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Investors gain Rs 3 lakh crore as Sensex ends 750 points higher post Friday crash

Investors gain Rs 3 lakh crore as Sensex ends 750 points higher post Friday crash

Sensex closed 750 points or 1.53% higher at 49,849 today after investors cheered Q3 GDP data and resorted to value buying. Nifty ended 232 points or 1.60% higher at 14,761

Market cap on BSE rose by Rs 2.95 lakh crore today  to Rs 203.76 lakh crore Market cap on BSE rose by Rs 2.95 lakh crore today to Rs 203.76 lakh crore

Investors gained nearly Rs 3 lakh crore in the first trading session of March 2021 as market made a partial recovery from the crash it suffered on February 26. Sensex closed 750 points or 1.53% higher at 49,849 today after investors cheered Q3 GDP data and resorted to value buying. Nifty ended 232 points or 1.60% higher at 14,761. Market cap on BSE rose by Rs 2.95 lakh crore today  to Rs 203.76 lakh crore. 

On Friday, market wealth on BSE fell by over Rs 5 lakh crore to Rs 200.81 lakh crore as investors resorted to panic selling after global markets crashed on rise in US bond yields and US airstrikes on Syria.

On February 26, Sensex crashed 1,939.32 points or 3.80 per cent to close at 49,099.99 its worst one-day fall since May 4 last year. Nifty had plunged 568.20 points or 3.76 per cent to close the session at 14,529.15 the biggest single-day drop since March 23 last year.

Encouraging February auto sales also led the market higher today. BSE auto index ended 532 points higher at 23,470.

On Sensex, 29 components ended in the green.  Top gainers were PowerGrid , ONGC , UltraTech Cement and Asian Paints rising up to 6%. Bharti Airtel share was the only Sensex loser falling 4.45%. Market breadth was positive with 1,948 shares  ending higher against 1121 falling on BSE. 198 stocks were unchanged. Number of stocks hitting 52-week highs stood at 294 against 54 falling to 52-week lows.

Bharti Airtel stock slips over 6% after Integrated Core Strategies sells 3.7 crore shares

Banking  and auto stocks led the gains in trade today. BSE bankex climbed 635 points to 39,616.  Nifty auto index 241 points higher at 10,411. All 19 BSE sectoral indices ended higher today.

Share Market Live: Sensex up 700 points, Nifty at 14,750; ONGC, PowerGrid, Titan, Asian Paints top gainers

Market volatility index India VIX fell 9% to 25.62 today. On  February 26, the index rose 22.89% to 28.13.

Commenting on today's market movement, Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan said, "Nifty had a swift bounce on March 1, after a sharp fall on February 26. The index had reached the junction of 40 DEMA and the daily lower Bollinger Band on Friday. These parameters together act as a good support and the same was seen in this case. The index has seen a lower Bollinger reversal and is expected to head towards the middle line in the next few sessions. The overall structure shows that the index is likely to stay in a consolidation phase for the short term where the range would be 15000-14400. The daily Bollinger Bands are in contraction phase, which is in line with the expected consolidation."

Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking said, "On the upside, 14,900-15,000 will be the immediate resistance range of the index and one should look to lighten up trading longs on pullback towards this range. A move above the recent swing high of 15,178 will only negate the recent short term corrective structure. On the flipside, 14,630 followed by 14,500 are the immediate supports for the index."