FINAL TRADE: Sensex closes above 74,000 for first time ever, Nifty50 climbs to 22,474 as bulls take indices to record levels

Stock market today: Domestic blue-chip indices Nifty50 and Sensex registered record closing highs on Wednesday, March 6, as the bulls once again took charge of Dalal Street after taking a day's breather following a four-day rally to a series of unprecedented levels. A fag-end recovery in financial and IT shares aided the rise in the market.

Both headline indices ended around half a per cent higher at record closing highs. The Sensex rose 408.9 points to settle at 74,086 while the Nifty50 added 117.8 points to 22,474.1, after scaling all-time highs of 74,151.3 and 22,497.2  in intraday trade respectively wherein the 30-scrip index crossed the psychologically important level of 74,000 for the first time. 

Bajaj Auto, Kotak Mahindra Bank, Bharti Airtel, and State Bank of India rose the most among the 35 gainers in the Nifty basket, rising around 2-3 per cent each. On the other hand, Adani Enterprises, NTPC, UltraTech Cement, and BPCL were among the top losers, down around 1-2 per cent.

"The domestic market exhibited a smart recovery in the second half, reversing initial losses as buying picked up in large-cap stocks."  said Vinod Nair, Head of Research, Geojit Financial Services.

The high beta Nifty Bank settled 384.4 points or 0.8 per cent at 47,965.4, led by ICICI Bank and Axis Bank.

Broader indices Nifty Midcap 100 and Nifty Smallcap 100 fell 0.5 per cent and two per cent, respectively.

Apparent profit-booking in midcap and smallcap stocks reflects worries about stretched valuations, said Nair.  

Global Market

Globally, investors awaited Federal Reserve Chair Jerome Powell's congressional testimony due on Wednesday and Thursday, and key jobs data from the world's largest economy the following day for clues on the timing of reductions in benchmark interest rates.

European shares began the day in the green supported by strong corporate earnings as investors exercised caution ahead of key Eurozone economic data due this week. The pan-European STOXX 600 index was up 0.3 per cent at the last count.

"While it's widely expected that the Fed chair may downplay the urgency for rate hikes, the possibility of hints regarding a potential rate cut trajectory cannot be dismissed," Nair added.

With inputs from agencies

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