Stock market today: Bajaj Auto, Bosch, CSB Bank, Gensol Engineering, G R Infraprojects, MRF, Nestle India, Sterlite Technologies, and Sun TV touched 52 weeks low during intraday trading on the BSE on Wednesday, March 5, amid a surge of buying interest in the Indian stock market following 19 straight sessions of poor performance.
Bharat Gears, ESAF Small Finance Bank, BrainBees Solutions (FirstCry India), Happy Forgings, Madhucon Projects, Motor and General Finance, Ratnabhumi Developers, Sirca Paints India, and Uttam Sugar Mills were also among the stocks that reached their lowest levels in a year.
Today, the Indian stock market experienced a robust rebound, breaking a ten-day streak of losses. The BSE Sensex jumped by roughly 740 points to close at approximately 73,730, while the Nifty 50 index climbed above 22,337, illustrating a notable recovery from its recent downturns.
Experts attribute this positive trend to value buying across various sectors. The broader market displayed strength as well, with the BSE Midcap and Smallcap indices each increasing by about 2.4%.
Rajesh Sinha, a Research Analyst at Bonanza, mentioned that Indian equities received support despite global market uncertainties, such as ongoing trade tensions and tariffs set by the US. The market’s recovery was bolstered by buying activity from domestic institutional investors, which offset the net sales from foreign portfolio investors. In general, the gains of the day offered a welcome relief to investors following an extended period of downturn.
Nifty 50 outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty 50 witnessed a solid rebound as the 21,800-22,000 zone provided strong support. The index has moved up after two days of sideways trading. Besides, the RSI is in a bullish crossover and has risen from the oversold zone. In the short term, the trend is likely to remain strong, with the potential to rise towards 22,700 and higher. On the lower end, support is placed at 22,100/22,000.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
