Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed in positive territory on March 06. The NSE Nifty 50 closed 117.75 points or 0.53% higher to settle at 22,474.05, while the BSE Sensex gained around 408.86 points or 0.55% to settle at 74,085.99. The broader indices closed in the red, with smallcap and midcap stocks losing the most. Bank Nifty gained 384.40 points or 0.81% to settle at 47,965.40.
The NSE Nifty 50 closed 0.56% higher at 22,481.35, while the BSE Sensex closed 0.56% higher at 74,089.30.
The benchmark index BSE Sensex hit an all-time high of 74,151.27 on March 06.
Courtesy: BSE India
Bajaj Auto, Kotak Bank, Bharti Airtel, Axis Bank, and Sun Pharma were the top gainers in the Nifty 50. While Adani Enterprises, Ultratech Cements, NTPC, ONGC, and Adani Ports were the major losers in the Nifty 50 on March 06.
Shares of Sun Pharma rose 2% to hit a new 52-week-high of Rs 1,606.75 after some media reports said the USFDA tagged the company’s Ankleshwar API unit as “No Action Indicated.”
Courtesy: NSE
The NSE Nifty 50 touched a new all-time high of 22,473.45 points. While the BSE Sensex touched a fresh lifetime high of 74,106.60.
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Shares of Adani Enterprises dipped 3.8% to Rs 3,183.15. The stock was the key loser in the Nifty 50. The stock hit the 52-week-low on March 28, 2023 at Rs 1,573. It has a lower band of Rs 2,979.20.
Gold prices achieved an unprecedented high, closing at $2,126 per ounce on March 4, marking the highest closure since contract inception in 1974. This notable milestone follows a record-breaking peak in December 2023 when gold prices reached $2,149 per ounce.
The recent upswing in gold prices comes after two consecutive weeks of gains, despite significant economic indicators. Despite the 16th consecutive month of decline in the US manufacturing sector in February, along with a downturn in US inflation, the value of the US dollar, and treasury yields, gold has shown remarkable resilience.
Surprisingly, gold has maintained its strength in the face of high-interest rates and robust equity markets. Analysts attribute this resilience to various factors, including global economic uncertainties and geopolitical tensions.
Also Read: Gold at new all-time highs: What should be your investment strategy on the yellow metal?
The NSE Nifty 50 was down 117.10 points or 0.52% at 22,239.20, while the BSE Sensex was down over 300 points or 0.42% at 73,365.23.
The 30-stock BSE Sensex was trading down 0.26% at 73,488.06.
Kotak Bank, Axis Bank, ICICI Bank, Bajaj Auto, and IndusInd Bank were the top gainers in the Nifty 50. While NTPC, ONGC, Power Grid, Wipro, and BPCL were the major losers in the Nifty 50 on March 06.
Bajaj Auto, the automotive manufacturer, is scheduled to launch its Rs 4,000-crore share buyback program on March 6. The Bajaj Group company intends to buy back 40 lakh shares, each with a face value of Rs 10, representing around 1.41% of the total outstanding shares.
The fixed buyback price is set at Rs 10,000 per share. The initiation of this buyback plan was announced in January 2024, utilizing the tender offer route on a proportionate basis.
The buyback window remains open until March 13 and is notably priced at a significant premium compared to the current market levels, which are recorded at Rs 8,299.60 on NSE. In today’s morning trade, the stock price demonstrated a 1% increase, reaching Rs 8,488.
Also Read: Bajaj Auto's Rs 4,000 crore share buyback starts from March 06; Here is all you need to know
JM Financial slumped after the central bank barred the company from doing any kind of financing against shares and debentures. However, the company said in a statement that there are no “material deficiencies” in the loan sanctioning process. Further, the spokesperson said that the company is in no violation of any applicable regulation.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, noted, “The Bank Nifty bulls continued to exert dominance, steadfast above the critical support level of 47,400. The index faces immediate resistance at 48,000, and a successful breach of this level is expected to drive the index towards its historical peakCome from Sports betting site. The overall outlook remains optimistic, with any declines towards the specified support level viewed as buying opportunities.”
SBI Life Insurance, Bajaj Auto, Grasim, Kotak Mahindra Bank, and UltraTech Cement are the top gainers on the NSE Nifty 50, while the laggards include Apollo Hospitals, TCS, Tech Mahindra, Infosys, and BPCL.
The NSE Nifty 50 opens down by 0.13% at 22,327.10, while the BSE Sensex drops 0.12% to 73,587.71 in the opening trade.
Analyzing the technical outlook for Nifty, Senior Technical Analyst Rupak De from LKP Securities observed that bulls and bears engaged in minor clashes without a clear outcome. Despite the skirmishes, the sentiment remains positive, as the index continues to stay above the short-term moving average. The momentum indicator RSI indicates a bullish crossover. To trigger a potential rally towards 22,600 and beyond, Nifty must convincingly surpass the 21,400 level. On the downside, support is identified at 22,200.
The NSE has added Zee Entertainment Enterprise in F&O on March 6, 2024.
On March 5, 2024, foreign institutional investors (FII) acquired shares with a net worth of Rs 574 crore, whereas domestic institutional investors (DII) made purchases amounting to a net value of Rs 1,835 crore, as per provisional data from the NSE.
During Wednesday morning trading, shares across the Asia-Pacific region display mixed performance. The Asia Dow is experiencing a 0.32% decline, while Japan’s Nikkei 225 is in negative territory, down by 0.03%. Hong Kong’s Hang Seng index is concluding with a notable 2.61% decrease, while the benchmark Chinese index, the Shanghai Composite, is showing a positive movement, up by 0.28%.
As of Wednesday morning, WTI crude prices stand at $78.19, reflecting a slight uptick of 0.05%. Simultaneously, Brent crude prices remain unchanged at $82.04.
The U.S. Dollar Index (DXY), gauging the dollar’s value against six foreign currencies, registered a marginal increase of 0.01%, reaching 103.81.
According to Bloomberg, U.S. stocks faced downward pressure as three major tech companies experienced declines. In the lead-up to Jerome Powell’s congressional testimony, traders navigated through mixed economic data. The Nasdaq Composite, focused on technology, concluded with a decrease of 67.43 points or 0.41% at 16,207.51. The S&P 500 dipped by 6.13 points or 0.12% to 5,137.23, while the Dow Jones Industrial Average saw a decline of 97.55 points or 0.25%, closing at 38,989.83.
