
Indian equity markets extended their winning streak for a third straight session on February 10, with Nifty inched closer to 26,000 intraday supported by broad-based buying across sectors and positive cues from global markets.
At close, the Sensex was up 208.17 points or 0.25 percent at 84,273.92, and the Nifty was up 67.85 points or 0.26 percent at 25,935.15.
Broader markets outperformed the benchmarks, with the Nifty Midcap index rising 0.5 percent and the Smallcap index gaining 0.4 percent.
Also Read - Foreign inflows exceed $2 billion in Indian equities over nine sessions
The top gainers on the Nifty included Eternal, Tata Steel, Bajaj Auto, ONGC and M&M, while the laggards were Shriram Finance, HCL Tech, Dr Reddy’s Labs, Bajaj Finance and Bharti Airtel.
Barring pharma and PSU Bank, all other sectoral indices ended in the green, with the media index rising 2 percent and the auto index gaining 1 percent.
Also Read - India-US interim trade deal signals boost in FDI and technology transfer
In stock specific actions, RailTel Corporation of India shares added 3% on order win of Rs 455 crore, Bata India shares rose 4% post strong Q3 earnings, Ceigall India share price surged 4% on LoA of Rs 1,700 crore, ACME Solar Holdings shares gained nearly 4% on LoA from Rewa Ultra Mega Solar, Navin Fluorine International share price shed 4% after Q3 earnings, BSE share price jumped 6% on strong Q3 results, Lumax Industries and ISGEC Heavy Engineering shares zoomed 17-20% on robust Q3 earnings.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 74,563.92 | -1,470.50 | -1.93% |
| Nifty 50 | 23,151.10 | -488.05 | -2.06% |
| Nifty Bank | 53,757.85 | -1,343.10 | -2.44% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| TATA Cons. Prod | 1,083.60 | 25.80 | +2.44% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Larsen | 3,439.00 | -280.50 | -7.54% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty FMCG | 47924.15 | -265.00 | -0.55% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 11292.50 | -571.40 | -4.82% |
Also Read - PFC-REC merger targets scale, but sector growth and swap ratio key: Experts
More than 100 stocks touched their 52-week highs, including Force Motors, 3M India, Tata Steel, GE Shipping, Nykaa, Indus Towers, APL Apollo, Ashok Leyland, Titan Company, JSW Steel, SBI, UltraTech Cement, KEI Industries, MRPL, Shriram Finance, Navin Fluorine, among others. Click to View More
Outlook for February 11
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
Nifty continued to scale higher amidst choppy movement on Tuesday and closed the day higher by 67 points. After opening on a positive note, the market was not able to sustain the highs and later shifted into a range bound action for better part of the session. Nifty faced stiff resistance around 26000 levels which is a mid part of long red candle of 3rd Feb and closed the day off the highs.
A small red candle was formed on the daily chart with minor upper and lower shadow. Technically, this market action signals a formation of high wave type candle pattern, which echoes minor volatility in the market at the highs.
The underlying trend of Nifty continues to be positive amidst range bound movement. A decisive move above the resistance of 26000 levels could open more upside towards 26350 levels in the near term. Immediate support is placed at 25800.
Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices continued their positive momentum, with the Nifty ending higher by 68 points and the Sensex rising by 208 points. Among sectors, almost all the major sectoral indices witnessed positive momentum, but the Capital Market index outperformed, rallying over 2.70 percent.
Technically, after a promising uptrend, the market has formed a Doji candle pattern on the daily charts, indicating indecisiveness between the bulls and bears.
We are of the view that the short-term market outlook remains positive, but there could be a quick intraday dip if the index slips below 25,900/84100. Below this level, the market could retest the levels of 50 day SMA ( Simple Moving Average) or 25,800-25,750/83700-83500.
On the higher side, 26,000/84500 would be the immediate resistance zone for the bulls. A successful breakout above 26,000/84500 could push the market up to 26,100-26,150/84800-85000.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.