Indian benchmark indices closed positively for the third consecutive session on March 22, with the Sensex up by 190 points at 72831, and the Nifty gaining 84 points, closing at 22096. This upward trend was attributed to domestic equities joining a global rally after the US and UK central banks decided to keep interest rates unchanged.
Market Performance:
The Nifty edged higher throughout the day, closing with gains of 85 points (+0.4%) at 22097 levels.
Except for the IT sector, all sectors ended in green, with Auto, Pharma, and Realty leading the gains.
Markets displayed volatility but managed to end higher, with realty, auto, and pharma sectors among the top performers.
Despite favorable global cues, concerns persisted in the IT sector after Accenture lowered its revenue forecast for FY24.
Technical Analysis:
Nifty witnessed a recovery over the past two days, indicating a bullish reversal, but needs to surpass 22,100 for a clear rally towards its all-time high.
Bank Nifty saw robust buying but struggled to breach the resistance at 47000, with immediate support at 46,600-46,500.
Currency and Commodity Performance:
The rupee traded weak against the dollar, dropping below 83.37, influenced by a rally in the dollar index.
Gold prices experienced a correction, trading within a range of 65250-66500, following a strong bullish rally in March.