Nifty Soars Past 23,000 🚀; Wires & Cables Sector Struggles

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Market Buzz: Nifty Crosses 23,000 :rocket:, Wires & Cables Stocks Take a Hit :chart_decreasing:

The markets rallied for the fourth straight session today, with Sensex and Nifty jumping over 1%. A mix of global cues, including the US Fed sticking to its rate cut projections, helped boost sentiment. Gains were led by the Energy, Auto, FMCG, and IT sectors.

The Nifty 50 closed at 23,190.65, up 283.05 points (1.24%), comfortably reclaiming the 23,000 mark. However, with resistance looming around 23,250, things could get interesting in the next few sessions.

Top performers on Nifty today were Bharti Airtel (up 4%), Titan (up 3.47%), and Eicher Motors, Bajaj Auto, and Britannia, which all gained around 2.5%. On the flip side, IndusInd Bank was the biggest laggard, slipping 1.11%.

Meanwhile, the wires and cables sector had a rough day after Adani Enterprises announced its new joint venture, Praneetha Ecocables (PEL), to enter the market. This news sent stocks tumbling: KEI Industries (down up to 16%), Polycab India (down 9.8%), Dynamic Cables (down up to 9%), Finolex Cables (down 4%), and Havells India (down 5.6%). This isn’t the first blow for the sector; they were previously hit when Ultratech entered the wire market, further intensifying competition.

Do you think Nifty can reach its pre-crash levels soon?

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Hey @Sanjay_Jain,

Great post! The Nifty reclaiming 23,000 is definitely a strong sign of momentum. With resistance around 23,250, it’ll be interesting to see if the rally has more steam left or if we hit some consolidation.

As for the wires and cables sector, competition is heating up with new players like Adani’s PEL and Ultratech is definitely shaking things up. Curious to know… are you seeing this dip as a buying opportunity or staying cautious for now?

Keep sharing such amazing posts on Community!

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Foreign Institutional Investors (FIIs) turned buyers for the second day this month, signaling renewed confidence in the market. FIIs bought ₹3,239.14 crore in the equity segment on March 20, 2025, while Domestic Institutional Investors (DIIs) were net sellers, offloading ₹3,136.02 crore. In the derivatives market, FIIs bought ₹2,933.44 crore in index futures and ₹3,253.02 crore in stock futures.

Adding to the optimism, Nifty has staged an impressive recovery of 5.58% from its low of 21,964.60 on March 4, 2025, to close at 23,190.65 on March 20, 2025, marking a 6-week high! Such a strong rebound reflects robust buying interest and improving market sentiment.

I’ve personally added some positions during the dips, confident in the recovery, but I’m staying cautious as Nifty approaches the crucial resistance level of 23,250. With FIIs turning buyers and Nifty reclaiming critical levels, can the index continue this upward journey and break past resistance?