Stock Market LIVE: Sensex, Nifty trade volatile today! Nifty below 22,400, Sensex near 73,800; Pharma and Energy stocks shine – Market News

The index was up 1.31%, highest among sectoral indices.

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Shares of One 97 Communications experienced a decline of more than 2%, touching an intra-day low of Rs 400. This dip was in response to the news of The Financial Intelligence Unit of India imposing a penalty of Rs 5.49 crore on Paytm Payments Bank for violations under the Prevention of Money Laundering Act, 2002.

The Bombay Stock Exchange has declared the periodic reconstitution of S&P BSE Indices, including Jio Financial Services as the only addition to the S&P BSE Large Cap. The shares of Jio Financial Services dipped by over 2% to an intra-day low of Rs 320.60.

Share of NTPC rose 3.6% to hit the 52-week-high of Rs 354, making it the top gainer in the Nifty 50. The stock has an upper band of Rs 375.90. On March 04, PM Narendra Modi will lay the foundation of projects worth Rs 30,023 crore for the company. Also, NTPC’s board has approved an investment of Rs 17,195.31 for the Sigrauli super thermal power project, Stage III (2×800 MW).

NTPC, Power Grid, Bajaj Auto, Adani Portsand ONGC were the top gainers in the Nifty 50. While JSW Steel, Tata Steel, BPCL, Eicher Motorsand Nestle India were the major laggards in the Nifty 50 on March 04.

NTPC, Power Grid Corp, Bajaj Auto, Adani Ports and SEZ, and ONGC are the top gainers on NSE Nifty 50 index, while the early laggards include JSW Steel, Tata Steel, BPCL, Eicher Motorsand Nestle India.

Providing insights into the technical outlook of NiftyRupak De, Senior Technical Analyst at LKP Securitiescommented that Nifty maintained its position above 22,000 in the early hours, driving an upward trajectory throughout the day. The index’s breakout from consolidation, along with sustained movement above the moving average, contributed to a strong rally. Notably, the Relative Strength Index (RSI) confirmed a bullish crossover, indicating positive momentum in the market. The sentiment is optimistic for potential upward movements, with expectations of buying on dips. On the upper end, resistance is evident at 22,400/22,600, while support is positioned at 22,200.

On March 1, 2023, foreign institutional investors (FIIs) acquired shares with a net value of Rs 128.9 crore, whereas domestic institutional investors (DIIs) purchased shares amounting to a net value of Rs 3,814.5 crore, as per provisional data from the NSE.

Shares in the Asia-Pacific region are trading positively on Monday morning. The Asia Dow is up by 1.10%, while Japan’s Nikkei 225 is in the green, showing a gain of 0.75%. Hong Kong’s Hang Seng index has concluded higher by 0.47%, and the benchmark Chinese index Shanghai Composite has ended up by 0.39%.

On Monday morning, WTI crude prices are at $80.06, marking a 0.12% increase, and Brent crude prices stand at $83.76, reflecting a 0.25% uptick.

The US Dollar Index (DXY), gauging the dollar’s value against a basket of six foreign currencies, saw a slight decrease of 0.06%, trading at 103.83.

U.S. bond prices experienced an increase, driven by disappointing factory data and a decrease in consumer sentiment, reinforcing expectations of upcoming interest-rate cuts. Traders examined the latest statements from various Federal Reserve speakers. The stock market saw a resurgence in the technology sector, leading to gains. The Nasdaq Composite, heavily influenced by tech stocks, closed up by 1.12% at 16,272.80. The S&P 500 recorded an increase of 0.80%, gaining 40.96 points to reach 5,137.23, while the Dow Jones Industrial Average concluded higher by 0.23%, adding 89.36 points to finish at 39,085.75, as reported by Bloomberg.