Get ready for a rollercoaster ride in the stock market today! Witness the sensational surge as the Sensex smashes through the 74,000 mark and the Nifty 50 hits an all-time high in the stock market today. Dive into the frenzy fueled by banking heavyweights and discover why small-caps are taking a nosedive. Don’t miss out on the shocking details behind the ₹1.6 lakh crore market capitalization drop!
Sensex and Nifty 50 Reach New Peaks at Stock Market Today
Stock Market Today, on March 6th, the domestic stock market witnessed a historic moment as the Sensex, the benchmark index, surged past the significant 74,000 mark for the first time. Simultaneously, the Nifty 50, another key index, also soared to a new intraday high. This remarkable performance was driven by notable gains in banking heavyweights, including Axis Bank, ICICI Bank, and Kotak Mahindra Bank.
The Sensex achieved an unprecedented milestone by closing above the 74,000 mark, reaching a fresh all-time high of 74,151.27. Similarly, the Nifty 50 hit its record peak of 22,497.20 during the trading session. Ultimately, the Nifty 50 closed at 22,474.05, marking a gain of 118 points or 0.53%, while the Sensex settled at 74,085.99, up by 409 points or 0.55%. Thus, both indices concluded the day at their highest-ever closing levels at the stock market today.
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Mixed Performance in Mid and Smallcap Segments
Despite the euphoria in the large-cap space, the mid and small-cap segments experienced significant selling pressure. The BSE Midcap index plummeted over 2%, while the Smallcap index saw a nearly 3% decline during intraday trading. Ultimately, the BSE Midcap index closed with a loss of 0.65%, and the Smallcap index finished 1.91% down.
Experts anticipate continued underperformance in the smallcap segment due to rich valuations. Recent declines in the Smallcap index have been attributed to lofty valuations compared to the Sensex. Additionally, caution among investors has grown as mutual fund schemes restrict inflows into smallcap funds and SEBI urges vigilance in small and midcap schemes to safeguard investor interests.
Market Capitalisation Decline
Despite the positive movement in benchmark indices, the overall market capitalization of BSE-listed firms saw a decline to approximately ₹391.4 lakh crore from the previous session’s ₹393 lakh crore. This dip resulted in investors losing about ₹1.6 lakh crore in a single session, primarily due to losses in the mid and smallcap segments.
Investor focus now shifts to Federal Reserve Chair Jerome Powell’s congressional testimony scheduled later on Wednesday. Analysts hope to glean insights into the timing of potential interest rate reductions by the US central bank. While recent economic indicators suggest rate cuts could begin as early as June, there are concerns about the Fed’s cautious approach.
Nifty 50 Highlights
Among the Nifty 50 stocks at the stock market today, 35 ended the day in the green. Bajaj Auto, Kotak Mahindra Bank, and Bharti Airtel were the top gainers, with gains of 3.43%, 2.56%, and 2.37%, respectively. Conversely, Adani Enterprises, NTPC, and UltraTech Cement were the top losers, experiencing declines of 2.18%, 1.88%, and 1.83%, respectively.
In sectoral indices, Nifty Bank led with a robust gain of 0.81%, followed by Nifty Private Bank, Healthcare, and IT, which also recorded significant gains. Conversely, Nifty Media, Nifty Realty, Nifty Oil & Gas, and Nifty Metal were among the laggards, with declines ranging from 0.52% to 2.54%.
Bhaarat Bulletin’s Shikha Rai, Bimal Dev, and BSE, NSE have contributed to the above report
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