In the second part of the special live trading session, which took place from 11.30 IST to 12.30 IST, the 30-share BSE Sensex ended flat by 60.80 points at 73,806.15 level while the Nifty 50 closed at 22,378.40 level, up 39.65 points or 0.18%. On the broader market front, the Nifty Small Cap 100 gained 0.69% and the Nifty Midcap 100 was up by 0.74%.
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Sensex and Nifty 50 ended at new closing high levels in the first part of a special trading session on Saturday, which began at 9.15 IST and ended at 10:00 IST.
The Sensex reached an all-time closing high of 73,860.26 after rising 114.91 points, or 0.16%. The benchmark hit a new record high of 73,982.12 during the 45-minute trading. With a gain of 56.25 points, or 0.25%, the Nifty 50 reached a new closing high of 22,395. It reached 22,420.25, its lifetime peak, earlier in the day.
“The Nifty 50 began on a positive note but struggled to withstand the selling pressure at higher levels, ultimately closing at the day’s lowest point. Although the overall sentiment remains positive, the index must surpass the 22,400 mark to trigger a new rally. A decisive breakthrough above 22,400 could propel the index towards 22,600. On the downside, support is situated at 22,250-22,200,” said Rupak De, Senior Technical Analyst, LKP Securities.
On the first session on Saturday, Sensex opened at 73,881.60, up 136.25 points or 0.18%, and Nifty 50 started off at 22,392.30, up 53.50 points or 0.24%.
NSE and BSE today conducted a special live trading session to assess the resilience of their disaster recovery systems. Special trading session is part of the framework for the Business Continuity Plan (BCP) and Disaster Recovery Site (DRS) management system.
Top Nifty 50 Gainers and Losers of special trading session
As many as 35 stocks settled in the green in the Nifty 50 index while the rest 14 ended in red.
Shares of Tata Steel Ltd (up 3.60%), Hero MotoCorp Ltd (up 1.57%), Tata Motors Ltd (up 1.19%), Adani Ports and Special Economic Zone Ltd (up 1.06%) and JSW Steel Ltd (up 0.93%) ended as top gainers.
On the other side, Mahindra & Mahindra Ltd (down 0.67%), Maruti Suzuki India Ltd (down 0.65%), NTPC Ltd (down 0.49%), Sun Pharmaceutical Industries Ltd (down 0.46%), and Nestlé India Ltd (down 0.44%) were among the laggards.
Sectoral indices today
Amongst sectoral indices, Nifty Metal index gained up 1.58% and Nifty Consumer Durables rose 1.16%. The other gainers were Nifty Auto, Nifty FMCG, Nifty Oil & Gas, Nifty Realty, Nifty Healthcare, Nifty IT, Nifty Media, Nifty Pharma. On the other side, Nifty Bank and Nifty Private Bank ended in red.
“Bank Nifty remained range-bound throughout the day with low participation. Nevertheless, the overall sentiment remains positive as long as it stays above 42,000. A decisive breakthrough above 47,500 could potentially propel the index towards 48,200. On the downside, support is identified at 47,000,” added Rupak De.
Experts’ Views on Markets
According to Vinod Nair, Head of Research, Geojit Financial Services, at the onset of a week laden with economic data releases, investor sentiment appeared cautious. However, indices surged in the final session, propelled by stellar Indian GDP figures and a healthy performance in the Indian manufacturing sector as output and new order picks up.
“While robust economic data boosted confidence in the Indian economy, concerns lingered regarding the RBI’s policy decisions amidst high liquidity and inflation worries. On the global front, in-line US personal consumption expenditure data and benign Euro zone inflation may influence global central banks to take a dovish view on interest rates. US bond yields dipped after the inflation data release, also supporting the equity market,” said Vinod.
Nair explained that banking stocks reversed initial weakness to perform well on the back of an improved economic outlook, while weakness persisted in the IT and pharma sectors, which are more closely tied to the global economy. The release of additional data from the US, such as PMI and payroll data, along with inflation data from China, may influence market dynamics moving forward. Corrections in mid- and small caps are underway and expected to continue, with regulators urging disclosure of associated risks to AMCs.
Also Read: Weekend Wrap: From Indus Towers to Supreme, top market movers this week
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Published: 02 Mar 2024, 12:32 PM IST