Markets Wrap – Fri, 17 Mar ‘23- Nifty, Sensex skyrocket, rupee rises; Asia, US markets, Gold, Crude updates

Markets Wrap – Fri, 17 Mar ‘23: Nifty, Sensex skyrocket, rupee rises; Asia, US markets, Gold, Crude updates

Domestic indices ended the week broadly in green. The NSE Nifty 50 settled above 17100, BSE Sensex surged 350 pts and Bank Nifty closed near 39600. The top gainers on the Nifty 50 were HCL Tech, Hindalco, UltraTech Cement, UPL and JSW Steel while the losers were Eicher Motors, NTPC, Maruti, ITC and Power Grid. “The Nifty witnessed a volatile day of trade today. It witnessed sharp swings in both directions and ultimately closed in the green for the second consecutive day. On the way up the 40-hour moving average and the hourly upper Bollinger band placed in the range 17150 – 17200 acted as a strong resistance and restricted further upside and on the way down the swing low formed at 16850 shall act as a crucial support from short term perspective. We expect the Nifty to consolidate between these two parameters from the next few trading sessions. we believe that the pullback rally has some more steam left and the nifty is likely to carry on this positive momentum next week as well,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

Bank Nifty likely to underperform Nifty 50 in medium-term

Indian stock market

The NSE Nifty 50 rose 114.45 pts or 0.67% to 17,100.05 and BSE Sensex surged 355.06 pts or 0.62% to 57,989.90. In sectoral indices, Bank Nifty climbed 465.50 pts or 1.19% to 39,598.10, Nifty IT surged 1.18%, Nifty Auto fell 0.48%, Nifty PSU Bank was up 0.83% and Nifty Metal skyrocketed 2.23%.

Asian Markets

Asian markets concluded Friday’s session broadly in the green territory. Hong Kong’s Hang Seng surged 1.64%, South Korea’s KOSPI climbed 0.75%, Japan’s Nikkei 225 rose 1.20% and China’s Shanghai Composite index rose 0.73%

US Markets

The US market ended the overnight session in a positive territory with Dow Jones Industrial Average surging 1.17%, S&P 500 climbing 1.76% and the tech-heavy Nasdaq skyrocketing 2.48%.

Rupee movement

The Indian rupee appreciated 0.31% to 82.38 against the US dollar at 3:25 PM (IST).

Gold, Silver

Gold futures for April delivery were 251 points or 0.43% at Rs 58,257 at 3:30 PM (IST) while Silver futures on the multi-commodity exchange for May delivery were trading at Rs 67,089, up 558 pts or 0.84%.

Crude oil

WTI Crude futures for April delivery were up 1.38% at $69.29 while Brent Crude futures for May delivery were trading 1.27% higher at $75.65 at 3:30 PM (IST).