3 Factors that Worked for the Market Today

  • Investing.com
  • Stock Market News
3 Factors that Worked for the Market Today
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- As predicted in the pre-market report, it was a volatile day for Nifty and the BSE Sensex today. The markets opened higher, fell to negative territory before zooming up. Nifty gained 1.2% and Sensex closed up 1.05% on the first day of FY22. Three factors that worked for the market today were:

  1. Strong domestic cues: GST collections came in at a record high of Rs 1.23 lakh crore in March. Tata Motors Ltd (NS: TAMO ) saw a 505% growth in total domestic sales at 66,609 units in March 2021 compared to 11,012 units in March 2020.
  2. Buying in the second half: Indian markets saw strong buying activity in the latter half of the day especially in the metals space. JSW Steel Ltd (NS: JSTL ), Hindalco Industries Ltd. (NS: HALC ), and Tata Steel Ltd (NS: TISC ) ruled the charts gaining 7.91%, 6.56%, and 5.8% respectively. FMCG bore the brunt of the day today with Hindustan Unilever Ltd. (NS: HLL ) down 1.34% and Nestle India Ltd (NS: NEST ) down 0.67%.
  3. Global cues: US President Joe Biden’s $2.3 trillion infrastructure plan has given hopes of recovery so strong that European markets opened up even as France imposed a lockdown to curb the third wave of COVID-19 infections. FTSE 100 is up 0.5%, CAC 40 is up 0.13% and DAX is up 0.22% as of this report. Asia closed higher as well with Nikkei 225 , KOSPI 50 and the Shanghai Composite gaining 0.72%, 0.85% and 0.71% respectively. Japan and South Korea both reported strong data for March. 

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
  • Alok Singh @Alok Singh
    I am surpised how can the market move like this in recent panic situatiom because of COVId second wave and all
    Like 0
  • Ajit Pardeshi @Ajit Pardeshi
    Nifty has a strong resistance at 14875-14880. check the charts. every time it hits that point it reverses. 23rd March 30th March and today. There is something about that area where selling pressure builds in. Until it takes 14900 out convincingly, the see saw will go on.
    Like 3
    • Satish chandra Naik @Satish chandra Naik
      @Ajit Pardeshi hope by next week NIFTY break its resistance, and boom towords ATH
      Like 0
    • Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

      Error: File type not supported

      Drop an image here or

      100
  • Ajit Pardeshi @Ajit Pardeshi
    How about yields? I guess they must also have played their part in helping the recovery?
    Like 1

Related Articles