Markets started strong on 17 March 2022 , gained almost 2% in continuation of the prevailing recovery phase. In line with the previous session, the benchmark opened the gap-up and remained range bound thereafter. Noticeable traction across the board kept the participants on their toes until the end. Most sector indices contributed to the move, with real estate, consumer discretionary and autos being the top performers. Global markets welcomed the Fed's decision to hike rates by 25 basis points as it was within expected lines. However, the Fed's forecast of another six rate hikes over the course of the year is restrictive. The fact that FIIs became net buyers after a long wait was also a relief for the domestic market. With crude oil prices falling, war tensions easing and foreign investors buying back, we can expect the domestic market rally to continue. At the close, the Sensex was up 1047 points, to 57863 and the Nifty was up 311 points to 17287. Approximately 2046 stocks are up, 1270 stocks are down, and 121 stocks are flat. The recent rebound has certainly eased some pressure, but ongoing geopolitical tensions coupled with a surge in COVID cases in China will continue to keep participants on their toes. On the index front, sustainability above 17,350 would pave the way for the 17,500-17,700 zone. In the event of a dip, the 16,800-17,000 zone would act as a buffer. Participants should focus on sectors/stocks showing resilience and adjust positions accordingly.
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