Stocks: The BSE Sensex reached fresh highs of 73,994.70 during the day. However, the BSE’s barometer eventually finished 60.80 points, or 0.08 percent higher, at 73,806.15.
During the special trading session on Saturday, which ended at 12.30 pm, domestic equities markets ultimately closed modestly higher, despite the headline indexes reaching new highs. Trade was held between 9.15 and 10 a.m. during the first half of the day.
The 30-share pack Sensex reached fresh highs of 73,994.70 for the day, barely missing the 74,000 barrier. But at 73,806.15, BSE’s barometer ultimately finished 60.80 points, or 0.08 percent, higher. The Nifty 50 on the NSE crossed the 22,400 barrier and closed at 22,378.40, up 39.65 points, or 0.18 percent, from the previous Friday’s finish.
Larger markets had stronger gains than their headline rivals, with the BSE midcap and smallcap indices adding 2.3% and 2.7%, respectively. The India VIX fear index fell by more than 1.5%, falling below the 15-level. Except for the Nifty private bank indices, all of the Nifty’s sectoral indices ended the day higher, with the Nifty media and metal indices showing the greatest gains.
In the Nifty50 pack, Tata Steel topped the gainers with a 3.6 percent advance, followed by Hero MotoCorp’s 1.57% gain. Also contributing one percent apiece were Tata Motors, Adani Ports, Hindalco, and JSW Steel. With respective losses of two-thirds percent, Mahindra & Mahindra and Maruti Suzuki were the biggest losers. NTPC experienced a 0.5 percent daily decline.
On Friday, there was a notable upswing in the US market. The prolonged rising trend resulted in new record closing highs for the S&P 500 and Nasdaq. According to Avdhut Bagkar, Technical and Derivatives Analyst at StoxBox, Wall Street increased after data from the Institute for Supply Management revealed that manufacturing activity in the US unexpectedly shrank in February.
A dozen equities closed the day at a 5 percent upper circuit limit. Aurobindo Pharma, Ethos, Hemisphere Properties, Rico Auto Industries, Aurobindo Pharma, Max Healthcare Institute, Zen Technologies, Waaree Renewable Technologies, Indian Energy Exchange, and Suven Pharma were among the companies on the list.
On the negative side, five stocks saw daily percentage declines: Apollo Micro Systems, Gensol Engineering, Sigachi Industries, Tourism Finance Corporation of India, and Hardwyn India.
According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty started the day higher but failed to withstand selling pressure at higher levels, closing at the lowest point of the day.
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While the mood is still generally favorable, a new surge will only occur if the index breaks over 22,400. An absolute breakthrough above 22,400 might push the index all the way up to 22,600. Support is located at 22,250–22,200 on the downside, the speaker stated.
The National Stock Exchange of India (NSE) and the BSE were open for two special sessions on Saturday to test the stock market’s emergency preparations. Trading occurred in the F&O segment and cash market, although all stocks’ circuit filters were changed to 5%, except those with a 2% circuit limit.
