NIFTY50, SENSEX hit new all-time highs, Banking and IT stocks shine
Upstox
1 min read • Updated: March 6, 2024, 5:18 PM
Summary
Markets recouped early losses to end new lifetime highs. SENSEX closed at a new record high of 74,085, while NIFTY50 rose to 22,474. Bajaj Auto shares rose for the fifth straight session.
Benchmark indices—NIFTY50 (+0.56%) and SENSEX (+0.55%)—recouped morning losses to settle at fresh record highs on Wednesday, supported by gains in banking and IT stocks. Out of the NIFTY50 universe, 35 stocks closed higher.
The domestic markets witnessed a smart recovery in the second half, with the 30-share BSE SENSEX rising over 400 points to a new record high of 74,085. During the day, it touched an all-time high of 74,151. Meanwhile, the NIFTY50 rose to 117 points to close the day at 22,474.
Bajaj Auto was the top gainer today in the NIFTY50 index. The automaker’s shares rose for the fifth straight session as the company’s ₹4,000 crore share buyback program kickstarted today. The company intends to buy back 40 lakh shares at ₹10,000 per equity share. The buyback will be open till 13 March.
Meanwhile, the broader markets underperformed today, as the NIFTY Midcap100 was down 0.5%, while the NIFTY Smallcap100 index fell 1.9%.
Shares of city gas distribution companies, including Mahanagar Gas, Indraprastha Gas and Gujarat Gas, saw a significant fall after Union Petroleum Minister Hardeep Puri’s remarks triggered margin concerns for gas distribution companies.
Read more: City gas distributor stocks tumble, Mahanagar Gas falls over 16%