THE NIFTY, NIFTY BANK STARTED THE WEEK ON A VOLATILE NOTE; BOTH INDICES CLOSED WITH SOME GAINS; THE SHORT-TERM TREND IS SIDEWAYS NOW

NIFTY:

The NIFTY opened at 21990.10 with a gap down of just 33 points. The index initially moved up but failed to do so and started a consolidation process that lasted till the afternoon session. Prices started moving higher after recording its intraday low at 21916.55 but could not add much and again formed a trading range. This time the range was even narrower. The index broke higher toward the end but could not rally higher, recorded its intraday high at 22123.70, and saw a sharp dip. The NIFTY finally closed at 22055.70 with a gain of just 32.35 points or 0.15% up. METAL outperformed today, saw a sharp upside move, and closed with a gain of over 2% followed by MEDIA and AUTO. IT underperformed today and ended with a loss of 1.64% followed by FMCG. Within the NIFTY 50 index, index heavyweight RELIANCE led the gains today while IT major, INFY and TCS led the bears together with HDFCBANK. The intraday range was fairly wide today as prices have traveled within a range of 207 points

BANK NIFTY:

The BANK NIFTY opened at 46458.75 with a gap down of 87 points. The index tried to move higher but failed to do so and started drifting downwards. A sharp decline came and prices bounced up before reaching the 46000 support levels. A sharp rally came which found resistance around 46700. The index then started a consolidation process which lasted till the end. Prices have first recorded its intraday low at 46022.15, then its intraday high at 46739.25, and finally closed at 46617.90 with a gain of just 72 points. PSU BANKs have outperformed today, saw a mild upside move, and ended with a gain of 0.32%. PVT BANKs have underperformed today, saw a mild downside move, and finally closed with a loss of just 0.13%.

DERIVATIVE PICKS

TOP  DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Sustainable energy solutions firm NexGen Energia on Monday said it will invest Rs 1,000 crore in setting up a manufacturing unit for electric vehicles (EVs) in Jammu and Kashmir.The Noida-based company said it is currently in talks with the authorities in the Union Territory and scouting for 100-acre land either in the Kathua industrial area or in the Kashmir Valley.

• Indian benchmark indices Sensex and Nifty erased initial losses and edged higher on March 18 supported by strength in largecaps. Analysts expect markets to consolidate this week as investors await US Federal Reserve’s interest rate outcome and other macro-economic data.

• Poonawalla Fincorp on March 18 announced HDFC Bank’s Group Head Arvind Kapil as its new Managing Director & Chief Executive Officer for a period of five years effective from June 24, 2024. Arvind Kapil serves as HDFC Bank’s Group Head overseeing the mortgage banking business with a book size of Rs 7.5 lakh crore where he is responsible for managing the entire Home Loans portfolio, Loan Against Property (LAP), and HDFC Sales Private Limited.

   Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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