Sensex, Nifty end flat post range-bound day; Smallcaps shine; banks weigh

Stock market highlights on March 7, 2024: Among top large-cap gainers, Tata Steel, JSW Steel, Bajaj Finserv, Tata Motors, Bajaj Finance, ITC, Asian Paints, Neslte India, and TCS gained over 1%

4:06 PM

COMMENT:: Markets cheer faster-than-expected economic growth

"Equity benchmark indices edged higher after hitting a record high amid a firm trend in the US market and FII inflows. Moreover, faster than expected economic growth for the current fiscal year boosted sentiments for metal and capital goods stocks. Meanwhile, global indices exhibited mixed sentiments, driven by the Fed’s signals of hope for a potential rate cut this year. Further clarity on the labour market, anticipated with the release of non-farm payroll data on Friday, will offer insights into potential rate adjustments."

 

- Vinod Nair, Head of Research at Geojit Financial Services

4:04 PM

VIEW:: Nifty remains in buy on dips mode; may target 22,700 on the upside

"The Nifty stayed below the psychological 22,500 mark, with call writers at the 22,500 strikes significantly increasing their positions. On the downside, support is expected to hold at 22,400. The buy-on-dips strategy is likely to persist as long as it remains above 22,400. On the upside, a decisive move above 22,500 could trigger buying interest in the market, potentially pushing the index towards 22,700 in the short term."

 

- Rupak De, Senior Technical Analyst at LKP Securities

4:03 PM

VIEW:: Bank Nifty to turn bullish on close above 48,200

"Today, Bank Nifty faced resistance at the 48,000 level, finding support at 47,750. Nevertheless, the weekly closure indicates a resilient bullish momentum, with pivotal support identified at 47,500 and resistance at 48,200. A conclusive breach above the 48,200 threshold, confirmed by a closing basis, could catalyze a bullish upswing towards levels of 48,500 and 48,800."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities

 

4:01 PM

Market breadth was positive; 285 stocks hit upper limit, 314 lower on BSE

3:59 PM

BSE Smallcap Heatmap:: Rallis, Tata Chem zoom over 11%; IIFL Finance gains 10%

3:55 PM

BSE Midcap Heatmap:: Solar Inds, Zee jump 4%; Rajesh Exports slips over 3%

3:48 PM

Broader Market Check:: SmallCap index bounces back; VIX dips 5%

3:41 PM

Nifty50 Top 5 Movers & Shakers:: Tata Consumer, Tata Steel shine; M&M dips 4%

3:38 PM

Sensex 30 Heatmap:: 20 Gainers v/s 10 Losers

3:36 PM

CLOSING BELL:: NSE Nifty50 settles 20 pts higher at 22,494