The market extended the gains for the fourth straight session on February 16 with Nifty above 22,000 led by auto, Information Technology and pharma names.
On the back of positive global cues, Indian equity indices started in the green and remained in the positive territory with Nifty holding above 22,000 for most of the session amid buying across the sectors barring oil & gas and power.
At close, the Sensex was up 376.26 points or 0.52 percent at 72,426.64, and the Nifty was up 129.90 points or 0.59 percent at 22,040.70.
For the week, BSE Sensex and Nifty50 indices gained 1 percent each.
Stocks and sectors
The biggest gainers on the Nifty included Wipro, M&M, SBI Life Insurance, Adani Ports and Maruti Suzuki, while the top losers were Power Grid Corporation, ONGC, SBI, Britannia Industries and Reliance Industries.
Among sectors, except PSU Bank, oil & gas and power, all other indices are trading in the green with auto, capital goods, pharma, IT and realty up 1-2 percent.
BSE Midcap and Smallcap indices are up nearly 1 percent each.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 85,641.90 | -64.77 | -0.08% |
| Nifty 50 | 26,175.75 | -27.20 | -0.10% |
| Nifty Bank | 59,681.35 | -71.35 | -0.12% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| TMPV | 363.80 | 7.00 | +1.96% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Max Healthcare | 1,125.40 | -37.40 | -3.22% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 27993.00 | 218.40 | +0.79% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Pharma | 22887.80 | -110.50 | -0.48% |
Among individual stocks, a volume spike of more than 800 percent was seen in Nalco, Aurobindo Pharma, Balrampur Chini Mills.
A long build-up was seen in Ipca Laboratories, Glenmark Pharma, Federal Bank, while a short build-up was seen in Gujarat Gas, Power Grid and REC.
Aarti Industries, ACC, Alkem Laboratories, Castrol India, Confidence Petro, Container Corporation, Federal Bank, Fineotex Chemicals, Granules India, HPL Electric, Indian Hotels, Jindal Stainless, KSB Pumps, M&M, Mastek, MphasiS, Natco Pharma, Novartis India, Oil India, Rain Industries, Sasken Technologies, Skipper, TVS Motor, Venus Pipes, Wipro, among other stocks, touched their 52-week high on the BSE. Click here for the full list
Outlook for February 19
Rupak De, Senior Technical Analyst, LKP Securities
A surge in buying interest for large-cap stocks propelled the Nifty back above the recent consolidation level, leading to highest ever closing on the weekly timeframe. The Nifty has consistently closed above the 21EMA for the last few days, indicating a positive trend.
The momentum indicator RSI has experienced a bullish crossover following a base formation. In the short term, the index might move towards 22,200; furthermore, a move above 22,200 could potentially take the Nifty towards 22,600. Support on the lower end is placed at 22,750.
Ajit Mishra, SVP - Technical Research, Religare Broking
Markets extended rebound for the fourth successive session and gained over half a percent. After the gap-up start, Nifty edged gradually higher and managed to reclaim the 22,000 mark. The majority of sectors were aligned to the move wherein auto, realty and pharma were among the top gainers. The market breadth was also inclined towards the advancing side, thanks to continued buying in midcap and smallcap space.
We suggest maintaining a positive yet cautious stance as Nifty is set to retest its record high. Needless to say, we need sustainability above 22,150 to end the consolidation and march towards the 22,500+ zone else profit taking may resume. Traders should keep a close watch on the banking index for cues while others may continue to play a supportive role on a rotational basis. Besides, the performance of the global indices, especially the US, will remain on their radar.
Disclaimer: The views and investment tips expressed by investment 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.
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