Stock Market Today: Sensex, Nifty Hit Record Highs; Banking & IT Lead Gains
Share Market Today, 6 March 2024: Indian stock market indexes ended with moderate gains on Wednesday. The domestic equity benchmarks opened lower following the negative global cues and extended losses. The indices recovered in the second half on buying in banking and financial stocks and closed at a fresh record high.
The market sentiments were negative in the first half, as investors remain cautious ahead of the US Fed’s Chair Powell’s two-day congressional testimony, which will begin on Wednesday. However, the downside was limited due to foreign fund inflows as the Foreign institutional investors (FIIs) net bought shares worth Rs 574.28 crore on March 5, provisional data from the NSE showed.
The banking and financial stocks witnessed heavy buying amid CareEdge Ratings’ report that the bad loans of banks in India have reached record lows due to recoveries from defaulters and the regularisation of payments many-fold.
Stock Market Today
The Nifty 50 index closed higher by 117.75 points or 0.53 percent and closed at 22474.05 levels while the Sensex was up by 408.85 points or 0.55 percent and finished at 74085.99 levels. The Bank Nifty index ended higher by 384.40 points or 0.81 percent on the spot level and closed at the 47965.40 level.
The broader markets underperformed their larger peers today, as the Nifty midcap index was down by 257.60 points or 0.52 percent and closed at 48857.30 levels. The Nifty smallcap index ended lower by 311.55 points or 1.96 percent at 15576.55 levels.
Nifty 50 Top Gainers & Losers
The top gainers in the Nifty 50 index were Bajaj Auto, Kotak Bank, Axis Bank, Bharti Airtel, and SBI Life, and the top losers were Adani Enterprise, Ultratech Cement, NTPC, ONGC, and BPCL.
The top gainers in the Nifty midcap index were Tata Chemical, Max Health, and Alkem, and the top losers were L&TFH, IGL, and AB Capital
The smallcap top gainers were Natco Pharma, Zensar Technologies, and Aavas Financers while the top losers were IIFL, MGL, and Manapurram Finance
The most active stocks in the Nifty index in terms of value were HDFC Bank, ICICI Bank, and SBI. The most active stocks in terms of volume were Tata Steel, SBI, and ICICI Bank.
On the sectoral front, Banks, IT, and Pharma closed higher while the sectors that closed in the red were Media, Realty, and Metal.
Global Stock Market Today
The other Asian stock market indexes mostly rebounded and closed higher on Wednesday. Hang Seng index gained 1.7% paring some losses made in the previous session. Shanghai index ended slightly lower by 0.26%, while Taiwan was up by 0.58% extending its previous session’s record high levels.
Australia’s S&P ASX 200 index closed slightly higher by 0.12% despite the latest data showing, the country’s fourth-quarter GDP grew more than expected. South Korea’s Kospi index closed lower by 0.30% as the heavyweight Samsung drags the index. The Straits Times and SET Composite also ended in the green territory on Wednesday.
European stock market indexes are trading marginally higher on Wednesday, as investors are prepared for the UK’s 2024 Budget. Investors also remain cautious ahead of European Central Bank (ECB) interest rate decisions on Thursday.
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Editorial desk