.95, and Power Grid Corporation of India saw a rise of 1.38% at ₹286.90.
Sector Performance
Looking at the Nifty sector indices, the Realty Index climbed the most by 1.29% to 873.85. Conversely, the Oil & Gas Index fell by 1.26%, settling at 10,676.90, and the Media Index went down 0.88% to 1,561.25. Both Brent Crude and WTI Crude oil prices dipped slightly today.
Market Recap
In the last session on Friday, March 21, the market closed positively for the week. The Sensex was up 557.45 points or 0.73%, ending at 76,905.51. The Nifty gained 159.75 points or 0.69%, closing at 23,350.40.
Analysts noted that the Nifty had increased for five straight days, something that hadn’t happened since early December. According to Akshay Chinchalkar, Head of Research at Axis Securities, this week tends to be strong for the Nifty, which has gained 80% of the time in the past with an average increase of 1.5%.
The market showed signs of buyers dominating. Kunal Kamble, a Senior Analyst at Bonanza, stated that the Nifty closing above 23,300 opens up potential to reach 23,500 to 23,800 levels. He also noted that important support levels are at 23,200 and 23,000.
In the previous session, NTPC was the top performer, rising by 2.78% to ₹351.15. Bajaj Finance came in second with a rise of 2.75% to ₹8,918.60. Only 6 out of 30 Sensex stocks were down.
In sector performance, the Midsmall Financial Services Index rose by 2.45%, while the Midsmall IT & Telecom Index and the Media Index also saw gains.
Foreign Institutional Investors (FIIs) were net buyers in the Indian stock market, purchasing ₹7,470.36 crore worth of stocks, while Domestic Institutional Investors (DIIs) sold ₹3,202.26 crore worth of equities.
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