Market Top 10: Top Stocks in the Limelight on March 22
The stock market closed on a positive note on March 22, with the benchmark Sensex and Nifty ending higher. The bullish trend was mainly due to buying in healthcare, financial, and commodity stocks, amid a firm trend in global equities. Here's a look at the top stocks that are in focus today.
Sensex and Nifty Overview
The BSE Sensex continued its rally from the previous day, with a gain of 139.91 points or 0.24% to settle at 58,214.59. During the day, it jumped 344.1 points or 0.59% to 58,418.78. On the other hand, the NSE Nifty climbed 44.40 points or 0.26% to end at 17,151.90.
Top Gainers and Losers
Bajaj Finance, Bajaj Finserv, Sun Pharma, IndusInd Bank, Tata Motors, ICICI Bank, Tata Consultancy Services, Hindustan Unilever, and Power Grid were the major gainers among the Sensex stocks. In contrast, NTPC, Axis Bank, Nestle, HCL Technologies, and HDFC Bank were the major laggards.
Global Markets Overview
In Asia, Seoul, Japan, Hong Kong, and Shanghai markets ended in the green, reflecting a positive global sentiment. Equity markets in Europe were trading in positive territory during the afternoon trade. The U.S. markets ended significantly higher on Tuesday, reinforcing the bullish trend.
Oil Market Update
The global oil benchmark Brent crude dipped 0.31% to $75.09 per barrel. This dip in oil prices may have a cascading effect on the stock market as investors tend to react to the volatility in oil prices.
Foreign Portfolio Investors Update
Foreign Portfolio Investors offloaded equities worth ₹1,454.63 crore on Tuesday, according to exchange data. This is an indicator of the volatility in the market, and investors must remain cautious while investing in the stock market.
Live Updates
Hero MotoCorp, one of India's leading two-wheeler manufacturers, is set to revise the price of its vehicles by approximately 2%. The Gurugram headquartered company said the price revision would be around 2%, and the exact quantum of increase would vary by specific models and markets, according to a statement.
Anupam Rasayan, a leading specialty chemical company, is set to invest ₹670 crore to set up three new plants in Gujarat. The company already has six manufacturing sites in Gujarat, including four in Sachin, Surat, and two state-of-the-art sites in Jhagadia.
Key Stocks to Watch
Indian benchmark indices ended Wednesday's trading session in the green, with NSE Nifty50 ending at 17,151.90, up 44.40 points, and BSE Sensex ending at 58,214.59, up 139.91 points. Here are the key stocks to watch today:
• HDFC Life
• Sobha
• Bharat Petroleum
• Fed Hike Bets Update
The US Federal Reserve is expected to make a policy announcement in March 2023. Until recently, the US central bank was widely predicted to raise fed fund rates by 25 basis points at least from the current 4.50-4.75% this month. However, economists are now divided on that view, and some are even expecting the Fed to hit the brakes and stay on the sidelines. Investors must remain alert and monitor the policy announcement closely.