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HomeLatest NewsIndian NewsNifty's Record-Breaking Rally Spurs Market to Minor Gains at Close.

Nifty’s Record-Breaking Rally Spurs Market to Minor Gains at Close.

SensexSensex, Nifty Skyrocket

NTPC, HDFC Life, PowerGrid Corp, ONGC, and Bharat Petroleum Corp led Nifty gains. Eicher Motors Ltd., JSW Steel, SBI Life, Mahindra & Mahindra, and Britannia Industries lost heavily.

The market finished higher for the fourth consecutive day on March 4, although off its high due to conflicting global cues and optimism from strong Q3 growth.

The Nifty reached a fresh high of 22,440.90 before falling 58.65 points, or 0.08 percent, to 22,397. The Sensex closed at 73,872.29, up 0.09 percent, or 66.14 points.

Overall market was mixed. BSE midcap increased 0.3 percent, smallcap index fell 0.8 percent.

Sectors and stocks

The Nifty index rose for the fourth consecutive session on March 4, but fell off the day’s high due to mixed global cues and optimism due to Q3 growth. The Nifty reached a new high of 22,440.90 but pared some gains to close 58.65 points higher at 22,397. The Sensex ended at 73,872.29, up 0.09 percent. The broader market was mixed, with the BSE midcap rising 0.3% and the smallcap index losing 0.8%. Sectoral indices saw Nifty oil & gas rise 1.8%, Nifty bank and PSU indices up 0.3% each. Nifty Media was down 1.9%, Nifty IT closed 0.8%, and FMCG 0.5% lower.

March 4 forecast

The market has been trading in a range-bound manner due to weak global cues, with investors turning stock-specific due to caution on broader indices. Tepid consumption data has influenced investors to refrain from FMCG and discretionary stocks. Global sentiment is likely to be cautious ahead of the Fed chair testimony and ECB policy later this week. 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.

Markets were marginally up on selective buying support and scaled new highs, but gains were limited as investors traded with caution after the sharp upsurge in recent sessions. Investors will closely watch for global cues for directional purposes in the near term.

The Nifty began the week with a consolidated move, resulting in the formation of a Doji candle on the daily chart. The overall sentiment remains bullish, with a decisive break above 22,440 expected to intensify momentum. Technically, the index is witnessing range-bound activity at higher levels, but the short-term texture of the market is still positive.

Buying on intraday correction and selling on rallies would be the ideal strategy for day traders. The Nifty has made a Doji candlestick at the record level, but the ongoing momentum is expected to extend to 22,600. Supports are at 22,222 and 22,100.

FII Sold81.87 Cr
DII Sold44.71 Cr
as per last trading session

Indian Market Stocks

Nifty 5027.20+0.12%22,405.60
Bank Nifty158.60+0.34%47,456.10
as per closing Bell

Market Movers

NTPC12.10 3.54%Eicher Motors-108.90 -2.82%
HDFC Life18.00 3.04%JSW Steel-20.65 -2.44%
Power Grid Corp7.80
M&M-39.05 -1.99%
SBI Life Insura-28.85 -1.87%
BPCL15.25 2.44%Britannia-83.65 -1.70%
as per closing Bell

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