Synopsis
On March 3, benchmark Indian equity indices wrapped up nearly unchanged in a volatile trading session. The Sensex closed at 73,085.94, while Nifty finished at 22,119.30. Strong buying in the metals and realty sectors aided recovery. However, Reliance's decline contributed to the market's overall negative sentiment.Key Takeaways
- Sensex closed at 73,085.94, down 112.16 points.
- Nifty ended at 22,119.30, down 5.40 points.
- Strong buying in metals, realty, and IT sectors.
- Reliance Industries fell by 2.17 percent.
- Market trends remain bearish unless Nifty closes above 22,600.
Mumbai, March 3 (NationPress) The benchmark Indian equity indices concluded nearly unchanged on Monday during a volatile trading session amid varied global signals.
The 30-share Sensex wrapped up at 73,085.94, declining by 112.16 points or 0.15 percent. The index experienced fluctuations, peaking at 73,649.72 and dipping to a low of 72,784.54 during the day.
The Nifty ended at 22,119.30, down by just 5.40 points or 0.02 percent from its last close, reaching a high of 22,261 and a low around 22,004.
The markets commenced positively, but the momentum swiftly shifted to a downward trend, with both primary indices losing half a percent by noon.
Nonetheless, robust buying in metals, realty, and IT stocks prompted a recovery in the latter half of the session.
Among Nifty stocks, 33 out of 50 closed higher. Significant gainers included Bharat Electronics, Grasim, Eicher Motors, JSW Steel, and UltraTech Cement, with gains reaching up to 4.65 percent.
Reliance Industries faced a drop of 2.17 percent, contributing to the overall negative market sentiment.
In the broader market, the Nifty Midcap100 index finished higher, gaining 0.14 percent, while the Nifty Smallcap100 index closed slightly down by 0.27 percent.
Sectoral performance displayed a mixed picture. The Nifty IT, Metal, Auto, Pharma, Realty, and Healthcare indices registered gains, with the Nifty IT sector achieving the highest increase of 1.26 percent.
Conversely, the banking, oil and gas, and media sectors closed lower during the intra-day session, with losses hitting up to 1.10 percent.
Following notable selling in the prior trading session, Indian markets experienced some buying activity, aiming to recover after the frontline indices recorded their longest monthly losing streak since 1996.
According to Vatsal Bhuva from LKP Securities, the Nifty found support around 22,000 and managed to close above the crucial 38.2 percent Fibonacci retracement level of 22,043, derived from the 2022 low of 15,213 to its all-time high of 26,277.
However, the broader trend remains bearish, favoring a sell-on-rise strategy unless the Nifty decisively closes above 22,600, he noted.
