FINAL TRADE: Indices settle at record peaks; Sensex jumps 1,245 pts; Nifty above 22,330 amid buying in financials, auto, metal and oil & gas

Stock market today: Bulls ruled Dalal Street on Friday, March 1, as the headline indices gained over 1 per cent higher and settled at record closing peaks.

The S&P BSE Sensex scripted a new record high and soared 1,245.05 points, or 1.72 per cent to 73,745.35. The broader Nifty50 settled 355.95 points, or 1.62 per cent, higher at 22,338.75. 

Among the Nifty 50 stocks, 37 advanced, with Tata Steel, JSW Steel, IndusInd Bank, Titan, and L&T being the top gainers, rising in the range of 3.33 per cent to 6.89 per cent. Conversely, Dr Reddy's Laboratories, Infosys, HCL Tech, Sun Pharma, and Britannia were the top laggards, sinking between 0.96 per cent and 3.65 per cent. 

Meanwhile, among the Sensex constituents, Tata Steel, JSW Steel, and L&T were the top winners. 

Strong gross domestic product (GDP) numbers, in-line US inflation data, a surge in metals and banking, and India's fiscal deficit for the first 10 months of this fiscal year since January, which stood at Rs 11.03 lakh crore, were the major factors that boosted sentiments.

"Better than expected Q3 FY24 GDP and ease in US inflation added buoyancy in both domestic and global markets. As the general election draws closer, stellar economic growth data raised confidence among investors for a pre-election rally. On the global front, in-line US personal consumption expenditure data and benign Eurozone inflation will influence global central banks to take a dovish view on interest rates," said Vinod Nair, Head of Research, Geojit Financial Services. 

From the technical point of view, according to Aditya Gaggar, Director of Progressive Shares, in the rising channel, the index oscillated with a higher top-higher bottom formation indicating the presence of a strong uptrend, and as per the pattern, the approximate target is 22,640 while the level of 22,200 will serve as a strong support.

Meanwhile, Nifty Bank closed 2.53 per cent higher at 47,286.9, and in the broader market, Small Cap 100 and Mid Cap 100 closed 0.94 per cent and 0.52 per cent higher, respectively. 

Gaggar added that the technical set-up of the banking stocks (IndusInd Bank-Symmetrical Triangle Breakout, Kotak Bank-Bullish Hammer Candlestick pattern at a strong support zone with a bullish divergence in RSI, SBIN-Flag, and Pole Breakout) is pointing towards an extension of the existing trend. The level of 48,000 will be considered the immediate resistance, while the downside seems to be protected at 46,700.

GLOBAL MARKETS

Japan's Nikkei hit a fresh record high on Friday, buoyed by the bounce on Wall Street as a key U.S. inflation reading was in line with expectations, while markets elsewhere in Asia were more subdued on China's still-uncertain economic outlook.

The Nikkei index gained 1.8 per cent to hit a fresh all-time high, extending a surge of 7.9 per cent the previous month when it breached levels last seen in 1989. Australia's resource-heavy shares also hit a record high and were last up 0.3 per cent on the day.

(With inputs from agencies.) 

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