The Indian market extended the rally with a gain of 4 per cent in the second short week ended March 17. Foreign institutional investors (FIIs) appeared to be net buyers after 10 weeks. Tensions between Russia and Ukraine eased and crude oil prices fell. BSE Sensex rises 2,313.63 points (4.16 per cent) for the week. It rose to close at 57,863.93, while the Nifty 50 rose 656.6 points (3.94 per cent) to end at 17,287.05.
All sectoral indices ended in the green with Nifty Auto and Bank indices rising over 5 per cent each and Realty index up 4.7 per cent.
Talking about the broader indices, the BSE Mid-cap and Small-cap gained two per cent each, while the Large-cap index gained four per cent.
FIIs bought equities worth Rs 1,685.87 crore, while domestic institutional investors (DIIs) appeared to be net buyers as they bought shares worth Rs 1,290.97 crore.
So far in March, FIIs have sold equity worth Rs 41,617.18 crore and DIIs have bought shares worth Rs 31,620.02 crore.
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Shrikant Chauhan of Kotak Securities said, “Markets turned strong this week on easing crude oil prices, economic outlook from China, favorable RBI policy, return of foreign investors as buyers of Indian equities and expectations. At the same time, as the tension between Russia and Ukraine eased, the market also saw an increase again.
Smallcap stocks saw a rise of 10-25 percent
Sixty smallcap stocks rose 10-25 per cent. Shares in this include Angel One, Usha Martin, Andhra Paper, AVT Natural Products, Bharat Dynamics, Tata Teleservices (Maharashtra), Reliance Capital, Brightcom Group, SREI Infrastructure Finance, Technocraft Industries (India), 5paisa Capital, Rane Brake Linings and Brigade Enterprises. Be involved.
On the other hand, stocks like Future Enterprises, Future Lifestyle Fashions, Future Enterprises DVR, Future Retail, Future Supply Chain Solutions, SVP Global Textiles, Take Solutions, Suvidhaa Infoserve, Saregama India, Future Consumer and Aurionpro Solutions saw a decline of 10-20 per cent. Got it
Gains in the midcap index included Ajanta Pharma, PI Industries, Mahindra & Mahindra Financial Services, Nippon Life India Asset Management, Balkrishna Industries, Ashok Leyland and Motilal Oswal Financial Services, while losers included Jubilant Foodworks, Oil India, MphasiS, SJVN and JSW Energy involved.
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The BSE 500 index saw a rise of 3.4 percent. In this, 25 stocks gained 10-25 per cent, which included Angel One, Ruchi Soya Industries, Bharat Dynamics, Tata Teleservices (Maharashtra), Brightcom Group and Brigade Enterprises.
How will the move of Nifty be
Prashant Taapsee of Mehta Equities said that Holi was auspicious on Dalal Street. Most importantly, the benchmark Nifty was seen rushing to touch the magical 17,500 level with strong gains. The technical landscape has turned bullish. This bullish trend will easily take Nifty to the magic level of 17,500 followed by an aggressive target of 18000.
Ajit Mishra of Religare Broking said that the recent advance has certainly taken some of the pressure off. But the rise in COVID cases in China as well as the geopolitical tensions is likely to remain a concern. Talking about the index, staying above 17,350 is opening the way to go to the zone of 17,500-17,700. In case of any downside, the zone of 16,800-17,000 will act as a cushion. Investors should focus on the sectors/stocks showing flexibility and take positions accordingly.