SensexSensex, Nifty Skyrocket
Tata Steel, L&T, JSW Steel, Titan Company, and IndusInd Bank led the Nifty’s gains, while Dr Reddy’s Laboratories, Sun Pharma, HCL Technologies, Infosys, and Britannia Industries.
Indian equity benchmarks the Sensex and Nifty reached record highs on March 1, thanks to better-than-expected GDP data, improved auto sales, and in-line US inflation figures. The latest quarterly GDP growth rate is the highest in six quarters, growing 8.4% in December. The last time India’s economy grew at a faster rate was in the first quarter of 2022-23, when it grew by 13.1%.
The Nifty started March on a positive note and extended gains, reaching a record high by crossing 22,300 for the first time. The Sensex gained 0.8 percent and the Nifty added 0.5% for the week. However, the market ignored 15-month weak core sector data for January and widened the fiscal deficit at Rs 11.03 lakh crore. The biggest Nifty gainers were Tata Steel, L&T, JSW Steel, Titan Company, and IndusInd Bank, while losers included Dr Reddy’s Laboratories, Sun Pharma, HCL Technologies, Infosys, and Britannia Industries.
Sectors and stocks
The metal index in India rose by 4%, while auto, bank, capital good, and oil & gas sectors saw 2% increases. The healthcare index fell by 1%, and the Information Technology index by 0.5 percent. BSE midcap and smallcap indices added 0.5 percent each. The Nifty Bank index surged 2.5 percent, with IndusInd Bank, ICICI Bank, and SBI rising 3% each. Over 200 stocks reached their 52-week highs on the BSE, including Action Construction, BF Investment, Castrol India, Genesys International, Grasim Industries, ICICI Bank, Indus Towers, Jindal Steel, Kalyani Steels, Kellton Technologies, M&M, Rico Auto, Swaraj Engines, Tata Investment Corporation, Tata Motors, Themis Medicare, Torrent Pharma, and TVS Motor.
March 4 forecast
The Nifty broke out of a Running Triangle pattern, indicating a fresh leg of upmove. The Bollinger bands are expanding, and prices are trading along the upper band, suggesting sharp trending moves on the upside. The Nifty is expected to target levels of 23000-23100 from a short-term perspective. On the downside, the zone of 21900-21860 will act as a crucial support zone, and a breach below it could lead to a trend reversal.
Bank Nifty has held onto the support zone of 45800-45600 and is likely to support the next leg of the upmove. Participation from key heavyweights is likely to aid the upmove. The markets surged strongly on Friday, reclaiming a record high. The majority of sectors contributed to the move, with metal, banking, and auto posting strong gains.
Traders should continue with a “buy on dips” approach until the Nifty breaks 21,900. The banking pack will play a critical role in maintaining momentum, while others may play a supportive role on a rotational basis. Traders should maintain a stock-specific approach and prefer index majors and large midcap counters for long trades.
| FII Bought | 3,568.11 Cr |
| DII Bought | 230.21 Cr |
Indian Market Stocks
| Sensex | 1,245.05 | +1.72% | 73,745.35 |
| Nifty 50 | 355.95 | +1.62% | 22,338.75 |
| Bank Nifty | 1,166.00 | +2.53% | 47,286.90 |
Market Movers
| Tata Steel | 9.10 6.46% | Dr Reddys Labs | -230.70 -3.59% |
| JSW Steel | 36.10 4.51% | HCL Tech | -19.75 -1.19% |
| Larsen | 155.95 4.48% | Sun Pharma | -18.70 -1.19% |
| Titan Company | 141.50 3.90% | Infosys | -19.20 -1.15% |
| IndusInd Bank | 51.75 3.51% | Britannia | -37.50 -0.76% |
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