March 6th 2024 Stock Market analysis

Market Milestone: Sensex Surges Beyond 74k, Nifty Hits Record High in Impressive Recovery

The market showcased an impressive rebound, surging by a percent from the day's low to achieve new highs on March 6, with the 30-stock Sensex crossing the 74,000-point milestone for the first time. At the close, the Sensex recorded a gain of 408.86 points, or 0.55 percent, reaching 74,085.99, while the Nifty climbed 117.70 points, or 0.53 percent, to 22,474, marking its best closing ever.

Earlier in the session, both the Sensex and Nifty hit highs of 74,151.27 and 22,497.20, respectively.

Despite a weak start, the market spent most of the session in negative territory, but a surge in buying activity during the final hour, particularly in banking, IT, and pharma stocks, propelled them to new record levels.

Among the top Nifty gainers were Bajaj Auto, Kotak Mahindra Bank, Axis Bank, Bharti Airtel, and SBI Life Insurance, while Adani Enterprises, UltraTech Cement, NTPC, ONGC, and BPCL were among the losers. The banking index surged by 1 percent, while the pharma and IT indices each gained 0.7 percent. Conversely, the oil & gas, power, and realty sectors each declined by a percent.

The BSE midcap index closed 0.6 percent lower, while the smallcap index ended 2 percent down.
‍

Technical Outlook on 7th March

Nifty is likely to find immediate support levels near 22,338 followed by 22,202, while resistances are anticipated at 22,610 and 22,746. Currently, Nifty shows a positive bias amidst volatility. Similarly, Bank Nifty may find immediate support near 47,607 and 47,249, with resistances expected at 48,324 and 48,682. Bank Nifty is currently poised for volatile trading.

‍Derivative Outlook on 7th March

PCR Analysis: Nifty PCR-OI has increased with nifty has positive close which shows PUT WRITING.

Open Interest Analysis: Nifty future March contract OI has increased with positive close which shows Long Buildup.

Cost of Carry Analysis: Nifty MARCH month contract has ended in high compare with APR contract and high range compare with previous session which indicates a positive bias.

India VIX Analysis: India VIX has closed at 14.30 vs 14.38 (DoD) basis which shows decrease in volatility.

KPI Green Energy jumps 3% on securing 4 solar power projects; stock up 482% in a year

KPI Green Energy Limited witnessed a 3.3 percent increase in its share price to Rs 1,696 on market closing time  on March 6, following the company's announcement of securing four solar projects with a combined capacity of 9.40 megawatts. The company will undertake 5 MW, while its wholly-owned subsidiary KPIG Energia Private Limited will handle the remaining 4.40 MW. These projects are slated for completion in the financial year 2024-25, with staggered delivery as per the order terms, as per the regulatory filing on March 6. The orders have been received from Sustainable Spinning & Commodities Pvt Ltd, Sharvil Tex Fab, Dharma Fab, and Raghuveer Tex. Additionally, in February, KPIG Energia secured orders for 1.5 MW solar power projects under the Captive Power Producer (CPP) segment from Pruthvi Textile, to be completed in the financial year 2024-25.

In the December quarter, KPI Green recorded a 47 percent year-on-year increase in consolidated net profit, reaching Rs 50.60 crore, supported by enhanced income. The company's total revenue surged to Rs 331.32 crore from Rs 179.66 crore a year ago.