Equity markets concluded the trading session on Wednesday with a third consecutive day of gains, led by a surge in metal stocks following the government’s decision to impose a 12 per cent safeguard duty on specific steel imports. The Sensex closed at 75,449.05, up 147.79 points or 0.20 per cent, while the Nifty 50 rose 73.30 points or 0.32 per cent to end at 22,907.60.
The standout performer of the day was the metal sector, with Tata Steel leading the charge with a 2.51 per cent increase on high trading volumes. Other sectors that showed strength included financials, realty, and energy, while IT stocks faced selling pressure.
According to Shrikant Chouhan, Head Equity Research at Kotak Securities, the market continued its positive momentum, with a small bullish candle forming on the daily charts. In the broader market, midcap and smallcap stocks outperformed the benchmark indices, with the Nifty Midcap Select gaining 1.88 per cent and the Nifty Next 50 rising 1.61 per cent.
Top gainers on the NSE included Shriram Finance, HDFC Life, Apollo Hospitals Enterprise, Tata Steel, and Power Grid Corporation, while Tech Mahindra, ITC, TCS, Infosys, and Sun Pharma were among the major losers.
The Indian rupee strengthened for the sixth consecutive session, reaching its longest winning streak since September 2024. The currency appreciated by 0.13 against the dollar to 86.43, supported by positive market sentiment and strong capital inflows.
Market participants are now awaiting the U.S. Federal Reserve’s monetary policy decision, which could provide insights into the future direction of interest rates. Analysts point to key levels that traders should monitor, with Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, highlighting a crucial overhead resistance around 23,000-23,100 levels.
On the derivatives front, long buildups were observed in various stocks, as reported by Sundar Kewat, Technical and Derivatives Analyst at Ashika Institutional Equity. Looking ahead, Ajit Mishra, SVP of Research at Religare Broking Ltd, recommended a ‘buy on dips’ approach amidst positive market sentiment.
Published on March 19, 2025.
