Markets close higher for the fourth consecutive session, NIFTY50 scales new lifetime high
Upstox
2 min read • Updated: March 4, 2024, 5:21 PM
Summary
Benchmark index NIFTY50 closed at new record levels on Monday, while SENSEX gained 66 points to close at 73,872 level driven by gains in oil & gas and banking shares and a rally in Asian markets.
The Indian stock market witnessed another day of gains as NIFTY50 (+0.12%) and SENSEX (+0.09%) – closed higher for the fourth straight session. NTPC, HDFC Life, Power Grid, ONGC, and BPCL were among the top gainers today.
Steel manufacturing companies like JSW Steel (-2.2%), Tata Steel (-1.4%) closed lower amid concerns over increased supply hitting the margins of steel companies. Higher exports from China have also weighed on steel prices and profitability.
Out of the NIFTY50 universe, 25 stocks advanced, while India VIX, a measure of market volatility, declined around 0.47%.
Oil & Gas (+1.87%) and Financial Services (+0.30%) were the top gainers on the sectoral front. On the other hand, Media (-1.85%) and IT (-0.77%) were the top losers. The BANK NIFTY (+0.34%) closed in green. Gains in Axis Bank, ICICI Bank, and Bank of Baroda Bank supported the index gain.
The broader markets closed mixed. The NIFTY MIDCAP 100 index was up 0.20% today, while
Shares of Moil Ltd rallied 6.76% after the manganese ore mining company said its February production jumped 15% YoY.
Hindustan Aeronautics surged 1.93% after the company bagged a ₹5,250-crore contract from the defence ministry to manufacture and supply RD-33 aero engines for MiG-29 aircraft.