Markets Recover as Banking Sector Boosts Sentiment

18 Mar 2024 , 01:04 PM

During noon trading, both the 30-stock Sensex and the 50-stock Nifty rebounded from morning losses to trade higher, driven by a resurgence in banking stocks. Investors are eagerly anticipating the upcoming policy decision from the US Federal Reserve on March 20, which is expected to influence the Indian market’s direction.

At 1 PM, the Sensex showed a rise of 141.29 points or 0.19%, reaching 72,784.72, while the Nifty recorded an increase of 36.20 points or 0.16%, reaching 22,059.50. Among the stocks, 1776 advanced, 1611 declined, and 100 remained unchanged.

The spotlight was on Adani group companies, with all 10 stocks witnessing declines following reports from Bloomberg suggesting that US prosecutors had expanded their investigation to scrutinize potential bribery activities within the firm.

Despite initially underperforming, both BSE Midcap and BSE Smallcap indices recovered from their lows and stabilized, trading flat.

The decline in sectors such as consumer durables, fast-moving consumer goods, and information technology weighed on the market, while the automobile, oil and gas, and metal sectors provided some support to the indices.

Key gainers on the Nifty included Tata Steel, JSW Steel, M&M, and Bajaj Auto, while notable losers comprised UPL, Adani Ports, Tata Consumer, and Titan Co.