Bulls continued their dominance for the second straight session on January 20 pushing benchmark indices to a fresh record high amid buying in IT, auto and financial names. At close, the Sensex was up 393.83 points or 0.80% at 49,792.12, and the Nifty was up 123.50 points or 0.85% at 14,644.70.
"The market witnessed strong trends overcoming the resistance level of 14,600 on Nifty. Sustenance above 14,600, will open the gate for a movement till 14,800/14,930. The momentum indicators like RSI, MACD further strengthen the view of a short-term bullish outlook," said Ashis Biswas, Head of Technical at CapitalVia Global Research.
Except for FMCG, all other the sectoral indices ended in the green with IT, auto and PSU Bank adding 2 percent each.
Broader markets performed in line with the main indices with BSE Midcap and Smallcap indices rising 0.6-1 percent.
Tata Motors, Adani Ports, Wipro, Tech Mahindra and Maruti Suzuki were among the top gainers on the Nifty, while losers included Power Grid Corporation, Shree Cements, NTPC, GAIL and SBI Life.
Stocks & sectors
The BSE Auto index rose 2 percent, IT index rose 1.7 percent and capital goods index added 0.9 percent. FMCG index was down with marginal losses.
A volume spike of more than 100 percent was seen in Info Edge, MRF and ICICI Lombard.
Long buildup was seen in Apollo Tyres, SRF and Tata Motors, while short buildup was seen in ICICI Lombard, L&T Finance Holdings and Torrent Power.
More than 250 stocks including MRF, Tata Elxsi and Sasken Technologies hit a fresh 52-week high on the BSE.
Nifty formed a Bullish candle on the daily scale and continued its formation of higher tops - higher bottoms since the last two sessions.
"Now, it has to continue to hold above 14500 zones to extend its move towards 14750 then 15000 zones while on the downside immediate support exists at 14450 and 14350 levels," said Chandan Taparia of Motilal Oswal Financial Services.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.