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Taking Stock: Market recovers with Nifty near 22,200, Sensex gains 305 pts

Among sectors, Auto, Capital Goods, Information Technology, Pharma, Realty rose 0.5-1 percent each, while Oil & Gas index was down 1 percent.

February 27, 2024 / 15:58 IST
After a flat to negative start, the market slowly and steadily gained strength as the day progressed to close near the day's high.

After a flat to negative start, the market slowly and steadily gained strength as the day progressed to close near the day's high.

The Indian benchmark indices erased most of their recent losses to end higher on February 27 with Nifty around 22,200 amid buying seen in the auto, capital goods, IT and realty names.

After a flat to negative start, the market slowly and steadily gained strength as the day progressed to close near the day's high.

At close, the Sensex was up 305.09 points or 0.42 percent at 73,095.22, and the Nifty was up 76.30 points or 0.34 percent at 22,198.30.

Stocks and sectors

Top gainers on the Nifty included Tata Motors, TCS, IndusInd Bank, Power Grid Corp and Sun Pharma, while losers were Hero MotoCorp, Bajaj Finance, SBI, Divis Labs and UPL.

Among sectors, Auto, Capital Goods, Information Technology, Pharma, Realty up 0.5-1 percent each, while Oil & Gas index was down one percent.

BSE Midcap and Smallcap indices ended marginally lower.

Among individual stocks, a volume spike of more than 2,500 percent was seen in Biocon, GMR Airports Infrastructure and Hindustan Copper.

IndexPricesChangeChange%
Sensex81,207.17223.86 +0.28%
Nifty 5024,894.2557.95 +0.23%
Nifty Bank55,589.25241.30 +0.44%
Nifty 50 24,894.25 57.95 (0.23%)
Fri, Oct 03, 2025
Biggest GainerPricesChangeChange%
Tata Steel173.215.70 +3.40%
Biggest LoserPricesChangeChange%
Max Healthcare1,069.20-44.00 -3.95%
Best SectorPricesChangeChange%
Nifty Metal10277.10184.15 +1.82%
Worst SectorPricesChangeChange%
Nifty Auto26753.10-15.55 -0.06%

A long build-up was seen in ICICI Lombard General Insurance Company, Havells and Tata Motors, while a short build-up was seen in Shriram Finance, Vodafone Idea and NMDC.

Action Construction Equipment, Dishman Carbogen, Godrej Properties, Havells India, ICICI Lombard, Intellect Design, Jubilant Industries, Kellton Technologies, NCC, Paisalo Digital, PB Fintech, Quick Heal Technologies, Railtel Corporation of India, Sobha, Sona BLW, Swan Energy, Tata Motors, Voltas, among other stocks, which touched 52-week high on the BSE today. Click here for the full list

Outlook for February 28

Rupak De, Senior Technical Analyst, LKP Securities

The Nifty has formed a bullish engulfing pattern after two days of weakness. Additionally, the trend remains positive as the index has consistently stayed above the near-term moving average. Overall, the bulls may continue to exert control as the index has closed above the previous consolidation high. A decisive move above 22,200 might propel the index for a decent rally towards 22,400 in the near term. Support on the lower end is situated at 22,000.

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

The Nifty opened on a weak note however it recovered and closed the day in the green. On the daily charts we can observe that the Nifty held on to the support zone of 22100 – 22070 where the 40-hour average was placed. Overall, the Nifty has been consolidating in the broad range (21900 – 22300) since the past few trading sessions.

The Bollinger bands are contracting indicating rangebound price action. The hourly momentum indicator has triggered a positive crossover which is a buy signal and thus intraday dips are likely to be bought into. On the downside, 21900 shall act as a crucial support while 22300 is the immediate hurdle.

As far as the Bank Nifty is concerned, it has been rangebound between 46300 – 47400. In today’s trading session it held on to the 40-day average (46300) and bounced back. We expect the positive momentum to continue over the next few trading sessions. On the upside immediate hurdle is placed at 47000 and above that 47200.

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.

Rakesh Patil
first published: Feb 27, 2024 03:45 pm

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