Stock Market Today: Benchmark indices ended marginally higher on March 27 amid high volatility. The Sensex was up 126.76 points or 0.22% at 57,653.86, and the Nifty was up 40.70 points or 0.24% at 16,985.70. About 899 shares advanced, 2649 shares declined, and 138 shares unchanged.
Grasim Industries, Reliance Industries, Cipla, Sun Pharma and SBI were among the top Nifty gainers, while losers were Adani Ports, Power Grid Corp, SBI Life Insurance, M&M and Tata Motors.
Among sectors, auto, capital goods, power and realty down 0.5-2 per cent, while pharma index up 1 per cent.
The BSE midcap index shed 0.4 per cent and smallcap index fell 1.5 per cent.
“The element of uncertainty in global markets continues. The sharp cut of 4.6% in the European bank index last Friday, despite the assertion by authorities that the European banking system is resilient, is a reflection of the fear in the market. Actions by US authorities have brought near-term stability in the US banking system; but we don’t know what lies ahead. Investors should remain cautious till stability returns. The changes proposed in the taxation of debt funds will make them less attractive for investments made after 1st April 2023. So, the next few days before April 1st will give opportunities for investors to invest in these funds, including international funds, for the long-term. Interest rates in India are likely to decline towards the end 2023 after, perhaps, one more 25 bp rate hike in the next MPC meet. Declining interest rate scenario is favourable for debt funds,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Global Cues
Asian shares followed US stock futures higher on Monday on hopes authorities were working to ring fence stress in the global banking system, even as the cost of insuring against default neared dangerous levels.
Tokyo shares opened higher Monday, despite signs of trouble at another major European lender that renewed fears over the health of the global financial system.The benchmark Nikkei 225 index rose 0.19 percent, or 51.92 points, to 27,437.17 at the open, while the broader Topix index climbed 0.30 percent, or 5.86 points, to 1,961.18.
US stocks closed higher on Friday, marking the end of a tumultuous week as Federal Reserve officials calmed investor fears over a potential liquidity crisis in the banking sector.
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