Stock market today: Domestic blue-chip indices Nifty50 and Sensex registered record closing highs for the second straight session on Thursday, March 7, as the bulls continued to dominate the market, thanks to buying in fast-moving consumer goods and metal and mining stocks.

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The Sensex rose 33.4 points, or 0.05 per cent, to settle at 74,119.39, while the Nifty50 added 19.5 points, or 0.09 per cent, to 22,493.55 after scaling all-time highs of 22,525.65 and 74,245.17 during the intraday session, respectively, wherein the 50-scrip index crossed the psychologically important level of 22,500 for the first time. 

Tata Consumer Products, Tata Steel, Bajaj Auto, UPL, and JSW Steel were among the top gainers in the Nifty basket, trading with gains of around 4–2 per cent. On the other hand, Mahindra & Mahindra, BPCL, Reliance, Axis Bank, and LTIMindtree were among the top losers, down nearly 4-1 per cent.

"Equity benchmark indices edged higher after hitting a record high amid a firm trend in the US market and FII inflows. Moreover, faster than expected economic growth for the current fiscal year boosted sentiments for metal and capital goods stocks," Vinod Nair, Head of Research, Geojit Financial Services, said. 

Nifty Bank shed 0.27 per cent, or 129.6 points, to settle at 47,835.8. Meanwhile, the broader, more domestically-focussed Nifty SmallCap100 and Nifty MidCap100 gained 0.85 per cent, and 0.23 per cent, respectively, outperforming the benchmarks.

"Meanwhile, global indices exhibited mixed sentiments, driven by the Fed’s signals of hope for a potential rate cut this year. Further clarity on the labour market, anticipated with the release of non-farm payroll data on Friday, will offer insights into potential rate adjustments," Nair added.

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Global Market

European shares were subdued on Thursday amid investor caution ahead of the European Central Bank's interest rate decision, while British lender Virgin Money soared on a potential buyout offer.

The pan-European STOXX 600 was flat and off its record highs hit in the previous session, with more than half of the sectors trading in the red amid a slew of corporate earnings. Automobiles and parts fell 1.1 per cent, leading sectoral declines, and were on track for their biggest decline in seven weeks, while healthcare shares were the top gainers with a 0.8 per cent rise.

(with agency inputs)

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