The benchmarks got off to a good start this week, climbing higher in Monday’s trading session. The S&P BSE Sensex zoomed 508 points to close at 48,386 while the 50-stock NSE Nifty finished just below 14,500 points. Among the sector indices, Nifty Realty, Nifty Metal and Bank Nifty were the best performers. Axis Bank, Ultratech Cement and ICICI Bank were the best performing stocks in BSE Sensex. HCL Technologies, Sun Pharma, HDFC Bank and Maruti Suzuki India were the main laggards.
Ajit Mishra, VP – Research, Broking Religare –
“The markets started the week on an upbeat note, driven by favorable global indices. After an opening of the spread, the benchmark continued its positive momentum thanks to healthy purchases in sectors such as banking, metals and consumer durables. Optimistic global indices combined with favorable incomes are helping the index maintain itself at higher levels despite COVID challenges. We remain cautiously bullish as volatility is likely to remain elevated due to the expiration of derivatives and upcoming earnings announcements. Banking, metallurgy and pharmaceuticals are showing tremendous resilience and should be favored for long-term transactions. “
Vinod Nair, Research Manager at Geojit Financial Services –
“With the support of strong global markets, accumulation in the domestic market has increased as the infection rate slows with a flattening trajectory. Interest in buying was largely dominated by banks, real estate and metal stocks with the hope that we are nearing the peak of the infection. Bank stocks outperformed other major sector indices due to the positive start to quarterly results. The market could remain volatile for the next few days as covid cases continue to be high, the F&O expires in April and the next FOMC meeting. “
S Ranganathan, Head of Research at LKP Securities –
“Positive global indices coupled with good ICICI Bank numbers ensured a strong opening Monday for markets led by BFSI and metals. However, we have seen episodes of profit taking in FMCG and Pharma stocks with afternoon trading before a big day of profits tomorrow. “
Manish Shah, Founder, Niftytriggers –
“Nifty closed the day up about 149 points. Over the past four days, we see a series of bullish candles. It looks like Thursday’s bullish pierce line is giving way to bullish sentiment in the market. But we still need further confirmation of a trend change which on the last available data point is missing. There are no reversal signals from oscillator based trading signals. Nifty has immediate resistance at 14550-144570 a breakout above and the index should see movement up towards 14700. From the lower side 14350-14320 should provide support.
Mohit Nigam, Director, PMS and Consulting, Hem Securities –
“Markets took a break from the downward movement they witnessed last week and are up about 1% today. Finance was the main driver of the momentum today after a decent result declared by ICICI Bank. We believe that developments related to Covid over the next 2 weeks, business results and feedback will be very important to assess the direction of the markets in the coming months. 14200 remains a key support on the downside. “