
Indian markets began the March series on a firm footing, with the Nifty opening above 25,500 and trading in positive territory for most of the session, touching an intraday high of 25,652.60. However, profit booking in the afternoon session wiped out the early gains, leading the benchmark to close on a flat note.
At close, the Sensex was up 50.15 points or 0.06 percent at 82,276.07, and the Nifty was up 57.85 points or 0.23 percent at 25,482.50.
Broader indices outperformed the benchmarks, with the Nifty Midcap index gaining 0.5% and the Smallcap index rising 1%.
Also Read - Bond yields ease as higher-than-expected state bond demand boosts sentiment
SBI, ITC, Bharti Airtel, Adani Ports, Reliance Industries were among major losers on the Nifty, while gainers were Tata Steel, HCL Technologies, Bajaj Auto, Shriram Finance, Adani Enterprises.
On the sectoral front, auto, healthcare, IT, metal, pharma up 1-2 percent, while telecom index down 1%, FMCG, PSU Bank down 0.4% each.
In stock specific action, Schaeffler India share price added 3% as profit rises 35%, Waaree Energies share price slipped 10% despite LoA to develop 300 MW wind power project, SpiceJet share price rose 6% after 8.4% equity traded in a block, Indian Railway Finance Corporation shares fell 4% as government to sell up to 2% stake.
Aditya Infotech shares added 7% as promoters, Dixon Tech likely to sell stake via block deal, Univastu India shares rose 5% on order win of Rs 485 crore.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 74,563.92 | -1,470.50 | -1.93% |
| Nifty 50 | 23,151.10 | -488.05 | -2.06% |
| Nifty Bank | 53,757.85 | -1,343.10 | -2.44% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| TATA Cons. Prod | 1,083.60 | 25.80 | +2.44% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Larsen | 3,439.00 | -280.50 | -7.54% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty FMCG | 47924.15 | -265.00 | -0.55% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 11292.50 | -571.40 | -4.82% |
Also Read - US imposes 126% tariff on Indian solar imports: How it impacts domestic manufacturers
More than 100 stocks touched their 52-week high, including Graphite India, KEI Industries, SAIL, Tata Steel, Polycab, Bank of Maharashtra, Bajaj Auto, GE Vernova TD, Ajanta Pharma, GE Shipping, among others. Click to View More
More than 300 stocks touched their 52-week low, including IRFC, Firstsource Solutions, Hexaware Technologies, Cello World, Suzlon Energy, Afcons Infra, Vedant Fashions, Just Dial, Cyient, Network 18, among others. Click to View More
Outlook for February 26
Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities
Nifty opened with a gap-up and extended gains to an intraday high of 25,653. However, selling pressure at higher levels dragged the index lower, leading to a fill of the morning intraday gap. The index eventually closed at 25,483, up 0.23%. On the daily chart, Nifty has formed a small-bodied candle with a long upper shadow, indicating supply emerging at higher levels. Notably, the selling pressure was seen around the 50-day EMA.
Going ahead, the immediate support for Nifty is placed in the 25400–25350 zone. Strong rebound was seen from this zone on the previous two occasions. Any sustainable move below this zone could result in Nifty filling the gap and extending its weakness towards 25150, followed by 24950 in the short term. On the upside, the zone of 25600–25650 zone is likely to act as an immediate resistance.
Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices witnessed a volatile trading session. After a roller-coaster activity, the Nifty ended 58 points higher, while the Sensex was up by 50 points. Among sectors, the Metal Index outperformed, rallying 2.60 percent. Technically, the market opened on a strong note, but after an intraday rally, it again witnessed profit booking at higher levels, which is largely negative.
We are of the view that the 20-day SMA (Simple Moving Average) or 25,600/82500 will act as an immediate resistance zone for day traders. As long as the market trades below this level, the weak sentiment is likely to continue on the downside, with a potential slip toward the 200-day SMA or 25,350-25,300/82000-81800. Conversely, if the market moves above the 20-day SMA or 25,600/82500, the pullback could extend toward 25,750-25,800/82800-83000.
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.
(Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the soles beneficiary.)Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.