Stock Market at Close: Sensex, Nifty Rise Amid Volatility; Bank, Pharma, IT Shine

The Indian stock market ended in the green on March 6, 2024, amid volatility. At close, Sensex gained 408 points at 74,085.99 while Nifty was up 117 points and ended the session at 22,474.05.

Around 899 stocks advanced and 2,961 declined while 80 stocks remained unchanged.

Among sectors, the Bank index was up 1 percent, and pharma and IT indices were up 0.7 percent each. On the other hand, oil & gas, power, and realty were down 1 percent each.

Top Nifty50 Gainers

Top Nifty50 Losers

Most Active Stocks on NSE in Terms of Volumes

Asian Markets

Asia-Pacific markets reversed early declines to mostly rise Wednesday, with Hong Kong stocks leading gains in the region. The Hang Seng index rose more than 2% earlier in the session, before paring gains, while mainland Chinese stocks slid, sending the CSI 300 down 0.41% to close at 3,551.05, according to a CNBC.com report. South Korea’s broader Kospi slid 0.3% to end at 2,641.49. The small-cap Kosdaq was up 0.5%, closing at 870.67. Japan’s Nikkei 225 dipped marginally to end at 40,090.78.

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European Markets

European shares rose on Wednesday supported by strong corporate earnings, while investors were cautious ahead of key euro-zone economic data and US Federal Reserve Chair Jerome Powell’s testimony before Congress. The pan-European STOXX 600 index was up 0.3%. FTSE added 0.3 percent at 7,669.30 while CAC was up 0.26 percent at 7,953.84. German DAX gained 0.25 percent at 17,742.44.

Stocks in Focus

IIFL Finance: down 20%

Shares of IIFL Finance nosedived 20 percent for the second straight session after RBI decided to ban the company from issuing gold loans. The Reserve Bank of India (RBI) directed IIFL Finance to desist from sanctioning or disbursing gold loans. The decision followed an inspection of the company by the RBI as of March 31, 2023, that revealed discrepancies in the company’s functioning in certain areas.

Sun Pharma: up 2%

Sun Pharma’s stock experienced a 2 percent surge, reaching a new 52-week high, following reports that the US Food and Drug Administration (FDA) had granted clearance to the company’s Ankleshwar API (Active Pharmaceutical Ingredients) unit for manufacturing and export. According to a CNBC Awaaz report, the USFDA designated the unit as “No Action Indicated” (NAI), signaling approval for production and export activities from the facility.

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