Taking Stock: Sensex ends marginally higher, Nifty near 22,400; small, midcap stocks gain

The top gainers on Nifty 50 were Tata Steel, Hero Motocorp, Tata Motors, Adani Ports and JSW Steel, while the biggest laggards were Mahindra & Mahindra, Maruti Suzuki, NTPC, Sun Pharma and Nestle India.

All the broader market indices ended in the green, with Nifty Midcap and Smallcap indices rising over half a percent. The volatility index, India VIX ended 1.59 percent lower at 14.99.

Also Read: Cipla stock gains; US FDA inspection concludes with zero observations

Sectorally, Nifty Media, Nifty Metal, and Nifty Consumer Durabled ende over a percent higher. Bank Nifty settled flat at 47,297.50.

A short buildup was seen in Gujarat Gas, Axis Bank, NTPC, Pidilite Industries, and MRF while a long build-up was seen in Indin Energy Exchange (IEX), Aurobindo Pharma, Havells, Voltas, and Astral.

Also Read: Hero Motocorp stock gains as February sales rise 19%

More than 98 stocks touched their 52-week highs on the NSE, including Adani Enterprises, Ambuja Cements, Azad Engineering, Data Patterns (India), Dixon Technologies (India), Havells India, Hindustan Aeronautics and Tata Motors among others. Click here for the full list

Outlook for March 4

Santosh Meena, Head of Research, Swastika Investmart

Nifty is resuming its bullish momentum after two months of consolidation. 22,500 is an immediate target level, while 22,750 is the next target level. On the downside, 22,200–22,000 will now act as a strong demand zone.

Also Read: Aurobindo Pharma soars 4% on USFDA nod to manufacture Fingolimod capsules

Bank Nifty has been gaining momentum and is likely to outperform from here. 47,500 is an immediate hurdle; above this, the index is expected a move towards 48,000/48,800 levels. On the downside, 46,600–46,300 will act as a strong support zone.

Prashanth Tapse, Sr VP, Research Analyst at Mehta Equities

If today’s bullish trading action is any indication, Nifty’s next goal post is seen at its psychological 22,500 mark and then aggressive targets are placed at the 23,000 mark. Nifty bulls are likely to be in a joyful and triumphant mood as optimism is again seen flying high like a kite.

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.