Market Update: Sensex Jumps 574 Points, Nifty Up by 164 Points; Auto and Oil & Gas Lead Gains

27 Mar 2024 , 01:43 PM

The Sensex surged by 574.48 points or 0.79% to reach 73,044.78, while the Nifty climbed by 164.50 points or 0.75%, closing at 22,169.20. Among the traded shares, 1683 advanced, 1654 declined, and 99 remained unchanged.

BSE Midcap and Smallcap indices witnessed gains ranging from 0.5 to 1%. Notable sectors including auto, realty, oil & gas, power, and capital goods saw a rise of 1% each.

Top gainers on the Nifty included Reliance Industries, Maruti Suzuki India, Bajaj Auto, Adani Ports & SEZ, and Eicher Motors, while Britannia, Apollo Hospital Enterprises, Nestle India, Hero MotoCorp, and Wipro were among the top losers.

On the Sensex, leading gainers comprised Reliance Industries, Maruti Suzuki India, Larsen & Toubro, IndusInd Bank, and Kotak Mahindra Bank, while Nestle India, Wipro, and TCS acted as the primary drags.

Across various sectors, the Nifty Bank rose by 0.39%, the Auto index surged by 1.22%, and the Oil & Gas index witnessed a gain of 1.77%. However, the FMCG index experienced a marginal decline of 0.24%.

Foreign institutional investors (FIIs) were net buyers of shares worth ₹10.13 crore, whereas domestic institutional investors (DIIs) purchased stocks worth ₹5,024.36 crore on March 26, as per provisional data from the NSE.

The yen managed to recover some of its losses after Finance Minister Shunichi Suzuki hinted at potential action to support the currency. With policymakers facing limited options aside from purchasing the currency to stabilize it, especially after the Bank of Japan’s recent interest rate hike failed to alter its trajectory.

Treasuries stabilized after bouncing back from earlier session lows, which followed a successful $67 billion sale of five-year notes on Tuesday. Meanwhile, the dollar exhibited slight strength against its counterparts in the Group-of-10, while the offshore yuan experienced a decline.

In China and Hong Kong, shares faced a retreat, predominantly driven by losses in the technology sector. This decline was fueled by a drop in AI-related companies, echoing the overnight decline in Nvidia’s shares. Additionally, sentiment soured as Alibaba’s decision to shelve the listing of its logistics arm further dampened market sentiment.

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