The benchmark equity indices Nifty 50 and Sensex ended Saturday’s special trading session on a high note with fresh lifetime highs intra-day. However, they closed off their highs. The 50-stock index, Nifty advanced to a record high of 22,419.55 and BSE Sensex to 73,994.70 on March 02. The NSE Nifty 50 closed 39.65 points or 0.18% higher to settle at 22,378.40 points. While S&P BSE Sensex closed 60.80 points or 0.08% lower to settle at 73,806.15 points. Nifty Bank closed the day with marginal gains, it rose 10.60 points or 0.02% to settle at 47,297.50 points.
On the sectoral front, media and metal stocks gained the most amongst their peers. The broader indices ended in the green, with gains led by midcap and smallcap stocks. The Nifty Midcap 100 closed 362.45 points or 0.74% higher to close the day’s trading at 49,153.05.
The losers include M&M, Sun Pharma, NTPC, Maruti Suzuki, and Grasim Industries. The Indian Volatility Index (India VIX) closed 1.64% lower.
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“The Nifty began on a positive note but struggled to withstand the selling pressure at higher levels, ultimately closing at the day’s lowest point. Although the overall sentiment remains positive, the index must surpass the 22400 mark to trigger a new rally. A decisive breakthrough above 22400 could propel the index towards 22600. On the downside, support is situated at 22250-22200,” said Rupak De, Senior Technical Analyst at LKP Securities.
“Bank Nifty remained range-bound throughout the day with low participation. Nevertheless, the overall sentiment remains positive as long as it stays above 42000. A decisive breakthrough above 47500 could potentially propel the index towards 48200. On the downside, support is identified at 47000,” said Rupak.