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Published: Mar 18, 2023
Updated: Mar 18, 2023

Equity benchmarks Sensex and Nifty Overcome Volatility to Settle in Green , after days of downfall

Indian equity markets experienced a volatile trade on Friday but overcame it to settle in the green for the second straight session. The 30-share BSE Sensex rose by 355.06 points or 0.62%, closing at 57,989.90. The broader NSE Nifty also gained 114.45 points or 0.67% to end at 17,100.05. The positive performance was largely due to robust demand for the metal, banking, and financial stocks amid a firm trend in global equities.

Robust Demand for Metal, Banking, and Financial Stocks

HCL Tech led the Sensex gainers' chart, spiking by 3.58%, followed by UltraCement, Nestle India, Tata Steel, Kotak Bank, ICICI Bank, Bharti Airtel, and HDFC twins. However, ITC, Maruti, NTPC, Asian Paints, and Sun Pharma were among the main laggards, shedding up to 1.51%.

Strengthening Rupee and Lower Crude Prices

In addition to the robust demand for stocks, a strengthening rupee and lower crude prices in international markets also influenced the sentiments of traders. The international oil benchmark Brent crude rose by 1.16% to USD 75.57 per barrel.

Positive Bias of Investors in Select Buying

Markets were volatile, but investors had a positive bias and resorted to select buying. European indices and other Asian peers accumulated significant gains, which enthused local traders in a big way. Equity markets in Shanghai, Tokyo, Seoul, and Hong Kong also logged gains, while equity exchanges in Europe were trading in the green in mid-session deals. Major indices on Wall Street closed in the positive territory in the overnight trade.

Buyers pretty optimistic over market stability

It is worth noting that Indian equity markets have shown resilience despite the volatility and global uncertainties. The robust demand for metal, banking, and financial stocks, strengthening rupee, and lower crude prices have contributed to the positive performance of the market. The positive bias of investors in select buying also shows that they are cautiously optimistic about the future of the market.