Let’s start with the home ground – BSE and NSE closed high as there were positive cues from the Asian markets. Indices were led by banking, financial and auto stocks. Sensex surged 115 points and settled at 59, 106, nifty rose 39 points and ended at 17, 399.
Coming to today’s gainers and losers:
In the Sensex pack, Maruti, Bajaj Finance and Bharti Airtel were the top gainers, rising 1.5-2.5%. Bajaj Finserv, NTPC, M&M, HCL Tech, ICICI Bank, IndusInd Bank and Axis Bank also closed with gains. On the flip side, Infosys, ITC, HUL, Power Grid and Sun Pharma closed with cuts.
KPIT technologies shares fell 12% after global brokerage firm JP Morgan initiated an Underweight rating on it. Rail Vikas Nigam shares ended 10.5% higher after winning multiple orders.
-Sectorally, Nifty Auto rose 1.49% and Nifty PSU Bank surged 1.06%. Nifty Realty and Financial Services also closed higher. Nifty Midcap50 rose 0.37% and Smallcap50 gained 0.66%.
Jatin Gedia, Technical Research Analyst at Sharekhan, said, “Nifty witnessed a day of consolidation and closed with marginal gains. The uptrend is intact and this consolidation should be used as an opportunity to initiate fresh longs. On the upside, the immediate short-term target is placed at 17500.”
Japanese stocks closed higher after oil prices jumped on a surprise production cut by OPEC+. Nikkei share average rose 0.52% while Topix climbed 0.71%
Shanghai, Sydney, Singapore, Manila and Jakarta all rose, Hong Kong was flat, while Seoul and Wellington slipped.
Brent crude was trading at $84.07 a barrel up 5.22%. US WTI crude was at $79.75 a barrel, up 5.4%.
Lastly, Rupee fell against the US dollar as an unexpected output cut by oil producing club OPEC+ sent crude prices higher and weighed on Asian currencies. The rupee ended the day at 82.3325 per dollar.
Just FYI Share market will remain shut on Tuesday that is on April 4th due to Mahavir Jayanti. That’s it for today. I will see you Wednesday – till then stay tuned to ET Markets for everything related to the stock market and more.