Priyanka Tiwari
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Indian stock markets closed slightly lower on March 3 as volatility persisted due to mixed market cues. While strong domestic data, including better GDP figures and rising GST collections, provided support, uncertainty around global trade and the Ukraine peace deal weighed on investor sentiment.
Market Performance Overview
At the close, the Sensex dropped 112.16 points (-0.15%) to settle at 73,085.94, while the Nifty 50 ended 5.40 points lower (-0.02%) at 22,119.30.
The Indian indices opened higher following positive global trends but quickly turned negative in early trade, pulling the Nifty close to the 22,000 level in the first half. However, a recovery in the second half helped erase most losses, limiting the day's decline.
The Nifty 50 index extended its losing streak to nine consecutive sessions, while the BSE Sensex closed lower for the second straight day.
Top Gainers and Losers
Nifty Gainers:
- Bharat Electronics (+4.52%)
- Eicher Motors
- Grasim Industries
- BPCL
- JSW Steel
Nifty Losers:
- Coal India (-2.44%)
- Reliance Industries
- Bajaj Finserv
- HDFC Bank
- Bajaj Auto
Sectoral Performance
- Gainers: Consumer Durables, IT, Metals, and Realty sectors gained 0.5-1%.
- Losers: Media, PSU Banks, and Oil & Gas sectors declined by 0.3-1%.
Midcap & Smallcap Movement
- The BSE Midcap Index rose 0.25%.
- The BSE Smallcap Index fell 0.7%.
Stocks Hitting 52-Week Lows
Over 1,100 stocks on the BSE hit their 52-week low, including:
- Angel One
- Hatsun Agro
- Sterling Wilson
- Easy Trip
- Tata Teleservices
- Latent View
- Punjab & Sind Bank
- UCO Bank
- Graphite India
- IOB
- Bank of Maharashtra
- Birla Corp
- IIFL Finance
- Laxmi Organic
- Alok Industries
Index Summary
| Index | Closing Price | Change (Points) | Change (%) |
|---|---|---|---|
| Sensex | 73,085.94 | -112.16 | -0.15% |
| Nifty 50 | 22,119.30 | -5.40 | -0.02% |
| Nifty Bank | 48,114.30 | -230.40 | -0.48% |
Biggest Gainer & Loser
| Stock | Price | Change (%) |
|---|---|---|
| Biggest Gainer: Bharat Electronics | 257.39 | +4.52% |
| Biggest Loser: Coal India | 360.35 | -2.44% |
Sectoral Performance
| Sector | Price | Change (Points) | Change (%) |
|---|---|---|---|
| Best Sector: Nifty Metal | 8,316.30 | +97.05 | +1.18% |
| Worst Sector: Nifty Bank | 48,114.30 | -230.40 | -0.48% |
Technical Insights
Vatsal Bhuva, Technical Analyst, LKP Securities
- The Nifty found support around 22,000 and managed to close above the 38.2% Fibonacci retracement level of 22,043, derived from the 2022 low of 15,213 to its all-time high of 26,277.
- The RSI remains highly oversold at 22, signaling a possible short-term rebound towards 22,475 (400-day EMA).
- The broader trend, however, remains bearish, and a sell-on-rise approach is preferred unless the Nifty closes above 22,600.
- Immediate Resistance: 22,300
- Key Support: 22,000
- If breached, the next support lies at 21,800.
Nagaraj Shetti, Senior Technical Analyst, HDFC Securities
- After Friday’s sharp decline, Nifty traded with a weak bias and closed slightly negative.
- The formation of a small negative candle on the daily chart, with an upper and long lower shadow, indicates high volatility with minor upside attempts.
- While some recovery was seen from lower levels, the underlying trend remains negative.
- Any upside bounce will likely face resistance at 22,300.
- A decisive move above 22,500 could confirm a short-term bottom reversal.
- If Nifty falls below 22,000, the next support is around 21,800-21,700.
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