The stock market today saw a positive trend with the NSE Nifty 50 up by 30.60 points or 0.14% at 21,848.05, and the Sensex up by 120.39 points or 0.17% at 72,132.44. Some of the top gainers in the Nifty 50 included Eicher Motors, Maruti Suzuki, BPCL, Power Grid, and Bajaj Auto, while the major losers were Hindalco, UPL, Britannia, Dr Reddy’s Lab, and HDFC Life Insurance.
One of the highlights of the day was the continued gains of Paytm, with shares of One97 Communications soaring more than 4% on Wednesday, hitting a day high of Rs 425.70 on the NSE. This positive momentum came after the National Payments Corporation of India (NPCI) granted approval for Paytm to operate within the Unified Payments Interface (UPI) framework.
In other news, Bharat Petroleum Corporation (BPCL) saw a rise of 2.6% in its stock price after signing a deal with BP to purchase 1 million barrels per month of US West Texas Intermediate crude for four months.
Foreign institutional investors (FII) mopped shares worth net Rs 1,421.5 crore, while domestic institutional investors (DII) bought shares worth net Rs 7449.5 crore on March 19, 2024, according to provisional data available on the NSE.
Overall, the market outlook remains positive with key support expected at 21560 for Nifty, while technical confirmation of strength lies above 22050. Experts suggest buying Nifty and Bank Nifty at current levels, with a bullish stance on certain stocks based on momentum play. Trading in the Asia-Pacific region showed a mixed picture, with the US Dollar Index experiencing a decline and WTI crude prices showing a slight decrease. Investors are also awaiting the Federal Reserve’s decision, which will impact expectations regarding potential interest rate adjustments throughout the year.
