The market started the new month on a strong note, gaining around 1.5 percent on March 1 on the back of positive domestic data and auto sales number. At close, the Sensex was up 749.85 points, or 1.53 percent, at 49,849.84, and the Nifty gained 232.30 points, or 1.6 percent, at 14,761.50.
"Domestic markets kick-started the month on a strong footing with increased optimism led by GDP reaching positive numbers, improving auto numbers and steady PMI manufacturing data," said Vinod Nair, Head of Research at Geojit Financial Services.
The auto sector was in focus as the sales numbers for February were in favour of manufacturers. Global markets were on the up as the much-anticipated US stimulus package was approved and on reports on the progress in the vaccines, Nair said.
Except PSU bank index, all sectoral indices ended in the green, with Nifty auto, energy and metal indices rising 2 percent each.
BSE midcap and smallcap indices added 1.5 percent each.
Power Grid Corporation, ONGC, Grasim Industries, UPL and Shree Cements were among the major Nifty gainers, while Bharti Airtel was the only loser.
Stocks & sectors
On the BSE, all the sectoral indices ended in the green. Oil & gas, power, metal and auto indices rose 2 percent each.
A volume spike of more than 100 percent was seen in Navin Fluorine International, Gujarat Gas, IRCTC and ZEE Entertainment Enterprises.
Long buildup was seen in Navin Fluorine International, L&T Infotech and IRCTC, while short buildup was seen in Mphasis, Bharti Airtel and PNB.
More than 250 stocks, including MRPL, Tata Power and NBCC, hit a fresh 52-week high on the BSE.
The Nifty formed a small bullish candle but an inside Bar or a Harami Cross on the daily scale indicates an absence of direction.
"The Nifty has to continue to hold above the 14,700 zone to extend its move towards 14,900 then 15,000, while on the downside, immediate support exists at 14600 then 14500 levels," said Chandan Taparia of Motilal Oswal Financial Services.Disclaimer
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