Stock Market Update: Sensex, Nifty Open Flat; Broader Indices Outperform; Bajaj Finserv Up 3%

Sensex Today: Indian indices opened flat on March 2 amid mixed global cues. Both benchmark indices opened on a flat note. While Nifty50 traded below 17,450 levels, the S&P BSE Sensex hovered around 59,382 levels.

Bajaj Finserv, L&T, Hero MotoCorp, JSW Steel and Tata Steel were among major gainers on the Nifty, while losers were Adani Enterprises, TCS, Infosys, Maruti Suzuki and Power Grid Corporation.

Broader markets, however, outperformed benchmark indices as Nifty Midcap 100 and Nifty Smallcap 100 indices gained up to 0.2 per cent.

Sectorally, Nifty Media, and Nifty Private Bank indices were off to a decent start, whereas, Nifty IT index was the worst hit as it declined nearly 1 per cent.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The major concern for global equity markets continues to be the rising bond yields in the US, which will act as a drag for FII inflows into emerging markets like India. Yesterday the US 10-year bond yield touched 4%. FIIs cannot be expected to turn buyers in this scenario. Investors should make a distinction between FII selling on rising interest rates in US and DII buying on improving prospects for the domestic economy. Domestic economy-facing stocks like banks, capital goods, cement, select autos and FMCG will continue to do well. Banking stocks are resilient and can be expected to remain strong even amidst FII selling.”

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