Closing Bell: Nifty ends above 17,200 Sensex gains 231 pts led by auto, bank, oil & gas, metal – Moneycontrol

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Indices end at day's high levels amid volatility
Uma Exports IPO subscribed 1.85 times on first day
Ruchi Soya FPO issue subscribed 3.15 times, QIB portion booked 1.6 times
CLSA maintains buy rating on Embassy Office Parks REIT with a target at Rs 413
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Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:
Markets once again witnessed sideways movement but finally managed to end on a higher note because of sharp gains in banking and oil & gas stocks. 
Technically, one more time the Nifty took the support near 17000 or 200-day SMA and bounced back sharply to close above the 50-day SMA. But the broader texture of the market is still non directional. 
In the near future, as long as the index is holding the 17100 level, the market is likely to retest the level of 17325-17400. However, if the index falls below the same, it could trigger further weakness till 17000-16950.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas:
The Nifty has entered into a consolidation mode in the last week. The Fibonacci retracement shows that the consolidation is panning out near the 61.8% retracement of Jan – March decline. The sideways action continued on March 28. 
During the day, the index dipped towards the lower end of the range i.e. 17000 where multiple support parameters induced the bulls into action; resulting in a sharp recovery from 17000. 
The overall, structure suggests that the consolidation can continue further in the range of 17000-17500 & dips towards 17000 will continue to offer buying opportunities for short term traders. 

Vinod Nair, Head of Research at Geojit Financial Services: 
The current volatility is due to elevated commodity prices and resultant downgrade of future earnings growth. The price of products have been increasing constantly and is expected to increase further in the future, affecting demand and margin. 
Uncertainties due to rising covid cases especially in China also added to the weakness. While Indian equities showed resilience and bounced back in green following a positive European market. 
We can expect an ease in this volatility based the cessation of the war, commodity prices and supply constraints.

Sachin Gupta, AVP- Research at Choice Broking:
The benchmark index wiped out its early morning losses and managed to close on a positive note at 17,222 with 69 point gains, while Bank Nifty inched up by 0.85% to close at 35710.50 levels. 
Technically, the Nifty index has been forming like the Bullish Hammer Candlestick pattern on the daily chart. Also, closed above 50 days Exponential Moving Average that indicates positive moves in the coming day. 
An indicator MACD suggested a positive crossover on the daily time frame. At present, the index has support at 17000 levels while resistance comes at 17450 levels. On the other hand, Bank Nifty has support at 35200 levels while resistance at 36300 levels.

S Ranganathan, Head of Research at LKP securities:
Benchmark Indices reversed early morning losses on positive global cues and hopes of RBI opting for status quo at its policy meet scheduled during first week of April. 
The resumption of international flights energised hospitality stocks while the ongoing consolidation in the Media sector and positive tailwinds in the Telecom space lent ammunition to the Bulls despite an unfavourable Advance-Decline ratio. 
The broader markets witnessed keen interest in state run enterprises of Gujarat with most of them posting yearly highs.
Market Close: Indian benchmark indices ended at day's high levels in the highly volatile session on March supported by the auto, bank, oil & gas and metal stocks.
At close, the Sensex was up 231.29 points or 0.40% at 57,593.49, and the Nifty was up 69 points or 0.40% at 17222. About 1051 shares have advanced, 2268 shares declined, and 123 shares are unchanged.
Bharti Airtel, Coal India, Axis Bank, Eicher Motors and ICICI Bank were among the top Nifty gainers. 
On the other hand, UPL, SBI Life Insurance, Nestle India, Dr Reddy’s Laboratories, HDFC were among the big losers.
Among sectors, bank and oil & gas indices gained a percent each, and auto and metal indices added 0.5 percent each. However, selling was seen in the capital goods, IT and pharma names.
The broader indices underperformed the benchmarks. BSE midcap and smallcap indices ended in the red.
Aster DM Healthcare share price rose 10 percent after the company signed a memorandum of understanding (MoU) with Tamil Nadu to set up healthcare facilities.
Share prices of multiplex players PVR and Inox Leisure touched their 52-week highs, a day after the announcement of their merger deal to create a cinema giant with more than 1,500 screens.
Share price of Bharti Airtel rose 3 percent as the company is going to acquire 4.7 percent equity in Indus Towers from an affiliate of Vodafone Group Plc at Rs 187.88 per share with the transaction totalling Rs 2,388.06 crore.
GAIL India share price gained 3 percent as the meeting of the board of directors of the company is scheduled on March 31 to consider and approve buy back of the fully paid-up equity shares of the company.
Uma Exports IPO subscribed 1.85 times on first day
The initial public offering of agricultural produce and commodities exporter Uma Exports received good response especially from retail investors on the first day of bidding as the IPO was subscribed 1.85 times garnering bids for 1.7 crore equity shares against offer size of 92.30 lakh equity shares.
Retail investors bid 2.49 times the portion set aside for them, while the quota of non-institutional investors was subscribed 46 percent.
Qualified institutional buyers have not started bidding yet. Half of the offer is for QIBs, 35 percent for retail investors and the remaining 15 percent for non-institutional investors.
Uma Exports is planning to raise Rs 60 crore through its maiden public offer which is a fresh issue of shares.
Ruchi Soya FPO issue subscribed 3.15 times
The follow-on public offer of Ruchi Soya Industries has been subscribed 3.15 times so far as the FPO garnered bids for 15.43 crore equity shares against the size of 4.89 crore equity shares on the final day of bidding.
The retail quota, which is 35 percent of the issue, has seen a 82 percent subscription.
The company has reserved half of the offer for qualified institutional buyers and 15 percent for non-institutional investors. Their portions were subscribed 1.6 times and 10.65 times respectively.
Employees have put in bids for 76,986 equity shares against the 10,000 shares reserved for them.
The Patanjali-backed company had already mopped up Rs 1,290 crore through the anchor book, out of the total fundraising aim of Rs 4,300 crore.
Research firm CLSA has maintained buy rating on Embassy Office Parks REIT with a target at Rs 413 per share.
The leasing demand picking up well in positioned portfolio. The improvement in leasing demand, led by an increase in physical occupancy.
The company is well positioned due to strategic presence in Bengaluru & its strong occupier base, it added.
Gold prices may fall if the Russia-Ukraine war situation normalises: Emkay Wealth Management
As per a report by Emkay Wealth Management titled ‘Navigator’, the gold prices have been rallying but may fall if the Russia-Ukraine war situation normalises. 
Except for the UK, the interest rates in the rest of Europe has not been hiked so far, and it is felt that it may be delayed. 
The aggressive stance by the US Fed is likely to cause some problem as US Dollar yields rise and the currency strengthens. The prices of commodities quoted in US Dollars is likely to gradually ease.
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