Mumbai, March 20: The Indian stock market opened with significant gains on Friday. At 9:25 AM, the Sensex surged by 801 points or 1.08%, reaching 75,008, while the Nifty climbed 248 points or 1.08% to 23,250.
Government banking and energy stocks led the market rally during early trading. The Nifty PSU Bank and Nifty Energy indices were the top gainers. Almost all sectors, including metals, commodities, PSU, oil and gas, defense, IT, manufacturing, infrastructure, media, auto, and pharma, were in the green.
Both mid-cap and small-cap stocks also showed upward momentum. The Nifty Midcap 100 index rose by 943 points or 1.73% to 55,436, while the Nifty Smallcap 100 index increased by 207 points or 1.32% to 15,911.
In the Sensex pack, Tata Steel, Tech Mahindra, SBI, L&T, Power Grid, NTPC, Infosys, HCL Tech, Titan, Adani Ports, ICICI Bank, Eternal, Indigo, ITC, TCS, and Asian Paints were among the gainers. Only HDFC Bank was in the red.
According to Hitesh Taylor, a research analyst at Choice Broking, bearish trends persist in the market, with resistance levels for Nifty at 23,200-23,250 and support levels at 22,850-22,900.
Analysts suggest that recent signals from the US and Israel indicate a potential easing of tensions in the Iran conflict, providing some relief to global markets.
Asian markets also experienced gains, with Korean, Singaporean, Australian, and Chinese markets all in the green. The US markets closed in the red on Thursday, with the Dow down by 0.44% and Nasdaq by 0.28%.
Foreign Institutional Investors (FIIs) continued their selling spree, withdrawing ₹7,558.19 crore from the Indian equity market on Thursday. Meanwhile, Domestic Institutional Investors (DIIs) maintained their investments, injecting ₹3,863.96 crore during the same period.
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Arpit Soni has had a passion for journalism since the beginning. Now he has turned this hobby into his profession. Arpit, who is a resident of Udaipur, enjoys editing and writing news related to journalism. He has worked as a Senior Content Producer in several important roles at Bhaskar, Patrika, Pratahkal, Punjab Kesari, and Times. Arpit completed his schooling in Udaipur and Jaipur. He has been working in the media industry for more than 10 years, and his journey is still continuing. ✍️📚
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