After a lacklustre previous session, the Indian indices ended on strong note as bulls came with a force helped Nifty to surpassed 24,700 intraday on August 20.
The Sensex was up 378.18 points or 0.47 percent at 80,802.86, and the Nifty was up 126.10 points or 0.51 percent at 24,698.80.
Amid positive global cues, the market opened higher with Nifty around 24,650 and extended the gains as the day progress, however, last hour selling erased some of the intraday gains.
Biggest Nifty gainers included SBI Life Insurance, HDFC Life, Bajaj Finserv, Shriram Finance and IndusInd Bank, while losers were ONGC, Bharti Airtel, Adani Enterprises, Cipla and Apollo Hospitals.
Except FMCG, all other sectoral indices ended in the green with bank, healthcare, IT, metal, power up 0.5-1 percent.
The BSE midcap index rose 1 percent while smallcap index added 0.5 percent.
More than 280 stocks touched 52-week high on the BSE including ICICI Securities, Petronet LNG, PB Fintech, Glenmark Pharma, Persistent Systems, Colgate Palmolive, Voltas, Tech Mahindra, Ashok Leyland, Aurobindo Pharma, TCS, Sun Pharma, Shriram Finance, , among others. Click to View Full List
Outlook for August 21
Aditya Gaggar Director of Progressive Shares
After an initial uptick in the morning trade, the Index remained rangebound for the rest of the day and settled at 24,698.85 with gains of 126.20 points. Barring FMCG and Media, all other sectors ended with gains where Banking indices (BankNifty+PSU Banks) were the top performers followed by IT.
Divergence was seen in the Broader market performance where Midcaps outperformed while Smallcaps moved more or less in tandem with the Benchmark Index.
With a bullish candle, the Index has filled its bearish gap zone and is now heading towards 24,870 (target of range breakout) with downside being shifted higher to 24,590.
Rupak De, Senior Technical Analyst, LKP Securities
The Nifty moved above 24,700 after sustaining above 24,600. The trend is likely to remain strong as long as it stays above the 24,600-24,650 range. A decisive fall below 24,600 might trigger a reversal of the current uptrend. On the higher end, the Nifty might move towards 24,840-24,860.
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