Benchmark indices ended higher on March 3 with Nifty around 17,600. At Close, the Sensex was up 899.62 points or 1.53% at 59,808.97, and the Nifty was up 272.40 points or 1.57% at 17,594.30.
The NSE Nifty 50 touched a high of 17,645, before signing-off at 17,594 – up 272 points. The Nifty was up 128 points for the week.
All the sectoral indices ended in the green.
The BSE midcap and smallcap indices added 0.5 per cent each.
All sectors swimmed in the sea of green. Nifty PSU Bank and Nifty Metal indices led the charge as they advanced up to 5 per cent.
“The market will continue to be under pressure from foreign institutional investor (FII) selling which yesterday was Rs 2,676 crore, excluding the GQG bulk buying of Adani stocks. The US 10-year yield has moved above 4 percent. FIIs can be expected to sell more since this risk-free return is quite attractive considering the muted expectations from the equity markets in the short-term. FII selling will be an opportunity for long-term investors to accumulate high quality stocks, particularly in banking,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
According to technical analysis, charts suggest that the NSE Nifty index is likely to form a strong base of 17,200-16,800 range, with a key challenge hurdle of 17,800, therefore, sustainability above this would lead to a further acceleration and upward momentum towards 18,300 this month.
“We expect index to form a major bottom and head towards life highs over the next three to four months. Thus, dips from here on should be capitalised to accumulate quality stocks in a staggered manner as structurally strong support is placed in the range of 17,200-16,800,” said analysts at ICICI Securities.
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