Stocks to watch on March 6: BEL, Mazagon Dock Shipbuilders and Jindal Steel and Power cross their 50 EMA levels

Indian markets posted a strong bounce back from lower levels and closed more than 1% higher on Wednesday. The NIFTY50 jumped 254 points to close above 22,300, and the SENSEX jumped more than 700 points to close above 73,700. The rally was broad-based; all the sectors closed in green, with IT & Telecom, Metals, Media, PSU Bank, and Auto among the top gainers with gains of more than 2%.

The broader indices like NIFTY Midcap 100 and Smallcap 100 jumped nearly 3% on Wednesday as investors bought midcap and smallcap stocks at lower levels after falling 30% to 40% from the highs. Some stocks like BEL, Mazagon Dock Shipbuilders and Jindal Steel and Power gained bullish momentum as they crossed their 50-day exponential moving average.

Bharat Electronics Ltd

Shares of BEL jumped 3.86% on Wednesday to close at ₹274 levels higher than its 50DEMA of ₹270.9. The shares had corrected nearly 29% from the record high achieved in July 2024 and have been consolidating since then. The company is the second largest in the defence sector, having an order book of over ₹70,000 crore.

Mazagon Dock Shipbuilders

The shares of the Mumbai-based shipbuilding company were in focus as they closed 3.89% higher at ₹2,246, crossing their 50 DEMA level of ₹2,211 on Wednesday. The shares have jumped 15% in the past nine trading sessions from their lower levels.

Jindal Steel and Power

The Jindal Group company witnessed strong investor interest in the past month as it gained nearly 23% from its near-time low levels. The shares also closed above their 50 DEMA level of ₹873, closing 2.81% higher at ₹891.65 apiece. The stock was among the top contenders in the list of stocks that witnessed heavy promoter buying in the recent correction.

Apart from these, stocks like Berger Paints, Aavas Financiers,Bajaj Holding, Bharti Hexacom, Doms Industries, Inox India, Laurus Labs, NTPC, Welspun corp and more closed above their 50DEMA mark.