A Day After Market Crash, Bulls Back On D-Street! Fresh Life High For Sensex, Nifty

Stock market today: The Indian stock market on Friday saw a significant rise as bulls charged Dalal Street to pick up shares whose prices were on the down low following Thursday's market crash. Both the Indian benchmark indices– Nifty 50 and Sensex– clocked in fresh lifetime highs.
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Bulls charged Dalal Street on Friday to pick up shares whose prices were on the down low (Pic: DALL-E)

Stock market today: The Indian stock market on Friday saw a significant rise as bulls charged Dalal Street to pick up shares whose prices were on the down low following Thursday's market crash. Both the Indian benchmark indices clocked in fresh lifetime highs.
In early trade on March 1, the 30-share BSE Sensex rose 1073.72 points and touched a new all-time high of 73,574.02. The rally was led by steel majors: Tata Steel and JSW Steel. Meanwhile, tech stocks, including those of Infosys, Wipro, and HCL Technologies, remained in the red.
The NSE Nifty 50 index rose 321.2 points to touch a fresh 52-week and all-time high of 22,304. Shares of Tata Steel and JSW Steel were top performers in this index as well.
In a note, Geojit Financial said, "Yesterday’s initial recovery attempts stalled near 22,000, there was enough positivity bubbling to stage another couple of upwsings that would finally stretch above 22,000. While all these were along expected lines, we had also noted that inability to close above 22,070, would allow the slippage to 21,800 to continue. We are encouraged to modify this view and look formore upsides today, with downside marker placed near 21,943."
The brokerage, however, cautioned that "the inability to float above 22,070-100 after initial positivity, would have to be taken as a weakening signal."
Choice Broking's Deven Mehata placed the market activity against the backdrop of the recent data that showed that India's GDP grew 8.4 per cent in the December quarter. "This GDP growth will help markets to move higher. The FII’s fund inflow can be witnessed based on the GDP numbers. Investor should keep holding long positions for long term. Traders are advised to purchase on dips with a strict stop loss of 21,800 on closing basis," he said.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Network suggests its readers/audience to consult their financial advisors before making any money related decisions.)
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