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HomeLatest NewsIndian NewsSensex Skyrockets: Surges Beyond 74k Milestone in Record Market Rally.

Sensex Skyrockets: Surges Beyond 74k Milestone in Record Market Rally.

Sensex Skyrockets

Bajaj Auto, Kotak Mahindra Bank, Axis Bank, Bharti Airtel, and SBI Life Insurance led Nifty, while Adani Enterprises, UltraTech Cement, NTPC, ONGC, and BPCL fell.

On March 6, the 30-pack Sensex crossed 74,000 points for the first time and recovered 1% from the day’s low.

At close, the Sensex was up 408.86 points, or 0.55 percent, at 74,085.99, while the Nifty was up 117.70 points, (0.53%), at 22,474, its greatest finish ever.

The Sensex and Nifty reached 74,151.27 and 22,497.20 earlier.

Following a shaky start, the market was in the negative for most of the day, but final-hour buying, notably in banking, IT, and pharma stocks, drove them higher.

Sectors and stocks

Bajaj Auto, Kotak Mahindra Bank, Axis Bank, Bharti Airtel, and SBI Life Insurance led the Nifty, while Adani Enterprises, UltraTech Cement, NTPC, ONGC, and BPCL fell.
Bank, pharma, and IT indexes rose 1%, 0.7 percent, and 0.7 percent, respectively. Oil & gas, electricity, and real estate fell 1% apiece.

The BSE midcap index fell 0.6 percent and smallcap index 2 percent.

Mahanagar Gas, Pidilite Industries, and L&T Finance Holdings had volume spikes of 400%.

Long build-ups in Tata Chemicals, Pidilite Industries, and ICICI Prudential Life Insurance Company, short builds in Mahanagar Gas, Indraprastha Gas, and L&T Finance Holdings.

Bajaj Auto, Bank of Baroda, BHEL, Canara Bank, Dixon Technologies, Dollar Industries, Godfrey Phillips, Jindal Stainless, JSW Holdings, Oil India, Pidilite Industries, Sun Pharma, Tata Chemicals, Tata Consumer Products, Tata Investment Corporation, Torrent Pharma, TVS Motor, Union Bank of India, Waaree Renewable set 52-week highs on the BSE Click for the complete list.

March 7 forecast

On March 7, the Nifty experienced a sharp decline in the first half, but a recovery in the second half led to gains of 117 points. The hourly momentum indicator provided a fresh crossover, indicating a bullish trend.

The immediate target is 22600-22,650, with today’s low of 22224 acting as a crucial support level. Bank Nifty has been the leader during this rally, and dips towards 47800-47680 should be used as buying opportunities. The Bank Nifty is likely to retest the previous all-time high of 48636.

The broader market, including the Midcap and Smallcap Index, has recovered sharply, with crucial support zones for the Midcap Index at 48100-48000 and for the Smallcap Index at 15200-15100. Aditya Gaggar, Director of Progressive Shares, noted extreme volatility in today’s trade, with bears dominating the morning session and a steep fall in the Mid and Smallcap segments.

Banking stocks led the rally in the second half, providing support for the Index to recover. BankNifty was the top gainer, followed by IT, while Media remained a laggard. Mid and Smallcaps also recovered but underperformed the Benchmark Index. The Index defended its support of 22,300 and formed a bullish engulfing pattern.

FII Bought  574.28  Cr
DII Bought1,834.61  Cr
as per last trading session

Indian Market Stocks

Sensex408.86+0.55%74,085.99
Nifty 50117.75+0.53%22,474.05
Bank Nifty384.40+0.81%47,965.40
as per closing Bell

Market Movers

Bajaj Auto254.05 3.04%Adani Enterpris-76.25 -2.30%
Kotak Mahindra44.05 2.57%UltraTechCement-197.30 -2.01%
Axis Bank24.20 2.20%NTPC-6.30 -1.76%
Bharti Airtel24.80 2.12%ONGC-3.50 -1.23%
SBI Life Insura29.15 1.95%BPCL-6.75 -1.05%
as per closing Bell

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Sensex Skyrockets Sensex Skyrockets Sensex Skyrockets

Market Rally Halts Market Rally Halts Market Rally Halts Market Rally Halts

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