After witnessing its biggest single-day fall in nearly two years in the previous session, the market bounced back on February 25 and snapped a seven-day losing streak amid supportive global markets.
The market started the March series gap-up and maintained the gains throughout the session amid buying across the sectors, finishing close to the day's high level.
At close, the Sensex was up 1,328.61 points or 2.44 percent at 55,858.52, and the Nifty was up 410.40 points or 2.53 percent at 16,658.40 levels.
"Domestic indices staged a firm recovery tracking positive cues from global markets and took advantage of lower valuations following the massive sell-off in the previous session," said Vinod Nair, Head of Research at Geojit Financial Services.
"Global markets took a breather as the fresh US sanctions did not target Russia's oil exports nor their access to the Swift global payment network. However, the market will continue to remain volatile tracking new developments in the Russia-Ukraine war," Nair added.
Also Read - Nifty, Sensex recoup half of Thursday's losses: Factors at play
Coal India, Tata Motors, Tata Steel, Adani Ports and IndusInd Bank were among gainers on the Nifty, while losers included Britannia Industries, Nestle India and HUL.
All the sectoral indices ended in the green with Nifty Metal index adding over 5 percent, PSU Bank index rising 4.6 percent and Pharma and Bank indices gaining 3 percent each.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 57,945.90 | 20.62 | +0.04% |
| Nifty 50 | 17,066.80 | -10.10 | -0.06% |
| Nifty Bank | 39,713.70 | 96.80 | +0.24% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Apollo Hospital | 4,329.90 | 56.85 | +1.33% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Adani Enterpris | 1,728.90 | -65.10 | -3.63% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 28193.80 | 194.50 | +0.69% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 5402.90 | -94.95 | -1.73% |
Broader indices outperformed the benchmarks as both BSE Midcap and Smallcap indices rose 4 percent each.
Also Read - Market rebounds sharply after turmoil, but more stocks at lower circuit level than upper circuit
Stocks and sectors
On the BSE, Metal, Power, Healthcare, Bank and Realty indices rose 3-6 percent, while Auto, Capital Goods, IT and Oil & Gas indices rallied 2 percent each.
A long build-up was seen in NBCC, Rain Industries, PNB and GMR Infrastructure.
As many as 50 stocks touched a 52-week low, including ITI, HDIL, Ceat, AIA Engineering and HeidelbergCement India.
Outlook for February 28
Rahul Sharma - Equity 99:
Investors are advised to maintain adequate liquidity to take advantage of any big fall in market and buy quality stocks on major falls.
For Nifty50, 16,580 will act as very strong support level. If this level is breached intraday than next support will be around 16,430 levels, post which markets might take support at 16,350 levels.
On the upper side, 16,740 will act as a strong hurdle rate. If this level is breached, then the next resistance will be around 16,850 levels post which we might see 17,000 levels.
Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities
If the war between Russia and Ukraine continues, the up move could be short-lived and once again market sentiment could turn weak with bouts of volatility going ahead.
It would be interesting to see whether the index holds the level of 16,500 or not. However, if the index manages to trade above 16,500, a pullback formation is likely to continue till 16,900-17,000.
However, a strong possibility of one more short term correction is not ruled out, if the index closes below 16,500. Below the same, there are chances that the Nifty could hit 16,300-16,100 levels.
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