Investors are set to keep a close watch on various triggers in the share market during the 1st week of March. These include both domestic and global economic news, political activities in anticipation of the 2024 General Elections, movements in crude oil prices, FIIinflow, as well as world market trends.
Last week saw volatility in nifty, but ultimately, it extended winning streak for the 3rd consecutive week, reaching a new all-time high. The Nifty and Bank Nifty indices saw gains of almost 0.75% and 11.5% respectively, closing the week at 22,419.55 and 48,636.45. The market capitalization of BSE-listed companies also hit a new peak of ₹394.06 lakh crore.
Initially, share bazar dropped to their lowest since February 15, but then came back due to bargain hunting, driven by positive factors. Global market improvements and a relief in US personal consumption expenditures (PCE) inflation readings further supported the Indian market.
In a special trading session on March 2, both Nifty 50 and Sensex ended higher. Sensex reached an all-time closing high of 73,806.15, while Nifty 50 settled at a new closing high of 22,378.40. Market analysts observed banking stocks performing well due to an improved economic outlook, while IT and pharma sectors faced weakness, given their closer ties to the global economy.
Looking ahead, a busy week awaits the primary market with several new initial public offerings (IPOs) and listings scheduled. Despite ongoing concerns such as delay in rate cuts, Middle East conflicts, and high valuations of local stocks, overall sentiment remains positive. However, analysts advise investors to remain cautious and focus on stock selection, advocating for a "buy on dips" strategy until Nifty 50 surpasses the 22,400 mark to trigger a new rally towards 23000
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