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livemint.com / 2 months ago
Stock recommendations for 6 March from MarketSmith India
Stock market recap: The Indian stock market saw strong buying interest on 5 March, largely driven by short covering after a sharp sell-off that had dragged benchmark indices down about 4% in just a few days.The Sensex jumped 900 points, or 1.14%, to close at 80,015.90. Its NSE counterpart, the Nifty 50, rose 1.17% to end at 24,765.90.Buying was broad-based across the market.
The BSE 150 MidCap Index gained 1.44%, while the BSE 250 SmallCap Index climbed 1.38%.The rebound came amid short covering and reports that Iran had made conditional offers to the US. Mint could not independently verify these reports.Buy: Hindalco Industries Ltd(current price: ₹955)Buy: Astra Microwave Products Ltd (current price: ₹1,034)Indian equities ended firmly higher on 5 March, with the Nifty 50 advancing 285 points, or 1.17%, to close at 24,765.90, after trading within a range of 24,529–24,854.
Sensex mirrored the momentum, supported by broad-based buying across sectors.Market breadth was decisively positive, with 2,210 stocks advancing against 1,039 declines (87 unchanged), translating into an advance-decline ratio of over 2:1, signalling strong underlying participation beyond index heavyweights.On the sectoral front, Metals (+2.3%), Consumer Durables (+2.1%), Autos (+1.9%), and Pharma (+1.5%) led gains, while IT was the lone laggard, slipping 0.6%. Financials and Private Banks posted steady gains, lending stability to the rally.Nifty 50 staged a sharp rebound after witnessing a corrective phase from recent swing highs and is still trading below its 200-DMA.
Momentum indicators remain mixed. The RSI is hovering around 38, recovering from near-oversold territory, which signals easing downside momentum but not yet a decisive bullish shift.
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