Sensex, Nifty Jump Over 1 Pc After 3-Day Losing Streak

(MENAFN- IANS) Mumbai, March 16 (IANS) The Indian stock market ended higher on Monday as benchmark indices recovered strongly in the last leg of trading, snapping a three-day losing streak.

Gains in auto and banking stocks helped lift the market despite weakness in broader indices.

The benchmark Sensex rose 939 points, or 1.26 per cent, to close at 75,502.85. Meanwhile, the Nifty climbed 257.70 points, or 1.11 per cent, to settle at 23,408.80.

Commenting on Nifty technical outlook, experts said that the immediate support for the index is placed around 23,200–23,100, while a stronger base remains near 22,950.

“On the upside, 23,500 remains the key resistance level, and a decisive breakout above this zone could extend the recovery toward 23,800 in the near term,” an analyst stated.

“However, failure to sustain above the 23,400–23,500 supply band may lead to renewed consolidation within the 23,000–23,500 range,” as per market analyst.

Sun Pharma, Bharti Airtel, HCL Tech and TCS were among top losers on Sensex packs. On the other side, HDFC Bank, Mahindra and Mahindra, Eternal and Tata Steel were among top gainers on 30-share packs.

Market sentiment improved towards the end of the trading session as investors bought shares in the auto and financial sectors.

The rally helped the benchmark indices recover from the losses seen over the past three sessions.

However, the broader markets did not perform as strongly as the main indices. The Nifty Midcap 100 ended 0.43 per cent lower, while the Nifty Smallcap 100 closed 0.65 per cent down.

Among sectoral indices on the National Stock Exchange, the auto sector saw the biggest gains, with the Nifty Auto emerging as the top performer.

Financial stocks also supported the market, as the Nifty Financial Services and Nifty Private Bank ended higher.

On the other hand, the real estate sector lagged behind the broader market, with the Nifty Realty emerging as the weakest performer among sectoral indices.

Market experts said that the strong late-session buying helped the benchmark indices close in the green, even though midcap and smallcap stocks remained under pressure.

“Persistent geopolitical tensions in West Asia and elevated crude oil prices kept investors cautious, leading to sharp sectoral divergence and wide intra-day swings across the market,” an analyst mentioned.

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