Market Summary: Today, the benchmark indices experienced profit booking at higher levels, leading to a decline in the indices. The Nifty ended 182 points lower at 23,487, while the Sensex dropped by 729 points, closing at 77,255. The market faced consistent selling pressure throughout the session, forming a bearish candle on the daily charts, indicating further potential weakness.
Sectoral Performance: Almost all major sectoral indices recorded intraday selling pressure. The Media Index was the worst performer, shedding 2.40%. Oil & Gas, Realty, and Banking indices declined between 1-2%, followed by Pharma and Healthcare indices, which each fell by 1% due to concerns surrounding tariff-related issues. On the broader market front, the Nifty Midcap100 and Smallcap100 indices declined by 0.7% and 1%, respectively.
Technical Outlook:
As long as the market remains below 23,600/77,500, weak sentiment is expected to persist.
Key support levels to watch are 23,400-23,330 for Nifty and 77,000-76,800 for Sensex.
If the market moves above 23,600/77,500, a recovery is possible, with upside potential to 23,700-23,760/77,800-78,000.
Contra traders may consider taking long positions near 23,330/76,800 with a strict stop loss at 23,300/76,650.
Market Drivers:
Profit Booking: Investors engaged in profit booking after recent gains, contributing to the downturn.
US-India Trade Meet: Market sentiment was impacted by the ongoing US-India trade negotiations and concerns regarding reciprocal tariffs to be announced on April 2.
Global Factors: A sharp decline in US consumer confidence, which fell to a four-year low of 92.9 in March, further dampened investor sentiment amid ongoing tariff concerns.
Foreign Institutional Investors (FII) Activity: FIIs sustained buying for the fourth consecutive session, with inflows of Rs 5,370 crore, offering some relief to the market.
Stock Performance:
Top Gainers: IndusInd Bank, Power Grid, Titan, M&M.
Top Losers: NTPC, Tech Mahindra, Zomato, Axis Bank, Bajaj Finance, Infosys.
Commodities Update:
24-carat gold prices stood at ₹89,770 per 10 grams.
22-carat gold was priced at ₹82,290 per 10 grams.
Outlook for the Week: We expect the market to remain range-bound, with stock and sector-specific movements influenced by updates from the US-India trade meet. Additionally, the focus will shift to the upcoming US GDP growth report for the fourth quarter, scheduled for release on March 27, which could influence global sentiment.
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