Sensex: During the Saturday special trading session, which ended at 12.30 pm with the second session ending, domestic equities markets finally settled slightly higher, despite the headline indices reaching new highs. Trade took place from 9.15 am to 10 am for the first half of the day. Sensex closes flat, Nifty gains 40 points in the special session
With a new high of 73,994.70 for the day, the 30-share pack Sensex was just below the 74,000-mark. But in the end, BSE’s barometer settled at 73,806.15, 60.80 points, or 0.08 percent, higher. After crossing the 22,400 barrier, the Nifty 50 on the NSE finished at 22,378.40, up 39.65 points, or 0.18 percent, from the previous close on Friday.
Larger markets saw stronger gains than their headline peers, 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. With the exception of 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.
With a 3.6 percent rally, Tata Steel led the gainers in the Nifty50 pack. Hero MotoCorp followed with a 1.57% gain. A percentage was also added by Tata Motors, Adani Ports, Hindalco, and JSW Steel. With a two-thirds share loss, Mahindra & Mahindra and Maruti Suzuki were the biggest losers. For the day, NTPC saw a 0.5 percent decrease.
On Friday, there was a notable upswing in the US market. The prolonged upward 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 a report from the Institute for Supply Management revealed that manufacturing activity in the US unexpectedly shrank in February.
“On the home front, optimistic indications from around the world and encouraging Q3 GDP data helped Indian shares surge on Friday to reach record highs.” According to industry data, automakers sent nearly 373,177 vehicles to their dealers in the second month of this year, which resulted in an increase in passenger vehicle (PV) sales on the sectoral front,” he continued.
A dozen stocks 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.
Specifically, five stocks—Apollo Micro Systems, Gensol Engineering, Sigachi Industries, Tourism Finance Corporation of India, and Hardwyn India—saw daily percentage declines of five percent or more.
Rupak De, Senior Technical Analyst at LKP Securities, stated that although the Nifty started the day higher, it was unable to resist selling pressure and ended the day at its lowest point.
While sentiment is still generally positive, a new rally will only occur if the index breaks above 22,400. An absolute breakthrough above 22,400 might push the index all the way up to 22600. 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 special two-sessions on Saturday to test the stock market’s emergency preparedness. Trading occurred in the F&O segment and cash market, but all stocks’ circuit filters were changed to 5%, with the exception of those with a 2% circuit limit.
