Benchmarks end flat, Smallcaps decline; energy, metal, IT stocks slip

Stock market live updates on March 4, 2024: JSW Steel, Tata Steel led losses among largecaps after CLSA downgraded the two stocks to 'sell', reducing their target prices

Closing Bell on Monday, March 4: Equity markets were highly volatile on Monday as investors looked for decisive cues.

The S&P BSE Sensex swung 243 points during the day before settling at 73,872, up 66 points or 0.09 per cent.

The Nifty50, on the other hand, moved from 22,358 to 22,441 before closing at 22,406, up 27 points or 0.12 per cent.

NTPC, Power Grid, RIL, Axis Bank, ICICI Bank, Tech M, Bajaj Finserv, IndusInd Bank, and Bharti Airtel rallied up to 3.5 per cent, and ended as top gainers on the BSE benchmark. 

In the broader markets, the BSE MidCap index added 0.16 per cent, while the BSE SmallCap fell 0.78 per cent.

Among sectors, the Nifty Media index shed 1.86 per cent, and the Nifty IT index 0.8 per cent, and the Nifty FMCG index 0.5 per cent. 

The Nifty Pharma, and PSU Bank indices, meanwhile, added up to 0.4 per cent. 

4:03 PM

COMMENT:: FMCG, discretionary stocks dip on tepid consumption data

"The market traded in a range-bound manner due to weak global cues, while investors turned stock-specific due to the prevailing caution on broader indices. Further, the tepid consumption data influenced investors to refrain from FMCG and discretionary stocks. The global sentiment is likely to be cautious ahead of FED chair testimony and ECB policy later this week. Since inflation is above the target range, the FED is expected to keep its hawkish stance on interest rates and will be watchful of unemployment and nonfarm payroll data for more cues."

 

- Vinod Nair, Head of Research at Geojit Financial Services

 

3:55 PM

VIEW:: Break above 22,400 can intensify the momentum in Nifty

"The Nifty commenced the week with a consolidated move, resulting in the formation of a Doji candle on the daily chart. Despite this, the overall sentiment remains bullish. A decisive break above 22,440 is anticipated to intensify the momentum, targeting 22,700 on the upside. On the downside, support is established at 22,200, presenting buying opportunities on any pullbacks towards this level."

 

- Rupak De, Senior Technical Analyst at LKP Securities

3:54 PM

VIEW:: Bank Nifty can potentially surpass its all-time high

"The Bank Nifty index demonstrated resilience by maintaining strength and holding above the crucial support level of 47,000, where substantial open interest is concentrated on the put side. The index remains in a buy mode, with a potential to surpass its all-time high levels in the near term. Immediate resistance is positioned at 47,500, and a breakthrough above this level is anticipated to accelerate the momentum towards new lifetime highs."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities

3:50 PM

This Tata Group stock hit record high today; nearly doubles in 2 months

Shares of Tata Investment Corporation were locked in the 5-per cent upper circuit at Rs 8,417.65, also its new high, on the BSE on Monday. READ MORE

3:49 PM

Market breadth was negative; OVer 2,500 stocks declined as against 1,400 advancing shares on the BSE.

3:47 PM

Sectoral ALERT:: Nifty Media index cracks 2%; TV18 group shares fall 5%

3:45 PM

BSE Smallcap Heatmap:: TD Power, SMS Pharma soar up to 11%; Sigachi sinks 13%

3:43 PM

BSE Midcap Heatmap:: BHEL zooms 12%; Gland Pharma, 3M India dip up to 4%

3:41 PM

Broader Market Check:: MidCap, SmallCap indices end on a divergent note; former gains, the latter slips

3:39 PM

Nifty50 top 5 Movers & Shakers:: NTPC shines, Eicher Motors whines

3:37 PM

Sensex 30 Heatmap:: 15 Gainers v/s 15 Losers

3:35 PM

CLOSING BELL:: NSE Nifty50 settles with a gain of 27 pts at 22,406

3:34 PM

CLOSING BELL:: S&P BSE Sensex ends 66 pts higher at 73,872

The BSE benchmark has rallied 1,567 points in four straight trading sessions.

3:26 PM

Global check:: US, UK stock futures exhibit mixed trend

Source: Investing.com

3:17 PM

CLSA downgrades prompt selling in Tata Steel, JSW Steel after 3-day rally

Tata Steel had made a new record high of Rs 156 in Saturday's special session on March 2. In the last three days, prior to today's losses, the stock had rallied 8 per cent. READ MORE