Indian Stock market closed on a high note on March 3rd, with the Nifty hovering around 17,600. The Sensex climbed by 1.53% or 899.62 points to 59,808.97, while the Nifty gained 1.57% or 272.40 points, closing at 17,594.30. Out of the 3542 shares traded, 2118 shares advanced, 1299 declined, and 125 remained unchanged.
Adani Enterprises, Adani Ports, SBI, Bharti Airtel, and SBI Life Insurance were among the top gainers on the Nifty. In contrast, Tech Mahindra, UltraTech Cement, Cipla, Divis Labs, and Asian Paints were among the top losers. All sectoral indices ended in the green, and the BSE midcap and smallcap indices each added 0.5 percent.
In a significant development, Adani Group’s market cap increased by Rs 71,000 crore, marking the largest gain since July 11. The Indian rupee closed at 81.96 per dollar, a gain of 63 paise compared to the previous day’s closing of 82.59.
PSU Banks led the sectoral rally, aided by reports of foreign investments in Adani stocks, which helped to revive market sentiment. Furthermore, FIIs turned into strong buyers, contributing to the positive sentiment. Global sentiment was also upbeat, with a Fed official stating that the next meeting would include a favourable level of rate hike.
Overall, the market had more reasons to cheer than to worry about inflation concerns, and the sentiment was buoyant throughout the trading session.
