Stock Market Today: Sensex and Nifty End Marginally Higher; Media & Metal Shine
Stock Market Today, 7 March 2024: Indian stock market indexes closed marginally higher on Thursday ahead of a long weekend. The local markets opened higher, following positive global cues, and gave up all early gains in the morning deal. The equity benchmarks traded volatile throughout the day and closed with minor gains.
The markets traded higher in the morning deals as traders were encouraged after Reserve Bank of India (RBI) Governor Shaktikanta Das said the Indian economy is likely to grow more than the National Statistical Office (NSO) estimate of 7.6 percent in the current financial year (FY24) and it could be close to 8 percent.
Meanwhile, the global market sentiments turned positive after US Federal Reserve Chair Jerome Powell confirmed that the rate cuts would be done this year and ruled out near-term risks of economic recession.
Stock Market Today
The Nifty 50 index closed higher by 19.50 points or 0.09 percent and closed at 22493.55 levels while the Sensex was up by 33.40 points or 0.05 percent and finished at 74119.39 levels. The Bank Nifty index ended lower by 129.60 points or 0.27 percent on the spot level and closed at the 47835.80 level.
The broader markets outperformed their larger peers today, as the Nifty midcap index was up by 108.85 points or 0.22 percent and closed at 48966.15 levels. The Nifty smallcap index ended higher by 132.45 points or 0.85 percent at 15709 levels.
Nifty 50 Top Gainers & Losers
The top gainers in the Nifty 50 index were Tata Steel, Tata Consumer, Bajaj Auto, Tata Motors, and JSW Steel, and the top losers were M&M, BPCL, Reliance, Axis Bank, and ICICI Bank.
The top gainers in the Nifty midcap index were Tata Chem, Fortis, and Zeel and the top losers were Apollo Tyre, Motherson Sumi Wrng, and CG Power.
The smallcap top gainers were IIFL, TTML, and Graphite while the top losers were NLCIndia, Equitas Small Fin, and BSE.
The most active stocks in the Nifty index in terms of value were M&M, HDFC Bank, and Tata Steel. The most active stocks in terms of volume were Tata Steel, HDFC Bank, and ITC.
On the sectoral front, Media, Metal, and FMGC closed higher while the sectors that closed in the red were Energy, Auto, and Bank.
Global Stock Market Today
The other Asian stock market indexes mostly closed lower on Thursday. Japan’s Nikkei 225 index closed lower by 1.24% after hitting a fresh record high in the early trade. Australia’s S&P ASX 200 and Taiwan indexes gained 0.39% and 0.99% respectively, both closed at a record high.
South Korea’s Kospi index rose 0.23%, while Shanghai ended lower by 0.46% despite better than trade data, as its exports increased 7.1% in the first two months of 2024. Hang Seng ended lower, down more than 1% on Thursday. The Straits Times and SET Composite closed marginally lower, while Jakarta is in the positive territory.
European stock market indexes are trading lower on Thursday as investors remain cautious ahead of the European Central Bank’s interest rate decision. The shares of Virgin Money surged more than 30% after the takeover news by Britain’s Nationwide Building Society
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Editorial desk