On March 7, the Sensex and the Nifty 50 opened at new all-time highs, with the Nifty 50 crossing 22,500 for the first time, and then traded flat around midday.
The early trade’s confidence can be linked to the worldwide market’s surge following US Federal Reserve Chairman Jerome Powell’s confirmation of this year’s potential rate decreases and rejection of any short-term economic recession worries.
The Nifty was up 26.30 points, or 0.12 percent, at 22,500.30, and the Sensex was up 69.21 points, or 0.09 percent, at 74,155.20 around noon. A little over 1,985 shares increased, 1,149 shares decreased, and 82 shares stayed the same.
Stocks updates
The two highest gainers, Nifty Media and Nifty Metal, both increased by more than 1%. With significant contributions from TCS, Infosys, and Wipro, Nifty IT increased by around 1%. Conversely, the two biggest laggards were oil and gas and auto stocks.
Perspective
“The 3.7% decline in the smallcap index this week when Nifty appreciated by 0.5% is a big underperformance,” stated V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. “This trend is likely to continue since valuation in the broader market remains highly elevated and the regulator has sent a clear message regarding the froth in the segment,” he continued.
Technical Perspective
Sameet Chavan, head of technical and derivative research at Angel One said, “But, with the strong bullish candle formation, 22600-22650 is likely to be seen as the next potent resistance for the index in the comparable period”.
Leading Nifty gainers
Bajaj Auto, UPL, JSW Steel, Tata Steel, and Bajaj Finance
Enlisted Nifty losers
Mahindra & Mahindra, SBI Life Insurance, BPCL, and Axis Bank
Leading Sensex gainers
Tata Steel, JSW Steel, Bajaj Finance, Bajaj Finserv, and Asian Paints
Enlisted Sensex losers
Mahindra & Mahindra, Axis Bank, Maruti Suzuki, and ITC
Stocks in action
SpiceJet: After the troubled airline operator revealed that a dispute worth Rs 413 crore had been resolved, shares shot up 4%.
Phoenix Mills: HSBC increased its target price for the stock to Rs 3,130 per share, which caused shares to rise by almost 3.7 percent.
