Market Wrap: Sensex, Nifty rise on positive global cues; mid, smallcaps underperform; over 600 stock plumb 52-week lows

Updated: 27 Mar 2023, 04:11 PM IST

Sensex ended 127 points, or 0.22 percent, up at 57,653.86 while the Nifty50 closed at 16,985.70, up 41 points, or 0.24 percent.

Sensex saw a swing of more than 600 points in intraday trade on March 27.

Frontline equity indices the Sensex and the Nifty ended in the green on March 27, breaking their two-session losing run, supported by gains in shares of select heavyweights such as Reliance Industries, Infosys and SBI.

The market remained volatile during the session as concerns over the health of the financial system in the US and Europe remained an overhang even though the concerns are easing.

Sensex ended 127 points, or 0.22 percent, up at 57,653.86 while the Nifty50 closed at 16,985.70, up 41 points, or 0.24 percent.

Mid and smallcaps, however, failed to perform and ended with losses. While the BSE Midcap index fell 0.37 percent, the Smallcap index suffered a loss of 1.50 percent.

Even though the benchmarks ended higher, as many as 612 stocks, including Bandhan Bank, Godrej Properties, Max Financial Services, Mphasis, Tata Power and Wipro, hit their 52-week lows in intraday trade on BSE.

Crude oil prices traded with mild gains as concerns over tepid demand weighed on. Brent Crude traded near the $75 per barrel mark.

The rupee ended 11 paise higher at 82.37 per dollar.

Top Nifty gainers and losers

As many as 27 stocks ended in the green and 22 in the red in the Nifty index while one stock - HDFC Bank - ended flat.

Shares of Grasim (up 1.86 percent), Reliance Industries (up 1.61 percent) and Cipla (up 1.40 percent) ended as the top gainers in the Nifty index.

On the flip side, shares of Adani Ports (down 1.75 percent), SBI Life Insurance Compamy (down 1.15 percent) and Power Grid Corporation (down 1.12 percent).

Sectoral indices end up mixed

Among the sectoral indices, Nifty Healthcare (up 1.11 percent) and Pharma (up 1.08 percent) ended with healthy gains. On the other hand, Nifty Realty (down 1.16 percent) and Media (down 1.08 percent) fell over a percent each.

Nifty Auto (down 0.65 percent) and Consumer Durables (dwon 0.63 percent) also fell. Nifty Bank ended 0.09 percent up.

Expert's views on markets

Some certainty was seen in domestic banks and large caps due to ease in the US and European markets aided by reports on the acquisition of SVB by US lender First Citizens Bank. However, investors continue to remain cautious as stress in the US and European financial systems makes their central banks' actions complex," said Vinod Nair, Head of Research at Geojit Financial Services.

Technical views on markets

Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas pointed out that on the daily charts, the Nifty traded within the range of the previous trading session. Intraday, it made an attempt to cross the key hourly averages, however, it failed and also witnessed sharp selling pressure.

"The intraday moves were violent and Nifty is unable to sustain at higher levels indicating weakness. On the downside, the Nifty is within the range of 16,910 – 16,970 where the crucial Fibonacci retracement levels are placed. It is holding on to the supports, however, unable to surpass the resistance and hence, we are witnessing the sideways consolidation," said Gedia.

"The daily momentum indicator has a positive crossover and thus, we should continue to maintain our positive outlook on the index. On the upside, initial targets are placed at 17,200 and above that, it can extend higher to 17,450 – 17,500. The crucial support zone is placed at 16,910 – 16,870," said Gedia.

Key market data

Some of the most active stocks.
Some of the stocks at 52-week low.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of MintGenie.

Economy and financial markets: A love-hate relationship
First Published: 27 Mar 2023, 03:31 PM IST