SENSEX surges up to 409 points, NIFTY50 trades above 22,600 amid weak global cues; 7 things to know

At 10:35 AM, the S&P BSE SENSEX was trading at 74,569.66, up 237.08 points, or 0.32%, while the NSE's NIFTY50 index was trading at 22,615.85, up 63.35 points, or 0.28%.

During the session, the 30-share index of the BSE hit a high of 74,741.25, up 408.67 points, or 0.54%. The NSE's NIFTY50 index hit an intraday high of 22,676.75, up 124.25 points, or 0.55%.

The stock market was in the green even when the global stocks were under pressure. The rise in the market could be attributed to buying in index heavyweights, FM Sitharaman's statement on GST rates, and positive signals from Federal Reserve Chairman Jerome Powell, who emphasised confidence in declining inflation and a stable US economy.

Buying in heavyweights

According to CLSA, Infosys' current valuation levels make it an appealing investment opportunity. The global investment firm highlighted that the seasonally weak fourth quarter of FY25 has already been priced into the stock, minimising downside risks.

GST rates will come down further: FM

Finance Minister Nirmala Sitharaman on Saturday, March 8, said the GST rates will come down further and the work on rationalising tax rates and slabs has "almost reached a finale.".

She said that the revenue neutral rate (RNR) has come down from 15.8% at the time of the launch of GST on July 1, 2017, to 11.4% in 2023.

"It will come down even further," the minister added.

Fed Chair statement

According to a report by CNN, Federal Reserve Chair Jerome Powell said Friday he was not worried about the economy amid the Trump administration’s rapid-fire trade policy changes.

“Despite elevated levels of uncertainty, the US economy continues to be in a good place,” Powell said at an event hosted by the University of Chicago. “Sentiment readings have not been a good predictor of consumption growth in recent years," Powell said, as quoted by CNN.

“We do not need to be in a hurry and are well-positioned to wait for greater clarity,” Powell said.

The Trump administration’s whipsawing on trade policy has sowed uncertainty for America’s decision-makers, with some businesses noting that it is “impacting their ability to operate with confidence and take risks,” according to a recent Fed survey of firms across the country. It’s also weighed on major stock indexes: The S&P 500 lost all of its post-election gains this week, and the Nasdaq fell into correction territory, the report added.

Market updates

The BSE MidCap index was trading at 39,886.07, down 2.22 points, or 0.01%, while the BSE SmallCap index was trading at 45,360.49, down 246.37 points, or 0.54%.

Utility and power stocks were the top gainers in the trade. The BSE Utilities index was trading at 4,947.12, up 99.73 points, or 2.06%, while the BSE POWER index was trading at 6,234.01, up 81.39 points, or 1.32%.

Market Statistics

At the time of writing this article, the market breadth was in favour of declines, as out of 4,032 stocks traded on the BSE, 1,684 advanced, and 2,153 declined, while 195 scrips remained unchanged.

As many as 57 stocks hit their 52-week high while 81 stocks touched their 52-week low.

279 stocks hit their upper circuits and 184 hit their lower circuits.