Share Market Today, 5 March 2024: Indian stock market indexes ended with minor cuts amid volatility on Tuesday. The domestic equity markets opened marginally lower and extended their losses. However, markets tried to recover their losses in the afternoon session but ended lower.
The Indian equity markets were dragged down due to losses in IT stocks. Traders remained cautious with provisional data from the NSE showing Foreign institutional investor’s (FIIs) net sold shares worth Rs 564.06 crore on March 4.
The sentiments were downbeat as data showed that India`s services activity eased slightly in February, with the HSBC Purchasing Managers` Index (PMI) for the sector coming in at 60.6. At 60.6, the February services PMI is below the flash estimate of 62.0 released on February 22. It is, however, above the key level of 50, which separates expansion in activity from contraction, for the 31st month in a row.
The market participants were the report released by the National Statistical Office (NSO) showing that India’s unemployment rate dropped to 3.1 percent in 2023 from 3.6 percent in the preceding year, reflecting continued improvement in the labor markets.
Stock Market Today
The Nifty 50 index closed lower by 49.30 points or 0.22 percent and closed at 22356.30 levels while the Sensex was down by 195.15 points or 0.26 percent and finished at 73677.14 levels. The Bank Nifty index ended higher by 124.90 points or 0.26 percent on the spot level and closed at 47581 levels.
The broader markets also closed lower in line with their larger peers today, as the Nifty midcap index was down by 134 points or 0.27 percent and closed at 49114.90 levels. The Nifty smallcap index ended lower by 199.15 points or 1.24 percent at 15888.10 levels.
Nifty 50 Top Gainers & Losers
The top gainers in the Nifty 50 index were Tata Motors, Bharti Airtel, Bajaj-Auto, ONGC, and SBI, and the top losers were Bajaj Finance, Bajaj FinServe, Nestle, Infy, and SBI Life.
The top gainers in the Nifty midcap index were Union Bank, Tata Chem, and NHPC and the top losers were PEL, Policy Bazar, and Voltas.
The smallcap top gainers were IOB, Balaji Amines, and Uco Bank while the top losers were IIFL, Data Pattern, and RBL Bank.
The most active stocks in the Nifty index in terms of value were Tata Motors, HDFC Bank, and SBI. The most active stocks in terms of volume were Tata Motors, Tata Steel, and HDFC Bank.
On the sectoral front PSU Bank, Auto, and Energy closed higher while the sectors that closed in the red were IT, Media, and FMCG.
Global Stock Market Today
The other Asian stock market indexes mostly closed lower on Tuesday, as investors digested the region’s economic data and followed China’s weeklong National People’s Congress meeting which begins today. China’s Shanghai index closed higher by 0.28% after the country set its economic growth target at “around 5%” for 2024 in the meeting. Meanwhile, Hang Seng slipped 2.83% today.
Japan’s Nikkei 225 erased early losses and ended slightly higher by 0.07%, as the latest data showed Tokyo inflation accelerated and Services PMI data fell in February. Australia’s S&P ASX 200 ended lower by 0.15%. South Korea’s Kospi index closed lower by 0.93%, as investors assessed the Q4 GDP growth data which remains the same as advance estimates. Strait Times and SET Composite closed lower, while Taiwan gained the most in the region.
European stock markets are trading lower on Tuesday tracking the negative cues from Wall Street and Asian markets overnight. Investors remain cautious ahead of the ECB’s interest rate decision and the UK budget later this week.
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Editorial desk