Daijiworld Media Network - Mumbai
Mumbai, Mar 6: The Indian stock markets continued their positive momentum on Thursday, marking the second consecutive day of gains for both the Sensex and Nifty indices.
The 30-share Sensex peaked at an intra-day high of 74,390.80 before closing at 74,340.09, up by 609.86 points, or 0.83%. Similarly, the Nifty ended the session at 22,544.70, a gain of 207.40 points or 0.93%, after trading within a range of 22,556.45 and 22,245.85.
Investor sentiment was generally upbeat, with 38 out of the 50 Nifty stocks closing higher. Leading the gains were Asian Paints, Coal India, BPCL, Hindalco, and Reliance Industries, which posted increases of up to 4.75%.
On the flip side, a few stocks faced declines, including Tech Mahindra, Bharat Electronics, Trent, Britannia, and Kotak Mahindra Bank, which recorded losses of up to 2.35%.
The rally was not confined to the benchmark indices alone, as the broader market also experienced positive movement. The Nifty Smallcap100 index surged 1.32%, while the Nifty Midcap100 index showed a more modest 0.37% increase.
Most sectoral indices closed in the green, with the exception of the Nifty Realty index, which was the only sector to end in the negative.
According to Rupak De of LKP Securities, the Nifty's upward trend continued as it filled a recent gap on its daily chart. He added that the RSI (Relative Strength Index) is recovering from a historical low and showing a bullish crossover. “Short-term sentiment remains favorable for the bulls, and the Nifty could target levels between 23,750 and 23,800. The positive sentiment will likely hold unless the Nifty falls below 22,300,” De said.
The Indian market had also witnessed a robust recovery on March 5, with both the Sensex and Nifty gaining more than 1% after US Commerce Secretary Howard Lutnick suggested the possibility of tariff relief for Mexico and Canada, which further boosted investor optimism.
In the commodities space, gold faced resistance at $2,920-$2,930 in COMEX, triggering some profit-taking. On the MCX, Rs 86,000 continues to act as a key resistance level, while support is seen at Rs 84,500 to Rs 84,000, according to market analysts.