Market News
2 min read | Updated on March 21, 2024, 18:15 IST
SUMMARY
With the sharp decline in the volatility index (-7%), the experts believe that the next immediate hurdle for the NIFTY50 remains around 22,200 and 22,300 which also coincides with the 20-DMA.
Markets close higher for second consecutive day, NIFTY50 reclaims 22,000 level.
Markets rallied nearly 1% on Thursday, tracking positive global cues after the U.S. Federal Reserve maintained its projection of the three rate cuts by the end of 2024. Broad-based buying across sectors lifted the NIFTY50 by 0.7% to close at 22,011, while the SENSEX rose 0.7% to close at 72,641.
Broader markets also moved in line with the benchmark indices. Both the NIFTY Midcap 100 and Smallcap 100 broke their long losing streaks, gaining 2.4% and 2.5% respectively.
All major sectoral indices closed in green with Realty (+3.0%), Metal (+2.4%) and PSU Banks (+2.1%) being the strongest gainers.
The NIFTY50 also reclaimed its 50-day moving average (DMA), confirming support in the 21,800-21,900 region. However, experts are advising a wait-and-watch approach going forward. They believe that the index is under selling pressure at higher levels (around the 20 DMA) and that we may witness bouts of volatility until the index closes decisively above it.
🪙Gold loan companies were in focus after the gold prices hit a record high of $2,200 an ounce. Shares of Muthoot Finance and Manappuram Finance surged 6% and 3% respectively.
🚗Mahindra and Mahindra (+1.3%) signed an agreement with a subsidiary of Adani Total Gas to expand its EV charging infrastructure across the country.
💳SBI Cards gained over 1% after it launched a new co-branded shopping credit card with Titan called Titan SBI Card.
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