24 Mar , 2025 By : Debdeep Gupta
Indian benchmark indices, Sensex and Nifty, extended their winning streak to a sixth straight session, kicking off the new trading week on a strong footing, driven by upbeat global sentiment. Nifty surged past 23,500 for the first time since February 10, 2025, while Bank Nifty reclaimed the 51,000 mark, a level last seen on January 6, 2025. The rally gained further momentum as all sectors traded in positive territory, with broader indices outshining the benchmark indices.
At the opening bell, the Sensex climbed 513 points, or 0.67 percent, to 77,419, while the Nifty advanced 152 points, or 0.65 percent, to 23,503. Market sentiment remained upbeat, with 2,257 stocks trading higher, 476 declining, and 160 remaining unchanged.
Having said that, as markets approach the end of fiscal year 2024-25 (FY25) and the monthly expiry week, analysts anticipate that portfolio rebalancing by investors and potential volatility linked to reciprocal tariffs could shape market movements.
Devarsh Vakil, Head of Prime Research at HDFC Securities, highlighted that investors may opt to strategically exit underperforming assets to realize capital losses. These losses could then be offset against capital gains elsewhere in their portfolio, ultimately minimizing their tax burden as the fiscal year draws to a close.
However, VK Vijayakumar, Chief Investment Strategist at Geojit Investment Services, urged caution despite the prevailing bullish sentiment. "April 2—the day of reciprocal tariffs—is fast approaching, bringing with it a cloud of uncertainty. Investors may prefer to wait for greater clarity on these tariffs before making further investment decisions," he advised.
On a technical front, Vakil added that if Nifty could surpass 23,400, it could advance to the next level of 23,800 in the near term. The support for Nifty is around 23,200-23,250 band.
Among individual stocks, shares of Jindal Stainless dropped 3 percent after Nuvama Institutional Equities cut its target price to Rs 723 from Rs 836. The domestic brokerage said that the company is dealing with weak export demand and high imports, which is affecting its margins.
Meanwhile, shares of GAIL surged 5 percent after new developments about the Petroleum and Natural Gas Board (PNGRB). PNGRB is looking to amend the Natural Gas Pipeline Tariff Regulations, 2008 , and has sought public comments on the changes by April 11.
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