Market Stays Steady as Investors Look Abroad for Clues.
The Indian market remained stable on March 4, with the Nifty and Sensex closing slightly higher after initially rising. This was mainly due to increased buying activity in energy and infrastructure sectors. Investors kept an eye on global cues, particularly watching events like Federal Reserve boss Jerome Powell’s congressional testimony and China’s National People’s Congress.
The Sensex closed up by 66.14 points, or 0.09 percent, at 73,872, while the Nifty ended 27.20 points, or 0.12 percent, higher at 22,405. Although about 1,350 shares advanced, 2,462 declined, and 120 remained unchanged. The broader market saw mixed results, with the BSE midcap index edging slightly higher and the BSE SmallCaps index closing in the red.
With no significant local events, market participants continued to look to global indices for direction. The Nasdaq Composite index in the US hit a new record high on March 1, which analysts believe could positively impact IT stocks in India.
Technically, the Nifty started the week with a consolidation phase, forming a Doji candle on the daily chart. However, the overall sentiment remained bullish, with expectations of a breakout above 22,440 targeting 22,700 on the upside. Support was seen around 22,200.
The Bank Nifty index showed resilience by holding above the crucial support level of 47,000. It was believed to be in a buy mode, with potential to surpass its all-time high levels in the near future. Immediate resistance was identified at 47,500.
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