Indian markets close higher on strong global cues; Nifty recovers from early dip

Mumbai (Maharashtra) [India], March 6 (ANI): Indian equity markets ended on a positive note on Thursday, driven by strong global cues and sectoral strength in Metals, Oil & Gas, and Pharma.

After an initial dip, both benchmark indices rebounded sharply, with the Sensex surging 609.87 points to close at 74,340.09, while the Nifty 50 climbed 207.40 points to end at 22,544.70.

Of the Nifty 50 constituents, 38 stocks advanced while 12 declined. Asian Paints, Coal India, BPCL, Hindalco, and Reliance emerged as the top gainers, whereas Tech Mahindra, Trent, BEL, Britannia, and Kotak Bank were the biggest losers.

According to Sundar Kewat, Technical and Derivatives Analyst at Ashika Institutional Equity, the Nifty 50 opened with a gap-up at 22,476, but early profit-booking led to a dip, with the index touching an intraday low of 22,245. However, the downturn was short-lived as the market rebounded, hitting an intraday high of 22,556 (as of 15:17) before closing firmly in the green.

He said, "The rally was primarily driven by Metals, Oil & Gas, Energy, and Pharma, with all major sectors ending in the green. However, these segments emerged as the top gainers, fueling overall market optimism."

He added, "A key driver of today's gains was China's GDP growth forecast, which lifted sentiment. Beijing set a 5 per cent growth target for 2025, despite ongoing trade tensions with the US. This optimism translated into a 1.3 per cent surge in Nifty Metals, reflecting investor confidence in global economic resilience."

With strong global cues and renewed buying interest in key sectors, market participants remain optimistic about further upward momentum in the near term.

Indian equity markets opened flat on Thursday, buoyed by strong buying at oversold levels by domestic investors.

The market's rebound comes after a prolonged period of weakness, with Nifty breaking its worst-ever 10-day losing streak on Tuesday by surging 1.2 per cent. (ANI)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)