Markets post sharp recovery, NIFTY50 above 22,450 and SENSEX above 74,000 mark
Upstox
1 min read • Updated: March 6, 2024, 3:36 PM
Summary
The Indian markets opened on a subdued note in the morning, largely influenced by muted global markets and profit booking in broader markets. However, both the NIFTY 50 and BSE SENSEX have rebounded into the green, reaching new highs.
In the final hour session, the NIFTY50 is trading at 22,450 levels, surpassing previous highs, while the BSE SENSEX has crossed the 74,000 mark on the index, reaching new peaks. The recovery in the indices can be largely attributed to index heavyweights like Reliance and IT stocks, which were key draggers in the morning session.
IT stocks like TCS, Infosys, Wipro, and HCL Tech have rebounded from their day lows and are now posting a rally of 2-2.5% intraday from the day lows. Additionally, banking stocks are showing a strong rally since the morning, with major private sector banks like Axis Bank, ICICI Bank, and Kotak Mahindra Bank up 1.5% - 2.5% in Wednesday’s trading session.
In the broader market spectrum, the NIFTY Midcap100 and Smallcap 100 have also recovered half of their intraday losses and are currently trading 0.7% to 1.5% lower in the final hour session.