Stock Market Today: Sensex, Nifty 50 Gained 0.50% each, rise in Banks, Pharmaceutical Stocks
Stock market today: The Indian stock market regained considerable momentum in today’s trading session, March 17, after a roller-coaster ride last week, as substantial gains in financials, pharmaceuticals, and auto companies propelled front-line indices higher by the session’s finish.
The market has continued to build on its gains since the opening bell, with the rebound fueled by Wall Street’s relief surge last Friday, which flowed over into Asian markets on Monday. Additionally, China’s announcement of new measures to encourage domestic consumption fueled the advance in domestic metal stocks.
While FMCG and real estate equities continued their downward trend, IT and oil and gas sectors also saw some trading recovery. After being battered last week, mid- and small-cap stocks recovered, and the overall market enjoyed a significant gain as well. The surge has also been bolstered by the decline in the U.S. dollar index, which is presently trading at a 5-month low due to trade uncertainty and growing economic concerns in the United States.
Against this background, the Sensex completed the day at 74,169 points, 0.46% higher than Thursday’s closing, halting its 5-day losing streak, while the Nifty 50 ended the session with a gain of 0.50% at 22,508 points, stopping its 2-day decline.
The Nifty Smallcap 100 index jumped 0.48% to close at 14,968 points, while the Nifty Midcap 100 index gained 0.70% to conclude at 48,461 points, indicating that the overall market ended Monday’s session higher as well.
Nifty Pharma ended the day with a gain of 1.56%, making it the top sectoral gainer among the 13 major sectoral indexes. Granules India, Biocon, and Dr. Reddy’s Laboratories led the gainers’ pack with gains of up to 4%, while 19 of the index’s 20 members ended the day in the green. Despite intense selling pressure last week, Nifty Auto recovered well, finishing with gains of 0.91%.
On the down side, Nifty Media continued to descend for the third consecutive session, down by an additional 0.65%, while Nifty Realty continued to lose for the third day in a row, dropping by 0.38%.
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