The stock market saw its fourth consecutive session of gains on March 4, albeit with a slight dip from the day’s peak. This trend was influenced by a mix of global market signals and optimism stemming from robust Q3 growth figures. The Nifty, a benchmark index, hit a fresh high of 22,440.90 during the day but closed at 22,397, marking a gain of 58.65 points, or 0.08 percent. Similarly, the Sensex, another key index, ended the day at 73,872.29, up by 0.09 percent or 66.14 points.
Mixed Performance Across Market Segments
The broader market showed mixed results on this day. The BSE midcap index rose by 0.3 percent, whereas the smallcap index experienced a decline of 0.8 percent. Among the top gainers in the Nifty were NTPC, HDFC Life, PowerGrid Corp, ONGC, and Bharat Petroleum Corp. Conversely, Eicher Motors Ltd, JSW Steel, SBI Life, Mahindra & Mahindra, and Britannia Industries were among the notable losers.
Sectoral Analysis and Stock Movements
Sector-wise, the Nifty oil & gas segment performed exceptionally well, rising by 1.8 percent. Nifty bank and PSU indices also saw gains, each rising by 0.3 percent. However, Nifty Media experienced a significant downturn, closing 1.9 percent lower, followed by Nifty IT and FMCG, which saw declines of 0.8 percent and 0.5 percent, respectively.
Expert Outlook for March 5
Vinod Nair, Head of Research at Geojit Financial Services, highlighted the cautious stance of investors amidst weak global cues and tepid consumption data. Prashanth Tapse, Senior VP (Research) at Mehta Equities, emphasized the importance of global cues for market direction in the near term. Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, predicted bullish momentum with a target of 22,700 for the Nifty, while Shrikant Chouhan, Head Equity Research at Kotak Securities, suggested a range-bound trading strategy for day traders. Aditya Gaggar, Director at Progressive Shares, and Chandan Taparia, Senior Vice President at Motilal Oswal Financial Services, provided technical analysis and support and resistance levels for the Nifty.
Overall, the market exhibited a cautious yet optimistic sentiment, with investors closely monitoring global cues and technical indicators for further direction. Despite some sectors experiencing declines, the overall outlook remained positive, with experts predicting continued momentum in the coming sessions.
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