Metal, pharma rally over 4% to end Sensex's 7-day drought

Taking Stock: Nifty snaps 7-day losing streak on potential monetary stimulus from central banks

If Nifty manages to sustain above 11536 levels on a closing basis then eventually decks should be cleared for a bigger up move towards 11900 kinds of levels, suggest experts.... Read More

Counter-trend rally can see Nifty scale towards the near term resistance zone of 11,550. Traders should avoid chasing the markets in such a scenario as the trend continues to remain on the downside and counter-trend rallies have a higher probability of trapping on the long side.

In the near term, we expect volatility to remain high as globally as well as domestically, market sentiments would be driven by updates on spread of Coronavirus cases. Therefore, we continue to remain cautious on Indian market due to increased volatility, lacklustre earnings and weak macro data.

News of the Coronavirus continued to maintain buzz across the world markets, but amidst all this the benchmark Nifty eventually closed at the day's high. The G7 meeting and its outcome would be a keenly watched event. If the result is good then it will be good for the equity markets.

The Nifty is ready for a healthy pullback, whereas the 11500/11550 levels would be hurdles.

Index closed a day on positive note at 11303 with good gains of 171 points forming a bullish candle after eight consecutive red candles on daily chart. Nifty Bank closed a day at 29,177 with gains of 309 points forming a hammer candle pattern on daily chart which is reversal candle by nature, support for Nifty Bank is coming near 28,900-28,600 zone and resistance is coming near 29,400-29,700 zone.

Comments by central bank officials over possible policy initiatives to curtail economic impact held markets positive across the globe. Broad-based momentum was witnessed in metals and pharma while the strong dollar held IT stocks higher. With nations across the globe taking precautions over the virus, further long-term economic impact looks minimal.

After seven consecutive day of fall the Indian indices bounced and ended higher on March 3 amid concern over Coronavirus.

At close, the Sensex was up 479.68 points or 1.26% at 38,623.70, and the Nifty was up 170.55 points or 1.53% at 11,303.30.

Vedanta, Hindalco, Sun Pharma, Tata Steel and Zee Entertainment were among major gainers on the Nifty, while losers include Bajaj Auto, Yes Bank and ITC.

All the sectoral indices ended higher. The BSE Midcap and Smallcap indices ended with a percent gain.

The Indian rupee erased all its early gains and slipped further to trade at day's low level at 73.11per dollar amidbuying seen in thedomestic equity market.

The Rs 10,335-crore public offer ofSBICards and Payment Services, the country's second largest credit card issuer, has seen subscription of71.57 percent on March 3, the second day of bidding.

The company has bagged a large deal for digitalizing mission critical citizen services in India in partnership with a large System Integrator.

: Infosys share price gained over 1 percent on March 3 after company with IBM announced a global alliance to help enterprises accelerate their digital transformation journey using the IBM public cloud.

Vodafone Idea pays around Rs 3,043 crore to the government towards deferred spectrum dues, Sources told to PTI.