Stock Market Highlights: Sensex ends above 50,000, PSU bank stocks outperform

Nifty ended above 14,800 and Sensex managed to close above the 50,000 zone on March 23, 2021. PSU bank stocks outperformed.

The market volatility fails to unnerve the retail investors as the number of open contracts in the F&O segment reach the pre-covid level and buying is seen after every dip in the market.

At close, the BSE Sensex was up 280 points or 0.56 per cent at 50,051 and the Nifty rose 78 points or 0.53 per cent to close at 14,814.

On the Nifty 50 index, Shree Cements (5.04 per cent), Ultratech Cement (3.14 per cent), Divis Labs (2.46 per cent), Titan Company (2.40 per cent) and Adani Ports (2.31 per cent) were the top gainers for the day, while IOC (-2.42 per cent), Hindalco (-2.37 per cent), ONGC (-2.24 per cent), Power Grid Corp (-2.04 per cent) and GAIL (-1.75 per cent) were the top losers for the day.

On the sectoral front, other than Nifty Metal (-0.66 per cent) and Nifty FMCG (-0.39 per cent) all other Nifty sectoral indices ended in the green. Nifty PSU Bank (2.91 per cent) and Nifty Bank (1.73 per cent) outperformed.

The BSE Midcap and Smallcap indices were up 0.95 per cent and 0.75 per cent respectively.

Author’s View: Nifty managed to close in the green despite weak global cues. If the market opens gap up tomorrow we might see a short-covering rally, which may take Nifty towards the 14,950 – 15,000 zone.  We can see a higher high and higher low trend on Nifty’s hourly chart.

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