Stock market today: Sensex, Nifty 50 gain nearly 0.50% each on rally in banks, financials; pharma stocks top gainers

Stock market today: Indian stock market has regained strong momentum in today’s trading session, March 17, following a roller-coaster ride last week, as healthy gains in financials, pharma, and auto stocks pushed front-line indices higher by the session’s close.

The market continued to build on its gains since the opening bell, with the rebound driven by the relief rally seen on Wall Street last Friday, which spilled over into Asian markets in Monday’s trade. Additionally, China’s announcement of new measures to boost domestic consumption further powered the rally in domestic metal stocks.

IT and oil & gas stocks also showed some resurgence in trade, while FMCG and realty stocks extended their bearish streak. The broader market also saw a sharp uptick, as mid- and small-cap stocks rebounded after being hammered last week. The drop in U.S. Dollar index has also supported the rally, which is currently hovering at 5-month low as trade uncertainties and mounting economic concerns in the U.S. weighed on the currency.

Against this backdrop, the Nifty 50 ended the session with a gain of 0.50% at 22,508 points, ending its 2-day slide, while the Sensex concluded the session at 74,169 points, 0.46% higher than Thursday’s close, ending its 5-day losing streak.

The broader market also finished Monday’s session higher, with the Nifty Midcap 100 index gaining 0.70% to settle at 48,461 points, while the Nifty Smallcap 100 index surged 0.48% to close at 14,968 points.

Sectoral Performance: Pharma stocks shine; media struggles extend

Among the 13 major sectoral indices, Nifty Pharma emerged as the top sectoral gainer, ending the session with a gain of 1.56%. Nineteen out of the 20 constituents of the index closed in the green, with Dr. Reddy’s Laboratories, Granules India, and Biocon leading the gainers’ pack with gains of up to 4%. Nifty Auto made a strong comeback, closing with gains of 0.91% after facing heavy selling pressure last week.

Other sectoral indices, including Nifty Metal and Nifty Consumer Durables, finished the session with gains ranging between 0.23% and 0.77%.

On the losing side, Nifty Media extended its slide for the third straight session, tumbling another 0.65%, while Nifty Realty also extended its decline for the third consecutive day, falling by 0.38%

Commenting on today’s market performance, Vinod Nair, Head of Research, Geojit Financial Services, said, “ The national market experienced a positive trading session, driven by strong performance in the healthcare and financial sectors. However, lower participation from domestic investors due to tariff-related uncertainties may cause the market to fluctuate within a range in the near term.”

“A decisive momentum will depend on signs of earnings growth, while improving domestic economic indicators suggest a potential recovery. Investors are closely monitoring the upcoming FED and BOJ meetings, with expectations leaning towards maintaining the current stance due to inflation risks associated with tariff uncertainties,” he further added.

Technical Outlook

Mr Ajit Mishra—SVP, Research, Religare Broking, said, “Nifty 50 is now looking for a decisive trigger to surpass the key hurdle of the 20-day exponential moving average (DEMA) near 22,600 and end the prevailing consolidation phase. While the strength in banking and financial majors continues to support sentiment, the underperformance of other heavyweight sectors is limiting the upside. We maintain our view of focusing on stock selection based on relative strength amid consolidation and waiting for further clarity.”

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.