Indian stock indices hover near all-time highs
Mar 07, 2024
New Delhi [India], March 7 : Indian stock indices extended their gains from the previous session and touched fresh highs on Thursday, tracking firmness in majority of sectoral indices coupled with overall stable macro-economic parameters.
Sensex on Wednesday crossed 74,000 mark for the first time and continued the rally through Thursday. At 11.01, Sensex was marginally 0.08 per cent lower at 74,020 points, a shy lower than its all-time high of 74,245 points. Nifty, however, was largely steady at the time of filing this report.
On Wednesday, the stock market saw a surge, with Nifty closing 118 points higher and Sensex closing 409 points higher. Healthcare and private bank sectors saw a 1 per cent rise, while the media index declined by over 2 per cent.
"There are some distinct trends in the market now. One, large caps are outperforming mid and small caps. Two, Bank Nifty is emerging stronger led by private sector majors like ICICI Bank, Axis Bank, Ind Sind Bank and Kotak Bank. Three, regulatory action on some NBFCs have impacted sentiments in the entire NBFC space, which, in turn, is improving sentiments in the high quality private banking space," VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
"At this stage in the market, safety should be given priority over return," Vijayakumar added.
Foreign portfolio investors who had aggressively sold Indian stocks and turned net sellers in the Indian equity market in January 2024, now again became net buyers in February and March. This has also likely buoyed the stocks off late.
So far in March, they bought stocks in India worth Rs 6,139 crore, the latest data available from the National Securities Depository Limited (NSDL) showed. So far in March, they bought stocks in India worth Rs 6,139 crore, the latest data available from the National Securities Depository Limited (NSDL) showed.
IIFL shares hit 10 per cent upper circuit on Thursday, following two consecutive days of lower circuit. The lower circuit is the lower possible price that the stock of a firm can trade at on that particular session.
On Monday, RBI directed IIFL Finance Ltd (the company) to stop sanctioning or disbursing gold loans or assigning, securitising, or selling any of its gold loans.
