Except metal, realty and PSU Bank, all other sectoral indices ended in the green.
The Indian equity market ended higher on March 6 and also extended the winning streak for the second straight session. The S&P BSE Sensex rose 415.49 points or 0.69 percent to 60,224.46, while the Nifty settled 117.20 points or 0.67 percent higher at 17,711.50.
After a gap-up start, the market extended gains as the day progressed amid across-the-board buying as well as in Adani group stocks. However, in the second half, selling in metal, realty and PSU banks erased some of the intraday gains.
The market will remain shut on Tuesday, March 7, 2023, on account of Holi.
Also Read: Rally in Adani Group stocks keeps up market rally for the second session
Stocks and Sectors
Adani Enterprises, Tata Motors, ONGC, NTPC and Power Grid Corporation were among the top gainers on the Nifty, while losers included Britannia Industries, Tata Steel, JSW Steel, Hindalco Industries and IndusInd Bank.
Except metal, realty and PSU Bank, all other sectoral indices ended in the green with power and oil & gas gaining 2 percent each.
The BSE midcap index rose 0.7 percent while the smallcap index added nearly a percent.
|Nifty PSU Bank||3961.20||-8.95||-0.23%|
Nearly 100 stocks touched their 52-week high on the BSE, including Mahanagar Gas, Power Finance Corporation, Sonata Software, Cigniti Technologies, Equitas Small Finance Bank, Ion Exchange, Jindal Stainless, Surya Roshni and Wonderla Holidays.
Among individual stocks, a volume spike of more than 200 percent was seen in Mahanagar Gas, Gujarat Gas and Chambal Fertilisers and Chemicals.
A long build-up was seen in Adani Enterprises, Mahanagar Gas and Firstsource Solutions, while a short build-up was seen in Zee Entertainment Enterprises, Dalmia Bharat and Britannia Industries.
Also Read - Gainers & Losers: 10 stocks that moved the most on March 6
Outlook for March 8
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
The relief rally continued for the second straight session backed by a sharp upsurge in energy stocks like power, oil & gas that helped benchmark Sensex end above the psychological mark of 60,000.
There is some amount of bargain buying seen after the recent sell-off but the overall sentiment still remains that of caution with a negative bias as larger worries related to macroeconomic woes and geo-political tension still pose a significant threat to markets.
Technically, 17,800-17,900 could be the immediate profit booking zone for the bulls while 17,650-17,600 would be the sacrosanct support zone for the traders. However, below 17,600, the uptrend would be vulnerable.
Ajit Mishra, VP - Technical Research, Religare Broking
Markets extended rebound and gained over half a percent, tracking favourable global cues. After the gap-up start, the Nifty index inched higher initially; however, profit-taking in index majors across sectors trimmed the gains as the day progressed. Consequently, it settled around the 17,711.45 level; up by 0.67 percent.
Meanwhile, a mixed trend on the sectoral trend kept the participants busy wherein energy, IT and auto performed well. The broader indices, too, witnessed decent traction and gained in the range of 0.8 percent - 1.2 percent.
Buoyancy on the global front is helping the index to stage recovery; however, multiple hurdles are capping the upside on every uptick. We thus reiterate our view to continue with a stock-specific trading approach and prefer sectors that are showing resilience.
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