Taking Stock | It's Happy Holi on D-Street as Sensex gains 415 points, Nifty tops 17,700

Stocks and Sectors

Adani Enterprises, Tata Motors, ONGC, NTPC and Power Grid Corporation were among the top gainers on the Nifty, while losers included Britannia Industries, Tata Steel, JSW Steel, Hindalco Industries and IndusInd Bank.

Except metal, realty and PSU Bank, all other sectoral indices ended in the green with power and oil & gas gaining 2 percent each.

The BSE midcap index rose 0.7 percent while the smallcap index added nearly a percent.

Nearly 100 stocks touched their 52-week high on the BSE, including Mahanagar Gas, Power Finance Corporation, Sonata Software, Cigniti Technologies, Equitas Small Finance Bank, Ion Exchange, Jindal Stainless, Surya Roshni and Wonderla Holidays.

Among individual stocks, a volume spike of more than 200 percent was seen in Mahanagar Gas, Gujarat Gas and Chambal Fertilisers and Chemicals.

A long build-up was seen in Adani Enterprises, Mahanagar Gas and Firstsource Solutions, while a short build-up was seen in Zee Entertainment Enterprises, Dalmia Bharat and Britannia Industries.

Also Read - Gainers & Losers: 10 stocks that moved the most on March 6

Outlook for March 8

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

The relief rally continued for the second straight session backed by a sharp upsurge in energy stocks like power, oil & gas that helped benchmark Sensex end above the psychological mark of 60,000.

There is some amount of bargain buying seen after the recent sell-off but the overall sentiment still remains that of caution with a negative bias as larger worries related to macroeconomic woes and geo-political tension still pose a significant threat to markets.

Technically, 17,800-17,900 could be the immediate profit booking zone for the bulls while 17,650-17,600 would be the sacrosanct support zone for the traders. However, below 17,600, the uptrend would be vulnerable.

Ajit Mishra, VP - Technical Research, Religare Broking

Markets extended rebound and gained over half a percent, tracking favourable global cues. After the gap-up start, the Nifty index inched higher initially; however, profit-taking in index majors across sectors trimmed the gains as the day progressed. Consequently, it settled around the 17,711.45 level; up by 0.67 percent.

Meanwhile, a mixed trend on the sectoral trend kept the participants busy wherein energy, IT and auto performed well. The broader indices, too, witnessed decent traction and gained in the range of 0.8 percent - 1.2 percent.

Buoyancy on the global front is helping the index to stage recovery; however, multiple hurdles are capping the upside on every uptick. We thus reiterate our view to continue with a stock-specific trading approach and prefer sectors that are showing resilience.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.