Indian Benchmark Indices Erase YTD Losses; Bank Nifty Records Highest Intraday Gains in 9 Months

About 1,1865 stocks are advancing as against 1,082 stocks that are declining, thus indicating a positive market breadth in the broader market.

Market Update at 4:00 PM: Indian stock markets extended their winning streak for the sixth consecutive session on Monday, with banking stocks lifting the markets. Nifty 50 has erased its year-to-date (YTD) returns and closed above its 200-day exponential moving average (DEMA). However, the index is still 10 per cent down from its all-time high recorded in September 2024.

The Sensex closed 1,071 points or 1.39 per cent higher at 77,977, while the Nifty 50 closed 307 points or 1.32 per cent higher at 23,658, supported by foreign institutional investors (FIIs) inflows in recent trading sessions. The Nifty Bank closed 1,111 points higher and settled at 51,704, recording the highest intraday gains of 2.2 per cent in the last nine months.

Technically, the Nifty 50 index is hovering around 23,600, with resistance at 23,809.90. A clean breakout could signal a bullish reversal. However, if Nifty struggles at these levels, we may see more consolidation or a continuation of the downtrend, with key supports at 22,768 / 22,644 / 22,507. After such a stellar one-way rally, a pullback is expected to offer a necessary correction.

Broader indices closed higher, where Nifty Mid-Cap soared by 1.30 per cent, while Nifty Small-Cap ended higher by 1.10 per cent. India VIX jumped over the 13.5 mark and was up by 8.95 per cent during the day, indicating heightened volatility in the Indian markets.

All sectoral indices closed trades in the green, with Nifty PSU Bank gaining the highest (+3 per cent) and Nifty Private Bank (+2.4 per cent) leading the gains and emerging as the top-performing sectors.

Kotak Bank, NTPC and State Bank of India are among the Top Gainers, while Titan, IndusInd Bank and Trent are among the top losing stocks from the Nifty 50.

About 11,865 stocks are advancing as against 1,082 stocks that are declining, thus indicating a positive market breadth in the broader market.

Market Update at 2:30 PM: In the current trading session, the benchmark indices extended midday day gains, with the Sensex surging by 1.34 per cent, while Nifty jumped by 1.3 per cent. Foreign portfolio investors (FPIs) showing signs of renewed buying interest, coupled with ongoing bargain hunting, are supporting market momentum. Similarly, Nifty Mid-cap has soared by 1.54 per cent, while Nifty Small-cap trades higher by 1.49 per cent.

Meanwhile, the India VIX was trading above the 13.5 mark, up by 8 per cent.

All sectoral indices are trading in the green by the midday session, with Nifty Private Bank (+2.4 per cent) and Nifty PSU Bank (+2.8 per cent) leading the gains and emerging as the top-performing sectors. 

Kotak Bank, NTPC and Tech Mahindra are among the top gainers, while Titan, IndusInd Bank and Mahindra & Mahindra are among the top losing stocks from the Nifty 50.

About 2,034 stocks are advancing as against 814 stocks that are declining, thus indicating a positive market breadth in the broader market.

Market Update at 12:30 PM: India's benchmark indices started the week on a strong footing, supported by gains in banking and energy stocks, marking their sixth straight session in the green.

Consequently, by midday, the Nifty 50 had jumped over 250 points from its previous close, trading above the 23,600 mark with gains of 1.17 per cent. Similarly, the Sensex traded at a day’s high, gaining 900 points or 1.18 per cent. The Nifty Bank outperformed frontline indices, adding over 1,000 points or surging over 2 per cent. Meanwhile, the India VIX was trading above the 13.5 mark, up by 8 per cent.

On Friday, foreign portfolio investors (FPIs) infused Rs 74.70 billion (USD 868.3 million) into Indian equities, marking the highest single-day inflow in four months. FPIs have been net buyers in the cash market for three of the past four sessions, hinting at a possible shift in trend after six months of continuous selling.

India’s HSBC Flash Composite Output Index eased to 58.6 in March from 58.8 in February due to a slowdown in services activity. The flash services PMI dropped to 57.7 from 59.0, while the flash manufacturing PMI rose to 57.6 from 56.3.

New export orders growth moderated to a three-month low due to tariff announcements. Business confidence remained strong but declined to a seven-month low amid competition concerns.

By midday, the top contributors to market gains were index heavyweights HDFC Bank (+45.72 pts), Reliance Industries (+39.38 pts) and Kotak Bank (+33.33 pts). On the other hand, Mahindra & Mahindra (-12.2 pts) and Titan (-7.61 pts) were trading in negative territory.

On Monday, overall market breadth remained strong, as 2,088 stocks advanced while 796 declined. Both the Nifty Mid-cap 100 and Nifty Small-cap 100 indices gained 1.48 per cent and 1.37 per cent, respectively.

Among the sectoral indices, all sectoral indices are trading in the green by the midday session, with Nifty Private Bank (+2.35 per cent) and Nifty Realty (+1.14 per cent) leading the gains and emerging as the top-performing sectors. 

Market Update at 10:30 AM: Indian markets started the week on a positive note, driven by gains in energy stocks, fresh foreign capital inflows, and investor interest in bargain opportunities.

At 10:20 a.m., the Nifty 50 was up 0.87 per cent at 23,555, while the Sensex advanced 0.85 per cent to 77,550. On the sectoral front, 15 out of 17 sectors recorded gains, with private banks and realty stocks rising 2 per cent. 

India has imposed anti-dumping duties on five Chinese goods this month to protect domestic industries from cheap imports. The affected products include soft ferrite cores, vacuum-insulated flasks, aluminium foil, trichloro isocyanuric acid, and PVC paste resin. Duties on select items will remain for five years, per CBIC notifications.

Broader markets saw a strong surge, with small-cap and mid-cap indices increasing around 1.16 per cent and 1.26 per cent, respectively.

In today’s trade, India VIX is trading above the 13 mark, up by 6.5 per cent, indicating an increase in market volatility.

Kotak Bank, Power Grid and Grasim are among the top gainers, while Mahindra & Mahindra, Titan and Trent are among the top losing stocks from the Nifty 50.

About 2,129 stocks are advancing against 606 declining stocks, thus indicating a Positive sentiment in the broader market.

Pre-Market Update at 7:30 AM: Sensex and Nifty 50 are likely to start Monday’s session on a positive note, continuing last week’s upward momentum, despite mixed signals from global markets.

Gift Nifty hovered around the 23,500 mark, reflecting a premium of approximately 120 points over the previous close of Nifty futures. This suggests a potential gap-up opening for Indian stock market indices.

The US stock market closed higher on Friday, driven by optimism following comments from President Donald Trump, which eased concerns over the impact of upcoming tariffs set to take effect in early April.

The Dow Jones Industrial Average edged up by 32.03 points (0.08 per cent) to settle at 41,985.35, while the S&P 500 gained 4.67 points (0.08 per cent) to reach 5,667.56. The Nasdaq Composite outperformed, climbing 92.43 points (0.52 per cent) to close at 17,784.05. On a weekly basis, the S&P 500 added 0.5 per cent, the Nasdaq advanced 0.17 per cent, and the Dow posted a 1.2 per cent gain.

Donald Trump’s proposed “reciprocal tariffs,” expected to take effect on April 2, will be more targeted than his previous broad threats, according to Bloomberg sources. Certain countries may receive exemptions, and existing tariffs on steel and other metals might not be cumulative, the report indicated.

Meanwhile, Japan’s manufacturing sector experienced its steepest decline in a year this March, with service sector activity also slowing down. The au Jibun Bank flash manufacturing PMI dropped to 48.3 from 49.0 in February. The services PMI declined to 49.5 from 53.7, signaling the first contraction since October.

The composite PMI, which reflects both manufacturing and services activity, fell to 48.5 from 52.0 in February, marking its first decline in five months.

Asian markets mostly declined on Monday as investors awaited the April 2 deadline for the implementation of U.S. President Donald Trump’s reciprocal tariff. Japan’s Nikkei 225 edged up by 0.28 per cent, while the Topix index saw a modest gain of 0.13 per cent. In contrast, South Korea’s Kospi dropped 0.36 per cent, and the Kosdaq slipped 0.05 per cent. Meanwhile, futures for Hong Kong’s Hang Seng index signaled a weaker start.

Crude oil prices declined slightly after recording a gain of over 2 per cent in the previous week. Brent crude slipped 0.14 per cent to USD 72.06 per barrel following a 2.2 per cent rise last week, while US WTI crude futures edged down 0.03 per cent to USD 68.26.

The dollar index was trading at 103.77, while USD/INR was trading at 86.

The Indian stock market continued its upward momentum for the fifth straight session on Friday, recording the highest weekly gains in the last four years since February 2021. In the Friday’s trade the Sensex climbed 557 points, or 0.73 per cent, to settle at 76,905, while the Nifty 50 advanced 159 points, or 0.69 per cent, to close at 23,350.

On March 21, 2025, foreign institutional investors (FII) bought shares worth Rs 7,470.36 crore, while domestic institutional investors (DII) sold shares worth Rs 3,202.26 crore.

Stocks that are banned for trading in the F&O segment on March 24, 2025, are Indusind Bank Ltd, Polycab India Ltd, Hindustan Copper Ltd, etc.

Disclaimer: The article is for informational purposes only and not investment advice.