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Business News/ Markets / Stock Markets/  Stock market today: Nifty 50, Sensex snap 4-day winning streak; smallcaps underperform
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Stock market today: Nifty 50, Sensex snap 4-day winning streak; smallcaps underperform

Stock market today: Nifty 50 closed the day with a loss of 49 points, or 0.22 per cent, at 22,356.30 while the Sensex ended at 73,677.13, down 195 points, or 0.26 per cent.

Stock market today: The Nifty 50 and the Sensex snapped their four-day winning streak on Tuesday. (Agencies)Premium
Stock market today: The Nifty 50 and the Sensex snapped their four-day winning streak on Tuesday. (Agencies)

Stock market today: Domestic equity market benchmarks the Nifty 50 and the Sensex snapped their four-day winning streak on Tuesday, March 5, amid weak global cues.

The majority of stocks in the key indices witnessed selling pressure as investors offloaded equities due to rich valuations, with most positives already discounted and fresh triggers not in sight.

Weak global cues further weighed on sentiment.

"Global shares eased below their recent highs on Tuesday, as the start of China's week-long annual session of parliament lacked any big-ticket stimulus plans, leaving investors disappointed, while bitcoin remained tantalisingly close to record peaks," reported Reuters.

As per media reports, China set a growth target of around 5 per cent for 2024 and promised to take action to transform the country's development approach and reduce risks aggravated by the real estate crisis.

Moreover, there are no signs of an early rate cut by the US Federal Reserve which is keeping the risk appetite of investors low.

According to Reuters, Atlanta Fed President Raphael Bostic said on Monday that "the US Federal Reserve is under no urgent pressure to cut interest rates given a prospering economy and job market".

Investors' focus now is on Fed Chair Jerome Powell's semi-annual testimony to Congress as well as key macroeconomic data later in the week.

Nifty 50 closed the day with a loss of 49 points, or 0.22 per cent, at 22,356.30 while the Sensex ended at 73,677.13, down 195 points, or 0.26 per cent. Shares of Infosys, Bajaj Finance and TCS closed as the top drags on the Sensex. 

BSE Midcap index ended with a loss of 0.17 per cent but the Smallcap index underperformed the benchmark Sensex, falling 0.63 per cent.

Also Read: RIL, HDFC Bank, SBI, Maruti among 19 high-conviction ideas for March by InCred Equities; check full list here

Top Nifty 50 gainers today

Shares of Tata Motors (up 3.59 per cent), Bharti Airtel (up 3.13 per cent) and Bajaj Auto (up 1.74 per cent) closed as the top gainers in the Nifty 50 index.

Top Nifty 50 losers today

Shares of Bajaj Finserv (down 4.16 per cent), Bajaj Finance (down 4.08 per cent) and Nestle India (down 2.03 per cent) closed as the top losers in the Nifty 50 pack.

Some 29 stocks closed in the red in the Nifty 50 pack while 21 stocks ended higher.

Also Read: Top Gainers and Losers today on 5 March, 2024: Tata Motors, Bharti Airtel, Bajaj Finserve, Bajaj Finance among most active stocks; Check full list here

Sectoral indices today

Most sectoral indices suffered losses. Nifty IT (down 1.59 per cent), Media (down 1.37 per cent) and FMCG (down 1.05 per cent) lost significantly.

Among the gainers, the Nifty PSU Bank index jumped 2.56 per cent while Nifty Auto rose 1.35 per cent. Nifty Bank settled with a gain of 0.26 per cent but the Nifty Private Bank index fell 0.20 per cent.

Also Read: IREDA, Zaggle Prepaid, and Vibhor Steel Tubes among 66 companies to see IPO lock-in expire in four months

Expert's views on markets

"The domestic market experienced rangebound movement post hitting new record high in the preceding day, influenced by the cautious trend in global peers ahead of the Fed Chair's congressional testimony and key US jobs data. The absence of significant stimulus measures from China further dampened sentiment," said Vinod Nair, Head of Research at Geojit Financial Services.

"Mid and small-cap stocks continued to underperform due to their higher valuations. The IT sector sustained recent losses amid concerns over delays in rate cuts by the US Fed. However, PSU banks outperformed, while auto stocks gained momentum supported by healthy volume numbers and pick-up in rural demand," said Nair.

Technical views on Nifty 50

"On the daily charts, the index is in the process of retesting the breakout of 22,300 it gave last week. The hourly moving averages placed in the range 22,369 – 22,264 should act as a crucial support zone and until the Nifty manages to hold on to this zone we can expect a next leg of upmove to resume," said Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas.

"The initial target and immediate hurdle is placed at 22,460 – 22,530. The hourly momentum indicator has a negative crossover however has reached the equilibrium line indicating that the fall may have matured and once this consolidation has been completed the upmove is likely to resume," Gedia said.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 05 Mar 2024, 03:33 PM IST
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