FIIs Lead Short Covering to Pump Stock Market Amid Power Play
Waaree Energy counter at Indian Energy Week (Image credit X.com)
Banks Rally to Help Bank Nifty Grab 51k Pivot
By S Jha
New Delhi, March 24: Stock market gained for sixth straight session on Monday. Nifty touched crucial 23700 level during day while Bank Nifty went over 51k decisively.
The foreign institutional investors continue to pump the Indian stock market. Hectic buying by the FIIs was seen on the street. The sharp short covering by the FIIs send indices soaring on Monday.
Shares of Kotak Mahindra Bank went trending on Monday. The scrip gained almost five per cent. Shares of Kotak Mahindra Bank have been trading above 52-week high for past few days. The scrip per market participants is seen bullish with consistent gains.
“Indian markets shined for the 6th session as FIIs returned. Nifty 50 moved above 23500 and re-tested 23700,” said StockEdge in a post-market commentary on its Telegram channel.
The Kolkata-based equity advisory firm stated that “today’s close opens the door to 23800, and a move above it could reach 24000”. “Bulls appear to be taking over with foreign investor support. Nifty Bank gained over 2% intraday, continuing its momentum,” it added.
StockEdge also stated that Bank Nifty “reclaimed 51k, and if this persists, 52k may be next. PSU banks led the uptrend.”
Stock Market Today: Bulls Return Sighting Oversold Market Gains
The gains in the banking stocks were also led by the shares of Axis Bank and the State Bank of India. Shares of HDFC Bank were also strong during the session on Monday.
The broader market also found upswing with the help of the shares of Reliance Industries gaining over two per cent. The stock market rally is helped by market leaders. Gains in index heavyweights continue to provide strength to the stock market.
The power index was trending during the session on Monday. Gains in counters such as NTPC and Powergrid. Both scrips sharply rose on Monday.
The power sector rally also lifted several other small cap and midcap stocks. Both scrips from Waaree stable – Waaree Energy and Waaree Renewable – rose sharply on Monday.
Shares of IREDA, the PSU stock in the renewable energy, also rose sharply on Monday. The pullback rally in the power stocks is seen firm by market participants.
The shipyard scrips extended their gains on Monday. Shares of Mazagaon Dock Shipyard, Garden Reach Shipyard, and Cochin Shipyard extended their gains. Select defence stocks such as Zen Technology further extended gains on Monday.
(Disclaimer: This article makes no recommendation for any kind of trade in the stock market)
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