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March 08, 2022 / 04:35 PM IST

Closing Bell: Nifty ends above 16,000, Sensex gains 581 pts led by realty, IT, pharma

Among sectors, except metal all other sectoral indices ended in the green with pharma, IT, FMCG, capital goods and realty indices up 1-2 percent. BSE midcap and smallcap indices rose over 1 percent each.

  • IndexPricesChangeChange%
    Sensex62,868.50-415.69 -0.66%
    Nifty 5018,696.10-116.40 -0.62%
    Nifty Bank43,103.75-156.90 -0.36%
    Nifty 50 18,696.10 -116.40 (-0.62%)
    Fri, Dec 02, 2022
    Biggest GainerPricesChangeChange%
    Apollo Hospital4,871.4595.75 +2.00%
    Biggest LoserPricesChangeChange%
    Eicher Motors3,331.85-105.60 -3.07%
    Best SectorPricesChangeChange%
    Nifty Midcap 10032566.80283.00 +0.88%
    Worst SectorPricesChangeChange%
    Nifty Auto13046.35-145.45 -1.10%


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  • March 08, 2022 / 04:34 PM IST

    Prashanth Tapse, Vice President (Research), Mehta Equities:

    Amidst the volatility, the benchmark enjoyed an unusually strong short recovering session and the positive catalyst. The uptrend in the global markets also supported the rally, European stocks were seen bouncing after a report that the European Union will consider jointly issuing bonds to finance energy and defence spending. U.S. stock futures too responded positively to the improving sentiments at European stock markets. 

    Optimism on exit polls which predict a clear majority for BJP in Uttar Pradesh (UP). Going forwards, bulls will be at the mercy of any Russia-Ukraine ceasefire news. The latest talks between Ukraine and Russia have ended without any breakthroughs reported. Amidst this geopolitical crisis, inflation is the biggest concern due to soaring oil prices. 

    The street will keenly watch on how RBI tackles with a backdrop of higher oil and commodity prices, and most importantly, growth-supporting fiscal policies.

    Technically, Nifty needs to sustain above 16807 mark to unleash strong upside. Confirmation of more weakness now only below today’s low at 15671 mark

  • March 08, 2022 / 04:27 PM IST

    Manish Shah, Independent Technical Analyst:

    Nifty saw a long green candle that closed at the top of the range. Note that the previous session was a Doji and hence a sign of indecision. 

    On the charts, the pattern is a bullish engulfing pattern. The green candle for the day has engulfed the range of the previous candle and it is thus a bullish sign. 

    It is too early to call a low but Nifty could see a rally towards 16250-16300 over the next 2-3 days. We are out of the rut but traders who are eyeing Thursday expiry could play for a rally to this level. Expect the volatility to continue for some more time.

  • March 08, 2022 / 04:23 PM IST

    Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:

    Short-covering pulled up key benchmark indices. Select buying interest was seen across reality, media, PSU Banks. While some profit booking was seen in metal stocks. 

    Technically, Nifty has not only cleared the resistance of 15900 but succeeded to close above the same which is broadly positive. 

    In addition, after a sharp decline, Nifty has formed a promising long bullish candle that also supports a short term uptrend. 

    We are of the view that, as long as Nifty holds 15900 and 15850 support zone, the reversal formation is likely to continue. Above which the chances of hitting 16150-16250 would turn bright. On the flip side, below 15850 uptrends would be vulnerable.

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  • March 08, 2022 / 04:21 PM IST

    Mohit Nigam, Head  - PMS, HEM Securities:

    After purchasing resurfaced at low levels, benchmark indices returned to green. Early trades on European marketplaces show a slight upward trend. Due to a severe fall of the Indian Rupee vs the US dollar, investors sought a safer refuge in the sector, and shares of information technology (IT) in an otherwise weak market. 

    RBI Governor Shaktikanta Das has launched UPI 123PAY, a payment facility that would be available to India's 40 million feature phone users. Maruti Suzuki India has released the Dzire with S-CNG technology to further strengthen and democratize green mobility in India. Gold futures rose on the MCX, boosted by the bullion's safe-haven appeal amid the Ukraine-Russia conflict and supply-chain disruptions caused by sanctions placed on Russia by Western countries and the US. 

    Indian equities have declined less than overseas markets because domestic institutions and retail investors have offered support at a time when foreign investors have been selling. Investors should consider buying equities for medium to long-term objectives.

    On the technical front, immediate support and resistance in Nifty 50 are 15700 and 16200 respectively. For Bank Nifty immediate support and resistance are 32400 and 33800 respectively.

  • March 08, 2022 / 04:09 PM IST

    Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas:

    Continuing with the recent bearish momentum, the Nifty opened gap down & attempted to extend further down. It breached the level of 15700 on an intraday basis however received strong support in the lower territory. Consequently, the index witnessed sharp recovery towards the end of the session, which resulted in a bullish outside bar formation on the daily chart. 

    The hourly momentum indicator has been showing positive divergence, which is assisting the bulls in the recovery. The overall structure, shows that the Nifty has taken support near 61.8% retracement of the previous April – October rally as well as near lower end of a falling channel drawn for the Jan – March decline. 

    Thus 15800-15700 is a crucial support zone for Nifty. Going ahead, the index is expected to test 16200 on the upside, beyond which the short term range will shift higher again.

  • March 08, 2022 / 03:59 PM IST

    Rupak De, Senior Technical Analyst at LKP Securities:

    Markets witnessed a spectacular recovery as Nifty closed more than 300 off days low. On the daily chart, a bullish engulfing pattern has formed which suggests short term positive reversal. 

    On the higher end, the index may move towards 16200/16400 over the short term. On the lower end, 15800 is likely to act as support.

  • March 08, 2022 / 03:47 PM IST

    Le Merites Exports files draft prospectus for its IPO

    Le Merite Exports, India's leading exporter of cotton yarn, cotton greige fabric, organic cotton yarn and organic greige fabric has filed its Draft Prospectus in connection with an initial public offering of its equity shares on the Emerge platform on the National Stock Exchange of India – Emerge.

    The company will offer fresh equity shares aggregating up to 74,00,000 equity shares of face value Rs 10 each. The IPO will constitute up to 30% of the post offer paid-up equity share capital of the company. 

  • March 08, 2022 / 03:35 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    Domestic indices reversed its trend and traded with gains led by export-oriented sectors like Pharma and IT which witnessed buying interest as the rupee fell to its record lows. Favorable exit poll results of state election and low-level buying seen in mid and small caps also helped in adding optimism in the domestic market. 

    Major western markets were also trading in the green while other Asian peers continued to trade in negative territory on fear of the impact of global inflationary pressure due to the ban on Russia’s oil export.

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  • March 08, 2022 / 03:34 PM IST

    Market close: Indian benchmark indices ended higher on March 8 amid high volatility led by the realty, IT, pharma names.

    At close, the Sensex was up 581.34 points or 1.10% at 53,424.09, and the Nifty was up 150.30 points or 0.95% at 16,013.50. About 2193 shares have advanced, 1069 shares declined, and 84 shares are unchanged.

    IOC, Sun Pharma, Tata Consumer Products, Cipla and TCS were among the top Nifty gainers. On the other hand, Hindalco Industries, ONGC, Tata Steel, JSW Steel and Britannia Industries were the biggest losers.

    Among sectors, except metal all other sectoral indices ended in the green with pharma, IT, FMCG, capital goods and realty indices up 1-2 percent. BSE midcap and smallcap indices rose over 1 percent each. 

  • March 08, 2022 / 03:29 PM IST

    Norbert Rucker, Head Economics and Next Generation Research, Julius Baer:
     
    European natural gas prices surged to record highs yesterday as talks about a further tightening of sanctions against Russia fuelled supply fears. Looking beyond the current turmoil, Europe is not at risk of running out of gas supplies over the coming weeks as the heating season winds down and consumption ebbs. The turmoil on energy markets remains a price crisis rather than a supply crisis; things are likely to stay noisy, highly in flux, and clouded in uncertainty.