Sensex Gains 318 Points, Nifty Nears 23,600 On Expiry Day

(MENAFN- IANS) Mumbai, March 27 (IANS) The Indian stock markets ended on a strong note on Thursday, with both the Sensex and Nifty closing in the green.

The 30-share Sensex rose 317.93 points, or 0.41 per cent, to settle at 77,606.43. During the day, the index touched an intra-day high of 77,747.46 and a low of 77,082.51.

Similarly, the Nifty gained 105.10 points, or 0.45 per cent, to close at 23,591.95. The index recorded an intra-day high of 23,626.75 and a low of 23,412.20.

Among the Sensex stocks, Bajaj Finserv, NTPC, IndusInd Bank, Larsen & Toubro, and Bajaj Finance were the top gainers, rising up to 2.85 per cent.

On the other hand, Tata Motors, Sun Pharma, Hindustan Unilever, Kotak Mahindra Bank, and Bharti Airtel were among the top losers, with Tata Motors dropping the most by 5.38 per cent.

Broader markets also performed well, with small-cap stocks leading the gains. The Nifty Smallcap100 index rose 1.15 per cent, while the Nifty Midcap100 index ended 0.37 per cent higher.

Among sectoral indices, most sectors ended in the green except for Nifty Auto and Nifty Pharma. Auto stocks witnessed selling pressure after former US President Donald Trump announced a 25 per cent tariff on imported cars that are not manufactured in the US. As a result, the Nifty Auto index closed 1.04 per cent lower.

On the positive side, PSU banks outperformed, with the Nifty PSU Bank index gaining 2.50 per cent. Bank of Baroda and Punjab National Bank were the key drivers behind this rally.

Market sentiment remained positive, with buying seen in financial and infrastructure stocks, while auto and pharma shares faced some selling pressure.

According to experts, after a slow start to the monthly expiry trade, the market saw a strong recovery from lower levels, although the Index later oscillated in a narrow range before ultimately concluding at 23,591.95 with gains of 105.10 points.

“The Index seems to have completed its corrective phase, filling the bullish gap zone and forming a Piercing candlestick pattern. The immediate resistance is at 23,800, and a breakout above this level could propel the Index towards the psychological level of 24,000. On the downside, support is seen at 23,400,” said Aditya Gaggar, Director of Progressive Shares.

Overall, the market displayed strong intraday recovery, bouncing back from the day's lows and hovering near the session's highs. As global uncertainties persist, investors will closely track trade developments and institutional flows to gauge the market's next move, according to Sundar Kewat, Technical and Derivatives Analyst, Ashika Institutional Equity.

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