Indian Stock Market Maintains Growth for Second Session
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Synopsis
On March 6, the Indian stock market showed strength for the second day in a row, with both the Sensex and Nifty indices closing higher, reflecting positive investor sentiment and strong performance in small-cap stocks despite some declines in select companies.
Key Takeaways
- Indian stock markets rose for the second consecutive session.
- The Sensex closed at 74,340.09, gaining 0.83%.
- The Nifty finished at 22,544.70, up 0.93%.
- 38 of the 50 Nifty stocks recorded gains.
- Small-cap stocks led market gains with a 1.32% increase.
Mumbai, March 6 (NationPress) The Indian stock markets displayed resilience for the second successive session on Thursday, with both the Sensex and Nifty finishing in the positive zone.
The 30-share Sensex reached an intra-day peak of 74,390.80 before concluding at 74,340.09, marking an increase of 609.86 points or 0.83 percent.
In a similar vein, the Nifty wrapped up the session at 22,544.70, up by 207.40 points or 0.93 percent. Throughout the day, the index fluctuated between 22,556.45 and 22,245.85.
Overall market sentiment remained optimistic, with 38 out of the 50 Nifty stocks recording gains.
Leading the pack were Asian Paints, Coal India, BPCL, Hindalco, and Reliance Industries, which saw increases of up to 4.75 percent.
Conversely, some stocks fell into the negative zone, including Tech Mahindra, Bharat Electronics, Trent, Britannia, and Kotak Mahindra Bank, which declined by as much as 2.35 percent.
The upward trend was not limited to the benchmark indices, as broader markets also experienced improvements.
Small-cap stocks took the lead, with the Nifty Smallcap100 index surging 1.32 percent, while the Nifty Midcap100 index also finished positively, recording a 0.37 percent rise.
Most sectoral indices ended in the green, with the exception of the Nifty Realty index, which was the sole sector to close lower.
According to Rupak De of LKP Securities, the Nifty continues its ascent, filling the recent gap observed on the daily chart.
“The RSI is recovering from a historical low and is currently undergoing a bullish crossover. In the near term, sentiment appears to be in favor of the bulls. On the upside, the index may approach 23,750–23,800. The sentiment is expected to stay robust unless the Nifty dips below 22,300,” stated De.
On March 5, the Indian stock market exhibited a robust recovery, with both the Sensex and Nifty closing over 1 percent higher after US Commerce Secretary Howard Lutnick indicated potential tariff relief for Mexico and Canada.
This development raised hopes that other tariffs might also be reevaluated, contributing to an uptick in investor sentiment.
Gold continues to encounter substantial resistance at $2,920-$2,930 in COMEX, prompting profit-taking, while in MCX, Rs 86,000 remains a critical resistance level, with support at Rs 84,500-Rs 84,000, according to experts.
