Sensex ends atop 74,000, Nifty 22,450 for 1st time; Smallcap index down 2%
Stock market highlights on March 6, 2024: The BSE benchmark hit a record high of 74,151, while the Nifty50 claimed 22,497 intraday
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Closing Bell on Wednesday, March 6: Equity benchmarks staged a smart recovery in the last hour of trade, helping these indices hit fresh record highs, amid a sharp swing in banking and financial shares. That apart, liquidity-related cues from China aided sentiment.
China's central bank governor said there was room to further cut banks' reserve requirements. This is part of Beijing's broader economic policy "adjustments" so the economy can hit its growth target of around 5 per cent for the year.
The S&P BSE Sensex, which stayed in the negative zone for the better part of the day, closed 409 points, or 0.55 per cent, higher at 74,086 levels. The Nifty50, too, surpassed the 22,450-mark to end at 22,474, up 118 points or 0.53 per cent.
The BSE benchmark hit a record high of 74,151, while the Nifty50 claimed 22,497 intraday.
Kotak Bank, Axis Bank, Sun Pharma, Bharti Airtel, ICICI Bank, IndusInd Bank, HCL Tech, Titan, TCS, L&T, and M&M were the top gainers today, surging up to 2.45 per cent.
In the broader markets, the BSE MidCap and the BSE SmallCap indices, however, stayed in the profit-booking zone with the indices down 0.65 per cent and 1.9 per cent , respectively.
Among sectors, the Nifty Bank, and Private Bank indices gained 0.8 per cent each, followed by 0.6 per cent rise in the Nifty Financial Services index. On the downside, the Nifty Media index fell 2.5 per cent, the Nifty Realty index 1.3 per cent, and the Nifty Metal 0.5 per cent.
4:02 PM
VIEW:: Bulls likely to be in charge as long as index stays above 22,350
"The index exhibited volatility throughout the session but ultimately closed on a strong note. The short-term trend appears positive, as the index concluded the day above the 21EMA on the daily chart. Additionally, the momentum indicator RSI shows a bullish crossover, indicating a positive momentum for the short term. The bulls are likely to maintain control as long as the index stays above 22,350. Looking ahead, there is potential for the Nifty to reach levels between 22,600 and 22,700 on the higher end."
- Rupak De, Senior Technical Analyst at LKP Securities
3:58 PM
COMMENT:: Midcaps, Smallcaps underperform on stretched valuation worries
"Global markets witnessed mixed signals ahead of the US FED chair's testimony to Congress. While it's widely expected that the FED chair may downplay the urgency for rate hikes, the possibility of hints regarding a potential rate cut trajectory cannot be dismissed. Investors are banking on recent FOMC minutes, suggesting the policy rate may have peaked and higher rates could hinder growth. The domestic market exhibited a smart recovery in the second half, reversing initial losses as buying picked up in large-cap stocks. Nevertheless, the broader index continued to underperform with probit booking in Mid & Small caps reflecting worries about stretched valuations"
- Vinod Nair, Head of Research at Geojit Financial Services
3:49 PM
Market breadth was fairly negative for the third straight day
A total of 2,960 stocks declined as against 900 advancing shares on the BSE.
3:45 PM
BSE Smallcap Heatmap:: Tata Chem soars 11%; IIFL Finance tanks 20%
3:42 PM
BSE Midcap Heatmap:: Max Health, OFSS gain 4%; Solar Inds, L&T Finance plunge 7%
3:39 PM
Broader Market Check:: SmallCap indices shed up to 2% even as benchmark Nifty bounces back
3:37 PM
Sensex 30 Heatmap:: 18 Gainers v/s 12 Losers
3:36 PM
CLOSING BELL:: NSE Nifty50 settles with a gain of 118 pts at 22,474
3:34 PM
CLOSING BELL:: S&P BSE Sensex ends at a record high of 74,085, up 409 pts
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Topics : Stock Market MARKET LIVE MARKET WRAP Markets stock market trading Markets Sensex Nifty BSE NSE Midcap smallcap stocks Zomato JM Financial
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First Published: Mar 06 2024 | 7:42 AM IST
