Limited Period Offer:Be a PRO for 1 month @Rs49/-Multiple payment options available. Know More
you are here: HomeNewsBusiness

Taking Stock: Sensex, Nifty kick-off FY22 with a 1% gain; JSW Steel, Hindalco, Tata Steel rise most

JSW Steel, Hindalco, Tata Steel, Adani Ports and IndusInd Bank were among top gainers on the Nifty, while losers included HUL, HDFC Life, Nestle, TCS and HDFC Bank.

April 01, 2021 / 04:38 PM IST

Benchmark indices erased most of the previous session's losses and ended with a percent gain on April 1, the first session of fiscal 2022, supported by metal and financial stocks. At close, the Sensex was up 520.68 points or 1.05% at 50,029.83, and the Nifty was up 176.70 points or 1.20% at 14,867.40.

"Once again Nifty has nudged closer to the important level of 14,950. Due to a trading holiday tomorrow, we would need to evaluate this next week. If we can cross 14950, we should be able to resume the uptrend and head towards 15,300," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

"If we resist and take a U-turn, we will be sideways and if we break 14500, we will revisit the recent lows of 14,200-14,250," he said.

"Hence, we are at a crucial juncture from where a trading opportunity on the upside or downside may emerge," he added.

Barring FMCG, all other sectoral indices ended in the green with the Nifty metal index rising 5 percent and the PSU bank index ending 2.6 percent higher.

Close

JSW Steel, Hindalco, Tata Steel, Adani Ports and IndusInd Bank were among top gainers on the Nifty, while losers included HUL, HDFC Life, Nestle, TCS and HDFC Bank.

Stocks & sectors

On the sectoral front, the BSE metal index rose 5.4 percent and the power index added 2.7 percent. Also, auto, bank, capital goods, and oil & gas indices rose over a percent each.

Among individual stocks, a volume spike of more than 100 percent was seen in Manappuram Finance, Nalco and SRF.

Long buildup was seen in the SRF, Pfizer and Nalco, while a short buildup was seen in Escorts, TCS and Cummins India.

More than 150 stocks, including JSW Steel, Welspun Corp, Vedanta, Orchid Pharma, Dr Lal PathLabs hit a fresh 52-week high on the BSE.

Technical View

The Nifty settled the day with gains of around 170 points and formed a bullish candle with a long lower shadow indicating buying on declines.

"The Nifty has to hold above 14,800 zones to witness an up move towards 15,000 and 15,100 zones while on the downside support exists at 14,700 and 14,600 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.
Rakesh Patil
first published: Apr 1, 2021 04:30 pm

stay updated

Get Daily News on your Browser
Sections