Indian Stock Market Hits Record Highs, Nifty Crosses 22,300 for the First Time

Indian Stock Market Hits Record Highs, Nifty Crosses 22,300 for the First Time

VoM News Desk | March 1, 2024 | 04:57 PM IST | Breaking News | Follow on Google News

Indian Stock Market Hits Record Highs, Nifty Crosses 22,300 for the First Time

Indian Stock Market Hits Record Highs, Nifty Crosses 22,300 for the First Time

India’s domestic equity benchmarks, Sensex and Nifty 50, closed higher for the third consecutive session, setting new records. The Nifty 50 breached 22,300 intraday, while the Nifty Bank touched 47,000 intraday, and the Sensex crossed the 73,700-mark. The BSE Sensex gained 1,245.05 points (1.72%) to close at 73,745.35, while the Nifty 50 surged 355.95 points (1.62%) to finish at 22,338.75. The Nifty Small Cap 100 rose by 0.52%, and the Nifty Midcap 100 gained 0.94%.

Global Market Overview

Asian stocks mostly gained, with Tokyo’s Nikkei 225 rising 1.90% and the Shanghai Composite index up 0.39%. Key inflation figures in the US, particularly the Personal Consumption Expenditures (PCE) price index, are awaited to influence Federal Reserve policy decisions.

Top Nifty 50 Gainers and Losers

Tata Steel, Larsen & Toubro, JSW Steel, Titan Company, and IndusInd Bank were the top gainers, while Dr. Reddy’s Laboratories, Infosys, HCL Technologies, Sun Pharmaceutical Industries, and Britannia Industries were among the laggards.

Sectoral Indices Performance

Nifty Metal surged 3.62%, and Bank Nifty zoomed 2.53%. Other gainers included Nifty Auto, Nifty FMCG, Nifty Oil & Gas, and Nifty Realty. On the downside, Nifty Healthcare, Nifty IT, Nifty Media, and Nifty Pharma ended in the red.

Expert Views on Markets

Better-than-expected Q3FY24 GDP and ease in US inflation contributed to market buoyancy. Stellar economic growth data ahead of the general election raised investor confidence. Analysts expect continued bullish momentum, with Nifty 50’s next targets at 22,500 and 23,000.

Technical Views

New record highs have become the norm, with Nifty 50’s next target set at the psychological 22,500 mark and aggressive targets at 23,000. Bank Nifty’s rise is attributed to improving asset quality and the government’s focus on fiscal prudence. Nifty 50’s crucial support is identified at 21,861.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.