Stock Market Today Stays in Pause Mode
Stock Market on Thursday.. (Image credit X.com)
Nifty Holds Key Pivot Ahead of Major Events
By S Jha
New Delhi, March 17: Nifty traded in a close range on Monday amid high volatility. The stock market is awaiting the US Fed commentary this week. The US tariff is also holding traders on toes.
“Markets continue to consolidate around 22500 and are lacking proper direction as it awaits the Fed’s interest rate decision later this week,” said StockEdge in a post-market commentary in a post on its Telegram channel.
It stated that “22500 is a key level for Nifty 50 as the index has been trading within a range”. “US tariffs and Fed’s policy will keep the markets on its toes as traders await the decision and are henceforth exercising caution ahead of it,” said the Kolkata-based equity advisory firm.
Nifty gained over 100 points to close the day at over 22500 level. Bank Nifty was bullish during the day. The 50-share index witnessed swings during day’s trade. But Bank Nifty stayed firm through the days on the back of strength in the index heavyweights.
“Nifty Bank traded positive but is unable to sustain above 48500 levels. Strength in the private banks kept the momentum positive,” added StockEdge.
The lack of strength in the broader market was seen on Monday. The gains in the heavyweights gave upswings to indices. But midcaps and small caps continue to bleed.
Market participants said that the stock market is stuck in a narrow range awaiting the rollout of the reciprocal tariff by the US next month. Traders have taken position in the range of 22350 to 22650 for the Nifty, said market participants.
In the absence of a proper direction, stocks are not showing sustained gains. Sectoral swings are also seen in the street.
Stock Market Today: Bulls Return Sighting Oversold Market Gains
Agricultural inputs’ firms gained on Monday. The gainers included the likes of Elgi Equipment, Kaveri Seeds, and Avanti Seeds. They all rose by over six per cent on Monday.
Market participants are taking particular interests in agri-stocks in the wake of the tariff ware between the US and China. Bejing has banned agricultural imports from the US. The global supply chains in agricultural commodities may witness rejig due to the trade war between the US and China, claimed analysts.
Market participants are taking hard looks at key Chinese exports to the US. Chemical stocks such as Atul Limited were in demand on Monday. China is a global leader in exports of chemicals. Analysts reminded that the Indian chemical stocks were big gainers during the lockdown in China.
(Disclaimer: This article makes no recommendation for buy or sell of shares of any company)
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