Closing Bell: Nifty ends near 14,900, Sensex gains 358 pts led by metal, financial

Taking Stock | Bulls Stay In Control As Budget Rally Continues On 4th Day, Nifty Crosses 14,900

Broader markets outperformed the main indices with BSE Midcap and Smallcap indices added 1.4 percent and 1.2 percent, respectively.... Read More

Jubilation continues for the fourth successive session as the benchmark gained over half a percent amid volatility. Initially, weak global cues led to a muted start in the benchmark, however healthy buying interest in the sectors such as FMCG, PSU banks and power aided the indices to inch northward as the day progressed. Consequently, the Nifty ended with healthy gains of 0.7% at 14,896 levels. Amongst the sectors, mostly ended on a positive note, barring IT, consumer durables and telecom.

Next, the outcome of the MPC’s monetary policy review meeting, which is scheduled for Feb 5, will be closely watched by the participants. The majority expect status quo on interest rates but the commentary on inflation and economic outlook would hold importance. Amid all, we reiterate our view to focus on the selection of stocks and continuing with the “buy on dips” approach. Nifty has the potential to test 15,200 zone ahead.

The market turned positive from its weak start and traded near lifetime highs following a recovery in banking stocks. Driven by the hope of privatization & NPA restructuring, PSU banks were at the forefront. FMCG, Media and Metal were also in focus with broad-based rally. We cannot expect more from the on-going Monetary Policy Committee meeting, considering the encouraging economic outlook than to maintain a status quo and accommodative stance. While they will work on measures to normalize the gap between the repo rate and market yield.

Markets exhibited strong momentum through the day despite volatility as Capex related stocks too participated together with PSU banks and consumer stocks. The sheer array of sectors and stocks that were sought after in the broader market showed the mood of investors as the NIFTY crossed the 14900 mark today.

One more positive session with index touched fresh high and closed a day on fresh highs at 14,888 with a gain of nearly one percent forming a bullish candle on the daily chart. Going forward 14,750 has become a strong base in Nifty also one can consider this as a make or break level any break below said levels can see some more profit booking but holding above said levels we may see index to march towards 15k mark.

Indian rupeeendedflatat 72.96per dollar, amid buying saw in the domestic equity market on the fourth consecutive session.It opened flat at 72.94 per dollar against previous close of 72.96 and traded in the range of 72.89-72.96.

At close, the Sensex was up 358.54 points or 0.71% at 50,614.29, and the Nifty was up 105.70 points or 0.71% at 14,895.70.

Characterised by low volumes, the movement of the index was rather tepid in the first half of trade today. Post 12 noon we saw some strength coming in which pushed the Nifty higher to cross 14,900. We are still in a position to expect 15,000-15,100 on the index and hence any dip or intraday correction can be utilised to enter the markets.

Biswas, Head of Technical Research at CapitalVia Global Research:

The market witnessed to extend the gain further to yesterday's rally in the last hour of the session. The market is likely to hold the momentum and likely to reach the level of 14,950-15,000. The level 14,730-14,750 to act as a support zone from the short-term perspective. The momentum indicators like RSI, MACD to stay positive. Buy on dips will be a good opportunity in the market.

: Indian indices continued the winning streak on the fourth straight session on February 4 supported by the PSU bank and metal stocks.

At close, the Sensex was up 358.54 points or 0.71% at 50614.29, and the Nifty was up 105.70 points or 0.71% at 14895.70. About 1813 shares have advanced, 1110 shares declined, and 142 shares are unchanged.

ITC, SBI, Bajaj Finance, Coal India and ONGC were among major gainers on the Nifty, while losers included Asian Paints, UPL, Cipla, IndusInd Bank and Tata Motors.

Except IT all other sectoral indices ended in the green. BSE Midcap and Smallcap indices rose over 1 percent each.

Mahindra & Mahindra announced proactive inspection & replacement of camshaft, manufactured between September 7 and December 25, 2020 for only limited days of manufacturing, on a batch of 1,577 units of its Thar diesel variants.

Bharat Heavy Electricals Limited (BHEL) has successfully commissioned the second unit (800 MW) of the 2x800 MW Gadarwara Super Thermal Power Project Stage-l.

Located at Gadarwara in Narsinghpur district of Madhya Pradesh, the greenfield project is being developed by NTPC Ltd. The first unit of this project was commissioned by BHEL in 2019 and is presently under commercial operation.

Madhusudan Kela has resigned as an independent director of Aptech for personal reasons with immediate effect.

HAL has received a Request for Proposal (RFP) from the Indian Air Force for their Basic Trainers requirement here today at the on-going Aero India 2021. The RFP is for 70 aircraft with additional clause for 38 more. The certification will be given against the PCQR. The production will take place at HAL's two manufacturing units at Bengaluru and Nashik.

The RFP has come within six years from the first flight of HAL which is shortest time-line in aircraft industry. The trainer will have more than 60 percent indigenous -content and is supported by agencies such as CEMILAC, RDAQA, ASTE and others.