On March 19, the Nifty and Sensex experienced a surge in afternoon trading due to robust purchases in metal, oil and gas, and financial companies. However, the rally was restrained by weakness in IT and FMCG companies, which prevented the bulls from launching a full-scale attack.
With the Midcap 100 and Smallcap 100 indices rising 2.6 and 2.43 percent, respectively, midcaps and small-caps took center stage as their outperformance continued.
At the closing, the Nifty was up 73.30 points, or 0.32 percent, at 22,907.60, while the Sensex was up 147.79 points, or 0.20 percent, at 75,449.05. Approximately 2,897 shares rose, 989 shares fell, and 110 shares remained the same.
Nifty PSU Bank, Metals and Oil and Gas, and Realty were the best-performing sectoral indices, gaining 2.26, 1.04, and 2.43 percent, respectively.
IT and FMCG stock weakness affected confidence, with the latter suffering a severe decline on March 19. Concerns about the US recession and interest rate uncertainty caused Indian IT equities to plummet. The global market’s weakness and worries about the slowing demand for IT services were reflected in the Nifty IT index’s 1.08 closing price.
As investors’ confidence in the industry grew, the Nifty India Defence index jumped by almost 6% during the day. On March 19, every significant industry was trading in positive territory, except IT and FMCG.
