Sensex climbs mount 74K for first time, Nifty tops 22,450 led by banks

Stock market news: Benchmark index S&P BSE Sensex breached the much-awaited 74,000 mark and closed above the pivotal point for the first time during the trade today. The blue-chip NSE Nifty 50 index also surged 0.53 per cent to close at a fresh record high of 22,474.05. Nifty Bank rose as much as 0.81 per cent to close at 47,965.40 contributing to the Nifty rally.

BSE Sensex rose 1.13 per cent from its day low to touch an all-time high of 74,151.27 and Nifty 50 surged 1.22 per cent from its day low to touch a record high of 22,497.20 on Wednesday, March 6, 2024.

Ajit Mishra, SVP - Technical Research, Religare Broking Ltd, said, “Markets traded volatile for yet another session but ended with decent gains. The tone was negative in the first half, tracking weak global cues, however, resilience in banking combined with a sharp recovery in the IT and FMCG majors completely changed the mood as the day progressed. Eventually, Nifty settled around the day’s high at 22,474.05 levels.”

“Among the sectoral indices, banking, financials, and pharma put up a good show, while realty and metal witnessed profit-taking. Meanwhile, underperformance continued on the broader front where smallcap shed nearly 2 per cent,” Mishra added.

Mishra also said that the rotational buying across sectors is helping the index to maintain a positive tone and we are eyeing 22,800 in Nifty. “However, the distribution on the broader front can’t be ignored.  We thus reiterate our preference for index majors and large midcaps for long trades and suggest reducing exposure to the smallcap counters,” Mishra said.

Sensex top gainers

• Kotak Mahindra Bank: 2.47 per cent
• Axis Bank: 2.28 per cent
• Bharti Airtel: 2.23 per cent
• Sun Pharma: 1.87 per cent
• HCL Tech: 1.69 per cent
• M&M: 1.53 per cent
• Titan: 1.52 per cent

Sensex top losers

• UltraTechCement: -1.91 per cent
• NTPC: -1.79 per cent
• Maruti: -0.82 per cent
• JSW Steel: -0.78 per cent
• PowerGridCorp: -0.68 per cent
• Tata Motors: -0.43 per cent

Nifty top gainers

• Bajaj Auto: 3.43 per cent
• Kotak Mahindra Bank: 2.56 per cent
• Bharti Airtel: 2.37 per cent
• SBI Life: 2.17 per cent
• Axis Bank: 2.11 per cent
• Sun Pharma: 1.96 per cent
• HCL Tech: 1.77 per cent

Nifty top losers

• Adani Enterprises: -2.18 per cent
• NTPC: -1.88 per cent
• UltraTechCement: -1.83 per cent
• BPCL: -1.33 per cent
• ONGC: -1.15 per cent
• Adani Ports: -0.93 per cent
• Maruti: -0.79 per cent