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The Sensex surged to 74,151.27, and the Nifty 50 hit 22,497.20 during the session. Ultimately, the Nifty 50 closed at 22,474.05, up 118 points (0.53%), and the Sensex settled at 74,085.99, up 409 points (0.55%).
Investors eagerly await Federal Reserve Chair Jerome Powell’s congressional testimony for potential insights into future interest rate adjustments. Expectations are mixed, with optimism for rate cuts by June tempered by concerns of cautious Fed decisions.
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Impact on the stock market
Nifty Bank surged by 0.81%, while Nifty Private Bank (0.87%), Healthcare (0.84%), and IT (0.77%) also posted notable gains.
Conversely, Nifty Media (-2.54%), Nifty Realty (-1.34%), Nifty Oil & Gas (-1.03%), and Nifty Metal (-0.52%) faced declines.
| Sector/Index | Performance |
| Information Technology | +0.77% |
| Healthcare | +0.84% |
| Oil & Gas | -1.03% |
| Realty | -1.34% |
| PSU Banks | +0.04% |
Top gainers today
| Company | Price | Change (%age) |
| Bajaj Auto | 8,605.80 | +3.04% |
| Kotak Mahindra | 1,759.75 | +2.57% |
| Axis Bank | 1,125.00 | +2.20% |
| Bharti Airtel | 1,193.70 | +2.12% |
| SBI Life Insurance | 1,520.40 | +1.95% |
Top losers today
| Company | Price | Change (%age) |
| Adani Enterprise | 3,233.95 | -2.30% |
| UltraTech Cement | 9,641.05 | -2.01% |
| NTPC | 351.95 | -1.76% |
| ONGC | 280.25 | -1.23% |
| BPCL | 638.35 | -1.05% |
Market aftermath: Impact on stocks
Sun Pharma hits 52-week high
Sun Pharma shares surged around 2%, hitting a 52-week high of ₹ 1,606.75 on March 6, following the US FDA’s clearance of its Ankleshwar API unit. The “No Action Indicated” classification allows manufacturing and export from the plant, boosting investor sentiment.
Sun Pharma’s shares have climbed over 29% in the past three months. The clearance comes amid the company’s regulatory challenges, including an import alert for its Halol unit, impacting its US market revenue.
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KPI Green Energy leaps 3% on securing 4 solar projects
KPI Green Energy Limited shares surged 3.3% to ₹ 1,706 on March 6 after securing four solar projects totalling 9.40 MW. The company and its subsidiary, KPIG Energia Private Limited, will undertake 5 MW and 4.40 MW, respectively.
Notably, the stock has soared by a remarkable 482% over the past year. In the December quarter alone, KPI Green recorded a 47% YoY increase in consolidated net profit, reaching ₹ 50.60 crore, while total revenue surged to ₹ 331.32 crore.
Gopal Snacks IPO sees 43% subscription on day 1
Gopal Snacks IPO registered a 43% subscription on day one, with the retail segment oversubscribed by 73%. Offered at ₹381-₹401 per share, the IPO aims to raise ₹650 crores, attracting bids for 52,05,197 shares against 1,19,79,993 available.
Notably, the QIB portion remains undersubscribed, receiving only 4,218 bids out of 33,93,700 shares offered. The grey market premium stands at +51, suggesting a potential listing price of ₹452, indicating strong investor interest above the IPO price.
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Crude oil futures rise
Crude oil futures climbed on Wednesday after US inventory data indicated a slight uptick. At 9:07 am, May Brent oil futures reached $82.13, a 0.11% increase, while April WTI crude oil futures stood at $78.25, up by 0.13%.
On MCX, March crude oil futures were at ₹6490, rising 0.14%, with April futures at ₹6462, up by 0.11% from the previous close.
Conclusion
In today’s stock market update for March 6, 2024, the Sensex and Nifty 50 soared to new highs, with the Sensex breaching 74,000 for the first time.
Sun Pharma hit a 52-week high after regulatory clearance, KPI Green Energy surged on securing solar projects, and Gopal Snacks IPO saw strong interest. Crude oil futures also rose.
Stay tuned to StockGro for more updates.
