New Records Nifty tests 22,400; Sensex gains 61 pts in spl trading session

Stock market Update on Saturday, March 02: The S&P BSE Sensex hit a fresh all-time high at 73,995, and the Nifty a peak at 22,420 in Saturday's special trading session.

Stock market updates on March 02, 2024: Benchmark indices scaled newer heights in Saturday's special trading session backed by steady gains seen across-the-board.

The S&P BSE Sensex hit a fresh all-time high at 73,995, and eventually settled with a marginal gain of 61 points at 73,806. The NSE Nifty 50 scaled a new summit at 22,420, and finished 40 points higher at 22,378.

Tata Steel rallied 3.5 per cent to Rs 155 and was the top gainer among the Sensex 30 stocks. Tata Motors, JSW Steel, Wipro, ITC and Asian Paints were the top prominent movers. 

On the other hand, Mahindra & Mahindra, NTPC and Sun Pharma were few of the notable losers.

In the broader market, the BSE MidCap and SmallCap indiceds gained 0.7 per cent each. The overall breadth too was extremely positive with over 2,450 shares advancing as against 973 declining stocks on the BSE.

Sectorally, the BSE Metal index surged 1.5 per cent, and the Consumer Durables added 1 per cent.

The stock exchanges held Saturday's special trading session in order to test their preparedness to handle unforeseen events, by switching Live trading to Disaster Recovery Site.
 

Global cues

On Friday, the S&P 500 and Nasdaq scaled fresh record highs in the US as hopes of interest rate cuts rose after weaker economic data. The manufacturing PMI growth contracted to 47.1 per cent as against 49.1 per cent in January. This was the 16th straight month that the PMI remained below 50-mark.

The US 10-year treasury bond yield dipped sharply to 4.186 per cent. Brent Crude Oil futures rose nearly 2 per cent to 83.46 per barrel.
 

12:53 PM

Weekly market wrap: Nifty forms bullish candle on weekly charts, more uptrend likely

In the last week, the benchmark indices continued the positive momentum, the Nifty ends 0.75 percent higher while the Sensex was up by 662 points. Among Sectors, Consumer and Metal indices gained over 2 percent whereas Media index corrected sharply shed over 5 percent.

Technically, after a short-term correction one more time the Nifty/Sensex took the support near 20 day SMA (Simple Moving Average) and bounced back sharply.

On daily and intraday charts, the index has formed double bottom reversal formation and on weekly charts, it has formed bullish candle, which supports further uptrend from the current levels.

For the trend following traders now, 22200/73200 would act as a key support zone. Above the same, the market could rally till 22500-22575/74100-74500.

On the flip side, below 22200/73200 traders may prefer to exit out from the trading long positions. Below 22200/73200, the market could slip till 22100-22000/73000-72700.

For Bank nifty, as long as its trading above 50 day SMA the positive texture is likely to continue. Above the same the bank nifty could move up till 47600-47800. On the flip side below 50 day SMA or 46650 uptrend would be vulnerable.

Views by Shrikant Chouhan, Head Equity Research, Kotak Securities. 

12:47 PM

Paytm sheds nearly 4% as FIU slaps Rs 5.5 crore penalty on Payments Bank

Shares of One97 Communications, the parent firm of Paytm, declined 3.6 per cent to Rs 410 intraday on the BSE in Saturday's special session after the Financial Intelligence Unit-India (FIU), a branch of the finance ministry's revenue department, levied a Rs 5.49 crore penalty on Paytm Payments Bank. Read

12:42 PM

Metal, Media indices end with highest sectoral gains

12:40 PM

Broader indices close relatively higher against benchmarks

12:38 PM

Top Nifty gainers in Saturday's special session

12:35 PM

Heatmap: M&M, NTPC, Maruti top Sensex drags

12:33 PM

Closing Bell: Nifty hits new peak of 22,419; ends off high

12:32 PM

Closing Bell: Sensex ends with slim gains after hitting record high of 73,995

12:24 PM

Dhruv Consultancy rallies 5%; co to submit RFP as consultant for Ghana Highways project

The company has been shortlisted along with Stockbridge Company to submit the Request for Proposal(RFP) as “Consultant” for a project by Ghana government. 

This will be for consultancy services for the Feasibility and Detailed Engineering Design Studies for the Pavement Strengthening of Kintampo – Buipe Road by Ghana Highway Authority.  

12:11 PM

Dwarikesh Sugar hits 5% upper limit as board to mull share buyback

Shares of Dwarikesh Sugar were locked at the 5 per cent upper limit at Rs 81.94 on the BSE in Saturday's special trading session owing to plans of share buyback by the company.
 

At 11:55 am, the stock remain locked in the maximum upper limit for the day (capped at 5 per cent owing to the special trading session) with trades of around 4.06 lakh shares as against the two-week average volume of around 1.46 lakh shares on the BSE. Read

11:59 AM

HG Infra jumps 2% on winning Rs 447 crore project from Railways

HG Infra Engineering has received the letter of acceptance from South Central Railway for a project worth Rs 447 crore. 

11:51 AM

All sectors in green; Banks lag peers

11:48 AM

Suven Pharma extends gains post merger nod with Cohance; up 15% in 2 days

11:43 AM

Tata Motors at new peak; eyes breaching Rs 1,000

11:41 AM

Tata Steel rallies 3% to scale new lifetime high