Stock market today: Nifty 50, Sensex hit record highs; mid, smallcaps outperform
Stock market today: Nifty 50 finally closed 20 points, or 0.09 per cent, up at 22,493.55 while the Sensex settled at 74,119.39, up 33 points, or 0.05 per cent.
Stock market today: Domestic equity benchmarks the Nifty 50 and the Sensex closed flat on Thursday, March 7, while the mid and smallcap segments saw healthy gains despite weak global cues.
Among the global peers, top European markets, such as the UK's FTSE, Germany's DAX and France's CAC 40 traded in the red when the Nifty 50 closed ahead of the European Central Bank (ECB) policy decision. The ECB is expected to keep interest rates steady at a record 4 per cent.
Meanwhile, the US Federal Reserve signalled it could reduce its benchmark interest rate later this year. However, the Fed Chair Jerome Powell on Wednesday, March 6, said in comments to US lawmakers that continued progress on lowering inflation to the two per cent target “is not assured".
Also Read: US Fed signals rate cuts in 2024; Powell says progress towards 2% inflation target ‘not assured’
Domestic market benchmarks traded choppy during the session but the Nifty 50 and the Sensex hit their fresh record highs of 22,525.65 and 74,245.17 in intraday trade.
Nifty 50 finally closed 20 points, or 0.09 per cent, up at 22,493.55 while the Sensex settled at 74,119.39, up 33 points, or 0.05 per cent. Both indices settled at their fresh closing highs.
Shares of ITC, Tata Steel and TCS were among the top contributors to the gains in the benchmark indices. On the flip side, those of Reliance Industries, Mahindra and Mahindra and ICICI Bank were among the top drags.
Mid and smallcap indices outperformed the benchmarks. The BSE Midcap index rose 0.39 per cent while the BSE Smallcap index clocked a gain of 0.70 per cent.
Nearly 170 stocks, including SBI, Bharti Airtel, Bajaj Auto, Bank of Baroda, Tata Steel, Tata Power, Tata Consumer Products, TVS Motor Company, Sun Pharma and Power Grid, hit their fresh 52-week highs in intraday trade on BSE.
Also Read: Is Indian stock market closed tomorrow?
Top Nifty 50 gainers today
As many as 30 stocks ended with gains in the Nifty 50 index while the remaining 20 stocks ended lower.
Shares of Tata Consumer Products (up 3.68 per cent), Tata Steel (up 3.59 per cent) and Bajaj Auto (up 3.13 per cent) closed as the top gainers in the index.
Top Nifty 50 losers today
Shares of Mahindra and Mahindra (down 3.99 per cent), BPCL (down 2.40 per cent) and Reliance Industries (down 1.63 per cent) closed as the top losers in the index.
Sectoral indices today
Most sectoral indices ended with gains, with Nifty Media (up 2.54 per cent) ending as the top gainer. Nifty Metal (up 1.38 per cent) and Nifty FMCG (up 0.98 per cent) also clocked healthy gains.
On the flip side, Nifty Oil & Gas (down 1.20 per cent), Nifty Bank (down 0.27 per cent), Private Bank (down 0.38 per cent), Auto (down 0.26 per cent) and Realty (down 0.15 per cent) ended lower.
Expert's views on markets
"Equity benchmarks edged higher after hitting a record high amid a firm trend in the US market and FII inflows. Moreover, faster-than-expected economic growth for the current fiscal year boosted sentiments for metal and capital goods stocks," said Vinod Nair, Head of Research, Geojit Financial Services.
"Global indices exhibited mixed sentiments, driven by the Fed’s signals of hope for a potential rate cut this year. Further clarity on the labour market, anticipated with the release of non-farm payroll data on Friday, will offer insights into potential rate adjustments," Nair said.
Technical views on Nifty 50
Rupak De, Senior Technical Analyst at LKP Securities pointed out that the Nifty stayed below the psychological 22,500 mark, with call writers at the 22,500 strikes significantly increasing their positions.
On the downside, support is expected to hold at 22,400, said De. The buy-on-dips strategy is likely to persist as long as it remains above 22,400. On the upside, a decisive move above 22,500 could trigger buying interest in the market, potentially pushing the index towards 22,700 in the short term, De added.
Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas expects the up move to resume in the coming week. In the case of a dip towards 22,390 – 22,340, it should be used as a buying opportunity as key hourly moving averages are placed in this range and can attract buying interest. On the upside, 22,570 – 22,600 should act as an immediate hurdle zone from a short-term perspective, said Gedia.
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