Nifty 50 Surges Past 23,500 on March 24; Banking Stocks Lead the Rally

On Monday, the Indian benchmark index Nifty 50 opened at 23,515.40 and was at 23,629.00, up by 1.19%, as of 11:30 AM. As of the same time, it touched the day’s high so far at 23,638.90. 

Banking stocks are driving the rally, with the Bank Nifty, Nifty Private Bank, and Nifty PSU Bank indices surging over 2% each. However, IndusInd Bank is still in the red, dipping by 1,75%. 

5 Nifty 50 Top Gainers

The top 5 gainers on the Nifty 50 stocks are, Kotak Mahindra Bank Limited, NTPC Limited, Bharat Electronics Limited, Axis Bank and Power Grid Corporation of India Limited. These stocks were trading up by 4.46%, 3.50%, 2.83%, 2.74% and 2.53%, respectively. 

5 Nifty 50 Top Losers

The top 5 losers on the Nifty 50 stocks are, Mahindra & Mahindra Limited, Titan Company Limited, IndusInd Bank Limited, Trent and Hero MotoCorp Limited. These stocks were trading down by 2.47%, 2.36%, 1.75%, 1.05% and 0.72%, respectively. 

Sectoral Performance: Nifty Private Bank Leads

As of 11:40 AM, Nifty Private Bank, Nifty PSU Bank and Nifty Realty were trading in the green, which was up by 2.33%, 2.12% and 1.90%, respectively.  Notably, none of the sectoral indices were trading in red. 

Conclusion 

The return for foreign portfolio investors to Indian equities can be among the various factors driving the optimism. On March 21, FPI/FIIs bought securities worth ₹49,892.65 crore. With the Nifty50 up over the 23,500 level, market participants will closely monitor global macroeconomic cues. 

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