Domestic equity benchmark indices Sensex and Nifty traded higher for the sixth consecutive session on Monday, driven by gains in banking and IT stocks, as foreign capital inflows and bargain buying lifted investor sentiment.

The BSE Sensex was trading 616 points, or 0.80%, higher at 77,521. The Nifty50 was up 189 points, or 0.81%, trading at 23,539 around 9:19 am.

On Friday, foreign portfolio investors (FPIs) bought Indian shares worth Rs 7,470 crore, marking the largest single-day inflow in four months.

This comes after a period of persistent selling by FPIs since late-September, during which nearly $29 billion was pulled from the market due to slowing domestic earnings growth, tariff concerns, and expensive valuations.

From the Sensex pack, Power Grid, L&T, Kotak Mahindra Bank, NTPC, and Tech Mahindra were the top gainers, rising up to 3%, while M&M, UltraTech Cement, Titan, and Infosys traded  lower. On the sectoral front, Nifty Bank, Financial Services, Auto, and IT indices gained 0.5% to 1%. In the broader market, the Nifty Midcap 100 rose 1.1%, while the Nifty Smallcap 100 surged 1.6%.

Among individual stocks, NCC opened 5% higher after receiving a letter of acceptance from Bihar Medical Services & Infrastructure Corporation for redeveloping Darbhanga Medical College & Hospital. The project is valued at Rs 1,480.34 crore.

GMR Airports shares gained nearly 2% after the Competition Commission of India (CCI) dismissed allegations of anti-competitive practices related to contract awards at Delhi Airport.
 

Experts View

"Improving macros of the Indian economy and fair valuations have turned FIIs from sellers to buyers. More importantly, this has triggered massive short covering leading to sharp spikes in prices," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investment Services.

"Even though the undertone of the market is bullish investors have to be careful. April 2nd- the reciprocal tariffs day- is looming large and the uncertainty surrounding that is huge. Investors can wait for clarity to emerge regarding the reciprocal tariffs before taking a call on further investment," Vijayakumar added.

Prashanth Tapse, Senior VP (Research) at Mehta Equities, said, "Nifty is above key moving averages, and a push towards the 200-DMA at 24069 is possible if positive developments arise on the tariff front."

Global Markets

Financial markets made an mixed start on Monday with U.S. stock futures rising but the dollar wavering ahead of a week driven by data, Chinese earnings and the threat of steep U.S. tariff hikes on the horizon.

S&P 500 futures were up about 0.6% in the Asia morning and Nasdaq 100 futures rose 0.8%. Japan's Nikkei and Hong Kong's Hang Seng climbed about 0.2%

Ten-year U.S. Treasury yields have fallen nearly 40 basis points from mid-February highs and were last steady at 4.27% and investors have been drawn abroad from U.S. stocks, with sharp rallies in Hong Kong and Europe as Wall Street fell.
 

FII/DII Tracker

Foreign Institutional Investors (FIIs) continued their buying streak for the second consecutive day on March 21, purchasing equities worth Rs 7,470 crores. Meanwhile, Domestic Institutional Investors (DIIs) extended their selling spree, offloading equities worth Rs 3,202.26 crores on the same day.
 

Crude Oil

Oil prices held steady on Monday as investors assessed the outlook for ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to a an increase in Russian oil to global markets.

Brent crude futures were down 8 cents, or 0.1%, at $72.08 a barrel by 0046 GMT. U.S. West Texas Intermediate crude fell 5 cents, or 0.1%, to $68.23.

Rupee vs Dollar

The Indian rupee rose 12 paise to 85.86 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose 0.04% to 104.16 level.

Published On -Mar 24, 2025, 10:35 AM

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