Indices Witness Flat Performance After Opening at Record Highs

7 Mar 2024 , 01:16 PM

As of the afternoon of March 7, both the Sensex and the Nifty 50 remained relatively unchanged after opening at fresh all-time highs, with the Nifty 50 surpassing 22,500 points for the first time.

At 1 PM, the Sensex was up by 68.10 points or 0.09%, reaching 74,154.09, while the Nifty was up by 29.00 points or 0.13%, standing at 22,503.00. Among the listed shares, approximately 1998 advanced, 1212 declined, and 80 remained unchanged.

The initial optimism in the market can be attributed to the rally in global markets, which followed after US Federal Reserve Chairman Jerome Powell reiterated the possibility of rate cuts this year and dismissed the near-term risks of an economic recession.

Selling pressure is observed in the auto, bank, oil & gas, and FMCG sectors, whereas buying interest is noted in the power, metal, IT, and healthcare sectors. Both the BSE Midcap and Smallcap indices are trading in positive territory.

Key Nifty gainers include Bajaj Auto, UPL, JSW Steel, Tata Steel, and Bajaj Finance, while Mahindra & Mahindra, SBI Life Insurance, BPCL, and Axis Bank are among the key Nifty losers.