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Sensex ends 1,270 pts higher from day’s low, Nifty closes above 14,700 as indices rebound strongly

by The Outlooker Web Desk
March 19, 2021
in Business
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Sensex ends 1,270 pts higher from day’s low, Nifty closes above 14,700 as indices rebound strongly
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Among sectoral indices, Nifty Realty was the only one to end in the red. Nifty FMCG and Nifty Metal were the top gainers.
(Image: REUTERS)

Stock markets rebounded strongly on Friday after falling earlier in the day. Sensex closed 641 points higher while Nifty 50 was at 14,744. Index heavyweight Reliance Industries was among the top gainers, accompanied by NTPC, HUL, and Powergrid Corporation. India VIX, the volatility gauge ended in the negative territory after having gained earlier in the day.  Among sectoral indices, Nifty Realty was the only one to end in the red. Nifty FMCG and Nifty Metal were the top gainers.

Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities –

“This week Both Nifty-50 and BSE Sensex corrected by 1.7% amid concerns on rising global bond yields and a spike in Covid-19 cases in India. Mid and Small caps saw a bigger cut as Nifty-50 failed to cross the 15,000 mark. Retail investors may be reluctant to build exposure in stocks as we near the fiscal year end. Profit booking was mostly seen in sectors that had gained the most recently. The Nifty-50 is hovering around the 50 DMA placed at 14,748. A decisive break below the 50 DMA could take the Nifty-50 to ~13,500 in the first phase and any further negatives could open the door to the 200 DMA which is placed at ~12,500 levels.”

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Indian benchmark equity indices ended in the positive on March 19 after early morning weakness, breaking a five day losing streak. Nifty has shown a remarkable bounce from the intra day lows on March 19. One will have to watch as to whether this uppishness continues early next week even after the FTSE rebalancing is done with. US Bond yield moves will be one of the important factors to track. 14919 remains a strong resistance for the Nifty while 14529 could be a support.”

Joseph Thomas, Head of Research, Emkay Wealth Management –

“All the major indexes including banking, IT, Pharma &Healthcare, Tech etc. provided the necessary push to the indexes to surge higher.  This is in contrast to the fall seen today in the Eastern markets and early Europe. There could be some amount of short covering given the selling seen earlier this week, and also a marked relief with some improvements due to a fall in the oil prices. But the issues surrounding higher US yields will continue to be material to the markets in the coming weeks. The trajectory of the US markets will be closely followed o some extent, though the domestic economy is likely to post impressive growth, close to 10 %, in FY22.”

Vinod Nair, Head of Research at Geojit Financial Services –

“The highly volatile domestic markets witnessed a smart recovery from its morning weakness and was swinging between gains and losses during the day owing to strong buying seen in FMCG, Pharma and Energy stocks. However, auto stocks were under pressure after the announcement of the government’s new scrapping policy. The unsettling pace of U.S bond yields and a surge in COVID cases worldwide resulted in the global markets trading deep in red.”

Rohit Singre, Senior Technical Analyst at LKP Securities-

“Index closed a day on a positive note at 14745 with gains of more than one per cent and formed bullish piercing candle pattern on the daily chart which stands for a bullish reversal. Once nifty cross above 14800 zone bullish piercing pattern will get active and we may see a good move towards immediate hurdle zone of 14900-15000, supports still at 14650-14580 zone holding above said levels structure can be positive.”

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The Outlooker Web Desk

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