Stock Market Today: Nifty, Sensex Recover Weekly Losses But Nifty IT Slips 6%
Get all live updates on Indian stock markets here on March 22.
KEY HIGHLIGHTS
Indian Rupee Records Its Lowest Ever Close Against The U.S. Dollar
Nifty, Sensex Recover Weekly Losses But Nifty IT Slips 6%: Market Wrap
SC Directs Bloomberg To Remove Article Alleging Financial Irregularities At Zee
Man InfrConstruction's Board Approves Its Unit's Merger With Manaj Tollway
India Rupee Weakens To Three-Month Low Against U.S. Dollar
FPIs Stay Net Sellers
Foreign portfolio investors offloaded stocks worth Rs 3,309.76 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers for the fifth day and mopped up equities worth Rs 3,764.87 crore, the NSE data showed
Indian Rupee Records Its Lowest Ever Close Against The U.S. Dollar
The local currency weakened by 28 paise to close at 83.43 against the U.S. Dollar.
It closed at 83.15 a dollar on Thursday.
Source: Bloomberg
Nifty, Sensex Recover Weekly Losses But Nifty IT Slips 6%: Market Wrap
India's benchmark indices ended higher on Friday, extending gains for a third day as ITC Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd. rose.
The NSE Nifty 50 ended 84.80 points or 0.39% higher at 22,096.75, and the S&P BSE Sensex 190.75 points or 0.26% higher at 72,831.94.
Intraday, the NSE Nifty 50 rose 0.77% higher to 22,180.70, and the S&P BSE Sensex rose 0.65% to 73,115.62.
"During the week, the market slipped below 50 day Simple Moving Average but in last two days on the backdrop of strong global cues it bounced back sharply," said Shrikant Chouhan, head equity research, Kotak Securities.
Technically, the index has formed promising reversal formation and currently it is comfortably trading above 50 day SMA that is largely positive. For the traders now, as long as it is trading above 50 day SMA or 21950/72350 the positive momentum is likely to continue. Above the same, market could rally till 22220-22350/73100-73500. On the flip side, below 21950/72350 sentiment could change. Below 21950/72350, the market could slip till 21850-21800/72000-71800, he added.
The benchmark indices reversed losses from past week with the Nifty 50 gaining 0.33%, The S&P BSE Sensex rose 0.26% in the week.
However, the NSE Nifty IT shed 6% due to sharp losses in company stocks after Accenture Plc lowered its growth forecast.
ITC Ltd., Larsen & Toubro Ltd., Sun Pharmaceutical Industries Ltd., ICICI Bank Ltd., and Maruti Suzuki India Ltd. added positively to the benchmark index.
Infosys Ltd., Tata Consultancy Services Ltd., HCL Technologies Ltd., and HDFC Bank Ltd. limited gains in the index.
On NSE, 10 sectors ended higher this week, and two declined. The Nifty IT index emerged as the worst performer with over 6% loss.
Broader markets ended higher, with the S&P BSE Midcap rising 0.38%, and the S&P BSE Smallcap rising 1.06%.
On BSE, 18 out of the 20 sectors ended higher. S&P BSE IT fell the most by 2%.
Market breadth was skewed in favour of buyers. Aroun 2,442 stocks rose, 1,363 stocks declined, and 101 stocks remained unchanged on BSE.
Mahindra Lifespace Commences Work Bengaluru Project
Mahindra Lifespace Developers Ltd. has started work on 4.25 acre Bengaluru Project.
Source: Exchange Filing
Century Textiles To Discontinue Operations At Gujarat
Century Textiles is to discontinue operation at Gujarat unit Birla Advanced Knits.
Alert: Birla Advanced Knits is a JV of co with Grasim Industries.
Source: Exchange Filing
