The Indian stock market benchmarks, the Sensex and the Nifty 50, ended higher on Friday, March 20, on selective buying after Thursday’s massive losses.

The 30-share pack jumped more than 1,000 points during the session but ended just 326 points, or 0.44%, higher at 74,532.96 as investors booked profits amid persisting geopolitical uncertainties. The Nifty 50 ended with a gain of 112 points, or 0.49%, at 23,114.50.

The Nifty Midcap 150 index rose 0.59%, while the Nifty Smallcap 250 index gained 0.26%.

Investors earned ₹3 lakh crore in a day as the overall market capitalisation of BSE-listed firms rose to ₹429 lakh crore from ₹426 lakh crore in the previous session.

Stock market today: Key highlights

What drove the market higher?

News flows indicating de-escalation in the Middle East conflict and a downtick in crude oil prices influenced stock market sentiment.

Israeli Prime Minister Benjamin Netanyahu said the war with Iran might end sooner than expected. Meanwhile, US President Donald Trump has asked Israel not to attack Iranian natural gas infrastructure again, and Israeli Prime Minister has agreed to it, according to media reports.

However, market participants remain wary of uncertainties surrounding the US-Iran war.

“Positive comments aimed at de-escalating the conflict and avoiding attacks on oil and gas infrastructure led to a moderate rebound during the day. However, investor sentiment remains fragile, with gains tapering off as participants remain reluctant to hold positions over the weekend amid war-related uncertainties,” Vinod Nair, Head of Research, Geojit Investments, noted.

“While the consensus remains cautiously optimistic, expectations are that conflict-related risks may ease over the next couple of weeks, allowing market volatility to subside. Buying opportunities are emerging after the massive sell-off this month, though the loss of Qatar’s gas capacity is expected to have an impact on the Indian LNG sector,” said Nair.

Top Nifty 50 gainers and losers today

Tech Mahindra, JSW Steel, and Tata Steel ended as the top gainers in the Nifty index, each rising over 3%, while Hindalco Industries, HDFC Bank, and Shriram Finance ended as the top losers, falling 2-3%.

Sectoral indices today

Nifty Bank erased all gains seen during the day and ended 24 points, or 0.04%, lower at 53,427.05.

Nifty Financial Services dropped 0.68%.

On the other hand, Nifty PSU Bank, IT and Pharma indices jumped 2%. Nifty Metal and Auto indices rose by up to 1%.

Most traded stocks today

Vodafone Idea, Jaiprakash Power Ventures, Tata Silver Exchange Traded Fund, Tata Gold Exchange Traded Fund, Sagility, HDFC Bank, and YES Bank were the most traded stocks, or most active stocks in terms of volume, on the NSE.

Advance-decline ratio

Out of 3,325 stocks traded on the NSE, over 1,880 advanced and over 1,330 declined.

230 stocks hit 52-week lows

As many as 232 stocks, including Bajaj Finance, Balkrishna Industries, GAIL (India), Varun Beverages, and Godrej Consumer Products, hit their 52-week lows in intraday trade on the NSE.

26 stocks hit 52-week highs

Lenskart Solutions, Karnataka Bank, JB Chemicals & Pharmaceuticals, Agi Infra, and Aarnav Fashions were among the 26 stocks that hit their 52-week highs on the NSE.

14 stocks jumped more than 15% on the BSE; 10 stocks crashed more than 15%

Brainbees Solutions (Firstcry), Websol Energy System, and Shyam Telecom were among the 14 stocks that jumped more than 15% on the BSE.

On the other hand, Next Mediaworks, Maha Rashtra Apex Corporation, and Finkurve Financial Services were among the 10 stocks that crashed more than 15% on the BSE.

Technical outlook for Nifty 50

According to Rupak De, Senior Technical Analyst at LKP Securities, on the hourly chart, the rising Nifty faced resistance at the 21EMA and slipped lower. On the daily chart, a bullish Harami Cross formed, a reversal pattern.

“In the short term, the trend may improve with the potential to rise towards 23,400–23,600. On the lower end, 22,950–23,000 remains a key support zone, below which bearishness may re-emerge,” said De.

Ajit Mishra, SVP- Research, Religare Broking, said the 23,400–23,600 zone is likely to act as a resistance area in case of a rebound, while 22,800 remains a critical support level.

“A break below this level could lead to further downside towards the 22,500 mark, despite the oversold conditions,” said Mishra.

Read all market-related news here

Read more stories by Nishant Kumar

Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.