Closing Bell: Nifty ends above 15,200, Sensex jumps 1,147 pts led by metal, financials

Taking Stock: Sensex, Nifty Gain Over 2% As Bulls Maintain Charge; Metals, Financial Lead

Except auto, other sectoral indices ended in the green with Nifty metal and PSU Bank indices added 3 percent, while Nifty Bank index rose 2.7 percent.... Read More

Markets extended surge for the third consecutive session and gained over 2%. The benchmark started the day on a positive note despite mixed global cues and gradually inched higher as the day progressed. Healthy buying was witnessed across the board wherein metal and banking emerged as top gainers. Besides, the noticeable surge in the index major, Reliance, in the last hour further fuelled the rally. Consequently, the Nifty ended with healthy gains of 2.2% near day’s high at 15,246 levels. The broader markets too ended in positive in the range of 1.3-1.5%.

Participants are taking comfort from the domestic factors such as decent macro data, earnings upgrades and steady progress of vaccine drive. Importantly, Nifty has reversed the last week’s decline and indications are pointing towards a further surge ahead. We remain cautiously optimistic on the markets and suggest focusing more on the selection of trades.

The risk appetite is favourable and there are IPO's lined up in coming sessions which will keep weighing on USDINR spot. If interest rates start moving higher and quicker than expected, then only there's a chance that there might be a more significant rally in USDINR spot. The support zone of 72.70-72.75 is very crucial and we may have to look out for RBI intervention, only a break of 72.70 will push the price towards 72.50, meanwhile 73.50 will act as a strong resistance.

Nifty continues to remains in a medium term uptrend. We believe any meaningful correction is an opportunity to buy for 16,000 and higher. Immediate range is seen at 15,000-15,500. Auto and Banking stocks look attractive at current levels; IT stocks also expected to trade with positive bias.

Indian rupee extended gains and ended near the day's high at 72.72 per dollar, amid buying saw in the domestic equity market for the third consecutive session on March 3.

It opened 10 paise higher at 73.26 per dollar against previous close of 73.36 and trade in the range of 72.69-73.26.

One more positive session and index closed a day with supreme gains of more than two percent at 15,240 zone and formed a bullish candle for the third consecutive day. Bullish harami candle pattern showed a fantastic impact so far, going forward 15,150 will act as strong support followed by 15,100 zone and if managed to hold above-said levels, we may see current move to extend further towards 15,300-15,400 zone in near term.

Markets across the globe were filled with optimism as the focus shifted from concerns over high valuation to a stronger economic recovery and earnings growth. The Indian market was on a rising streak echoing the global sentiment. The Nifty Bank which had a rough week so far took a breather and led the rally while consolidation was seen on auto stocks.

Rupee traded strong again on the back of aggressive fund inflows in Indian markets with Vaccination roll-outs for 45 and above people giving confidence to investors in Indian markets to emerge strongly out of Pandemic. With US Bond yields witnessing ease move, after Fridays, extreme movement currencies globally have now come back to zones of last Thursday. Going ahead 72.75-73.25 range can be witnessed.

The Nifty has been consistent in its upside momentum. It sustained well above the 14,950 level and we have zoomed thereafter. It should achieve 15,300 as its first target and thereafter 15,500. A good support lies at 14,600-14,700 and therefore any dip or intra day correction can be utilized to enter the index for higher targets.

A stellar rally across BFSI & Metals powered Indices higher today by 2.3% with the market breadth improving dramatically in afternoon trade. Investors cherry-picked into AMC's, HFC's and the day also witnessed keen interest in sugar stocks which recorded handsome gains.

Indian indices rallied further on March 3 with Sensexclosing above 51,000 mainly supported by the metal and financial names.

At close, the Sensex was up 1,147.76 points or 2.28% at 51,444.65, and the Nifty was up 326.50 points or 2.19% at 15,245.60. About 1800 shares have advanced, 1142 shares declined, and 175 shares are unchanged.

Tata Steel, Bajaj Finserv, Reliance Industries, Bajaj Finance and UPL were among the top Nifty gainers, while losers included Hero MotoCorp, Maruti Suzuki, Bajaj Auto, M&M and BPCL.

Except auto, other sectoral indices ended in the green with Nifty metal and PSU Bank indices added 3 percent, while Nifty Bank index rose 2.7 percent. BSE Midcap and Smallcap indices jumped over 1 percent each.

The market witnessed to extend the gain further after the decisive breakout of Nifty 50 Index level of 14,850. The market is likely to hold the momentum and reach the level of 15,280-15,300. 14,970-15,000 level is expected to act as a support zone from the short-term perspective. The momentum is observed indicators like RSI, MACD to stay positive and the upside movement is likely to continue.

A meeting of the board of directors of REC will be held on March 10, 2021 to consider proposals for declaration of second interim dividend for the financial year 2020-21 and market borrowing programme of the company for the financial year 2021-22.

REC was quoting at Rs 146.65, up Rs 6.65, or 4.75 percent on the BSE.