Indian Stock Market Closes Steady as Smallcap Stocks Continue Upward Trend

Synopsis

The Indian stock market experienced volatility but ultimately remained in positive territory, driven by gains in metal and smallcap stocks. The Sensex and Nifty closed slightly lower and higher, respectively, while broader markets showed strong performance. Notable gainers included Tata Motors and Bharat Electronics, while some IT and banking stocks faced selling pressure.

Key Takeaways

Indian stock market remains volatile.
Smallcap stocks extended their rally.
Sensex closed at 74,332.58.
Nifty ended slightly higher at 22,552.50.
Broader markets outperformed with smallcap index rising.

Mumbai, March 7 (NationPress) The Indian stock market experienced a volatile trading session on Friday, with benchmark indices managing to remain in positive terrain.

Support from metal stocks helped stabilize the market, while smallcap stocks extended their robust rally. This marked a continuation of a two-day bull run, resulting in the share market finishing in the green.

The Sensex concluded at 74,332.58, down just 7.51 points or 0.01 percent. During intra-day trading, the 30-share index fluctuated between a peak of 74,586.43 and a trough of 74,038.03.

Conversely, the Nifty managed a slight increase, gaining 7.80 points or 0.03 percent to wrap up at 22,552.50. The index reached a high of 22,633.80 during the day but dipped to an intra-day low of 22,464.75.

The indices began weakly but rebounded as buying interest emerged in select blue-chip stocks, including Tata Motors.

Oil and gas stocks also played a role in the recovery. The broader markets outperformed, with the smallcap index rising by 1.1 percent, marking its fourth consecutive day of gains.

“The market strength today was the result of a broad-based recovery, with Nifty 50 stabilizing near fair valuations, while mid and small-caps continued to attract buyers following recent corrections,” stated Krishna Appala from Capitalmind Research.

Maintaining this rally will depend on earnings recovery and overall market sentiment, the expert noted.

Among the notable gainers in the Nifty pack were Tata Motors, Bharat Electronics, Nestle India, and Bajaj Auto.

In contrast, some IT and banking stocks experienced mild selling pressure, including IndusInd Bank, Shriram Finance, NTPC, BPCL, and Infosys.

In the broader market, the Nifty Smallcap100 index continued its upward movement, closing 0.67 percent higher, while the Nifty Midcap100 index declined by 0.32 percent.

Sectoral performance on the NSE was varied. Nifty Auto, PSU Bank, Metal, Media, and Oil & Gas indices recorded gains of up to 1.83 percent, while other sectors remained subdued.

Over the past week, the Nifty gained 2.1 percent, while the Nifty Midcap 100 and Nifty Smallcap 250 surged 2.9 percent and 5.8 percent, respectively.