Headline indices the Sensex and the Nifty ended in the red on February 16, dragged by losses in select heavyweights including ICICI Bank, Infosys, Axis Bank, TCS and SBI.
After registering a positive opening, the Sensex and the Nifty traded in the green for the majority of the session and hit their fresh record high of 52,516.76 and 15,431.75, respectively, in intraday trade. However, a fresh wave of profit-booking emerged in the second half which kept the indices lower till the end of the session. A mixed opening of European markets ahead of the key economic data releases seems to have weighed on market sentiment.
Market analysts point out that the domestic market has been mirroring the global trends of late which may continue due to the lack of any major domestic trigger.
Gains in shares of Reliance Industries, Kotak Mahindra Bank, HDFC Bank, Power Grid and ONGC saved the market from suffering a strong loss.
At close, Sensex was 50 points, or 0.10 percent, down at 52,104.17 and Nifty was just 1 point, or 0.01 percent, down at 15,313.45.
Broader markets outperformed frontliners as BSE Midcap and Smallcap indices settled 0.19 percent and 0.43 percent higher.
"While the closing today may not be reflective of the day's action, the Street went berserk on metals and public sector Enterprises. Despite bouts of profit-booking throughout the day, the resurgence of corporate earnings coupled with continued FPI flows kept the bullish undertone intact," said S Ranganathan, Head of Research at LKP Securities.
Metal and PSU bank stocks bucked the trend today. PSU bank stocks witnessed traction amid reports that the government shortlisted four banks for privatisation.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 85,267.66 | 449.53 | +0.53% |
| Nifty 50 | 26,046.95 | 148.40 | +0.57% |
| Nifty Bank | 59,389.95 | 180.10 | +0.30% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Hindalco | 852.10 | 27.75 | +3.37% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| HUL | 2,260.60 | -45.00 | -1.95% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 10536.45 | 269.55 | +2.63% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty FMCG | 54490.80 | -128.85 | -0.24% |
"Markets are rewarding handsomely to those who are spending time on the selection of stocks and we expect this trend to continue. Also, we’re seeing buying interest across the board but on a rotational basis. Traders should align their positions accordingly and keep a close watch on global indices for cues," said Ajit Mishra, VP - Research, Religare Broking.
Sectors and stocksNifty Metal, with a gain of 2.89 percent, ended as the top gainer among sectoral indices, followed by Nifty PSU Bank index which rose 1.65 percent. Nifty Pharma and Realty logged gains of 0.46 percent and 0.27 percent, respectively.
Nifty IT fell 1.49 percent while Media and FMCG indices fell about a percent each.
Almost 300 stocks including, Axis Bank, Bajaj Finance, HDFC, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Power Grid and SBI, hit their fresh 52-week highs on BSE.
Indian Overseas Bank, Bank of India, Bank of Maharashtra, Magma Fincorp and Somany Home Innovation were among some 300 stocks that hit their upper circuits on BSE.
The stock of Power Grid saw a volume spike of more than 400 percent. Jindal Steel saw a volume spike of more than 300 percent. NTPC, Torrent Power and Biocon saw a volume spike of up to 300 percent.
Jindal Steel, Power Grid and ONGC were among the stocks that witnessed long build-up while Info Edge, Vodafone Idea and Godrej Consumer Products were among those that witnessed short build-up.
Tech viewNifty witnessed profit-booking at higher levels and ended in the red, forming a bearish candle on the daily scale.
It has been forming higher highs for the last four sessions.
Chandan Taparia, Vice President and Technical and Derivatives Analyst at Motilal Oswal Financial Services, believes Nifty has to hold above 15,200 to continue its bullish momentum towards 15,500. On the downside, major support is around 15,100 and 15,000, he said.
Rohit Singre, a senior technical analyst at LKP Securities, pointed out despite a spike in volatility, Nifty managed to hold above the important support which is at 15,250.
"It will act as immediate support going forward also, followed by 15,100. Holding above these levels, we may see current momentum to extend further towards the immediate hurdle zone of 15,400-15,500," he said.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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