On March 3, the Indian stock market opened higher, buoyed by favourable GDP growth data and strong GST collections.
At around 9.39 AM, the Sensex was up by 133.58 points, or 0.18%, at 73,331.68, while the Nifty gained 46.25 points, or 0.21%, at 22,170.95.
Early trading saw gains in the auto and IT sectors, contributing to the positive market sentiment.
Experts attributed the market’s strength to strong economic indicators. India’s GDP growth rate for Q3 increased from 5.6% in Q2 to 6.2%, with projections suggesting growth above 7% in Q4.
This cyclical recovery in the economy is expected to drive short-term gains in the stock market.
As consumer demand and business activity improve, market sentiment is likely to stay positive.
Market analysts suggest that Nifty may encounter resistance at 22,300, and breaking this level could lead to further gains toward 22,530 and 22,670.
On the downside, immediate support is at 21,929, a crucial level that could signal caution if breached, with further downside potential to 21,718.
A sustained movement above the resistance levels could trigger additional buying interest, while a dip below the support levels might raise concerns about market stability.
In the Sensex pack, stocks like UltraTech Cement, M&M, Infosys, Zomato, L&T, Adani Ports, and ICICI Bank were among the top gainers.
On the other hand, IndusInd Bank, Bajaj Finserv, NTPC, Axis Bank, and Kotak Mahindra Bank were the top losers.
In global markets, US indices showed positive movement, with Dow Jones rising 1.39%, S&P 500 climbing 1.59%, and Nasdaq adding 1.63%.
Asian markets followed suit, with China, Japan, Jakarta, and Hong Kong all trading in the green, while Bangkok was in the red.
Despite a positive domestic outlook, foreign institutional investors (FIIs) continued their selling streak for the seventh consecutive day, offloading equities worth Rs 11,639.02 crore on February 28.
However, domestic institutional investors (DIIs) remained active, purchasing equities worth Rs 12,308.63 crore during the same period.
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