Indian Stock Market Update
On Thursday, the Indian stock market indices experienced a significant surge, with the main Nifty 50 index surpassing the 22,400 mark, buoyed by cautiously optimistic signals from global markets. The rally was broad-based, with all sectoral indices showing gains.
Foreign Institutional Investors (FIIs) persisted in demonstrating robust purchasing activity in the Indian stock market, signaling optimistic sentiment. According to provisional data from the NSE, FIIs accumulated shares worth ₹2,170.32 crore, while Domestic Institutional Investors (DIIs) acquired stocks valued at ₹1,197.61 crore on March 27.
Grasim, Bajaj Finserv, Hero Moto Corp, Bajaj Finance, and Eicher Motors emerged as the leading gainers on the NSE Nifty 50, while Shriram Finance, Axis Bank, Bajaj Auto, Tech Mahindra, and Reliance Industries were among the lagging performers.
The formation of an inverted head and shoulders chart pattern on the Nifty 50 index indicates a bullish reversal. Analysts anticipate that maintaining levels above 22,200 could propel the index towards further gains, targeting 22,400 and 22,500 in the days ahead. The 22,000 level serves as robust support for the index, reinforced by the convergence of the 20, 50, 100, and 200 Exponential Moving Averages (EMAs)
