The Indian equity benchmarks extended the winning streak to the second day on February 15, supported by gains in auto, realty and information technology names.
At close, the 30-pack Sensex was up 242.83 points, or 0.40 percent, at 61,275.09, and the Nifty was up 86 points, or 0.48 percent, at 18,015.80.
The market opened lower on weak global cues but recovered early losses and stayed flat for the most part of the session but final-hour buying in the auto, realty and IT stocks helped the indices close near the day’s high.
"The US inflation, though it slowed down compared to the previous month, came in higher than expected at 6.4 percent YoY. Higher inflation, combined with a strong labour market, has raised concerns that the Fed will remain hawkish for an extended period," said Vinod Nair, Head of Research at Geojit Financial Services.
At home, despite a sluggish start, recovery in the IT and auto sectors contributed to a positive finish. A reversal in the FII pattern to net buying also helped sentiment, he added.
Mix day for Adani stocks
Some of the 10 Adani group companies, Adani Enterprises, Adani Wilmar and Adani Ports and Special Economic Zone, saw buying interest and each closed a percent higher.
Adani Green Energy, Adani Transmission, Adani Total Gas and Adani Power, however, slipped further with each locked at a 5 percent lower circuit.
Index | Prices | Change | Change% |
---|---|---|---|
Sensex | 81,207.17 | 223.86 | +0.28% |
Nifty 50 | 24,894.25 | 57.95 | +0.23% |
Nifty Bank | 55,589.25 | 241.30 | +0.44% |
Biggest Gainer | Prices | Change | Change% |
---|---|---|---|
Tata Steel | 173.21 | 5.70 | +3.40% |
Biggest Loser | Prices | Change | Change% |
---|---|---|---|
Max Healthcare | 1,069.20 | -44.00 | -3.95% |
Best Sector | Prices | Change | Change% |
---|---|---|---|
Nifty Metal | 10277.10 | 184.15 | +1.82% |
Worst Sector | Prices | Change | Change% |
---|---|---|---|
Nifty Auto | 26753.10 | -15.55 | -0.06% |
Read More: India's exports in January dipped by 6.58%
Stocks and sectors
Tech Mahindra, Apollo Hospitals, Eicher Motors, Reliance Industries and Adani Enterprises were among the biggest gainers on the Nifty, while losers included HUL, Sun Pharma, ITC, L&T and ONGC.
On the sectoral front, Nifty information technology and auto gained a percent each, while infra, metal, PSU bank and energy indices were up 0.3-0.8 percent.
The BSE midcap index added 0.7 percent and the smallcap 0.4 percent.
On the BSE, information technology, auto and realty were up a percent each. Metal and healthcare gained 0.3 percent each.
More than 200 stocks sank to their 52-week low on the BSE. These included 3I Infotech, Adani Green Energy, Adani Transmission, JBF INDUSTRIES, SpiceJet, Bata India, Graphite India, Sunteck Realty, Coffee Day Enterprises, Patel Engineering, Thyrocare Technologies and Varroc Engineering,
Among individual stocks, a volume spike of more than 400 percent was seen in Torrent Power, Bata India and Interglobe Aviation.
A long build-up was seen in Torrent Power, Tech Mahindra and Apollo Hospitals, while a short build-up was seen in Bharat Forge, InterGlobe Aviation and Multi Commodity Exchange of India.
Outlook for February 16
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Traders are taking a cautious approach due to uncertainty in global markets and the trend could continue for some more time.
Technically, after the 17,900 breakout, the market is comfortably trading above 17,850, which is largely positive. The Nifty has also formed a bullish candle and a higher bottom formation on intraday charts, which supports a further uptrend.
For the trend-following traders, 17,900 will act as a key support zone, above which the index can move to 18,100-18,150.
Below 17,900, bulls may prefer to exit the long position.
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty has given a falling channel breakout on the daily timeframe, suggesting a bullish reversal of the price trend. The trend looks positive now for the near term, with the 14-DMA sitting below price.
The momentum indicator RSI is in support of the price trend, with a reading of above 50. Over the near term, the index may move towards 18,350–18,400. At the lower end, support is at 17,950.
Rohan Patil, Technical Analyst, SAMCO Securities
Finally, the frontline index surpassed the high of the big Budget Day candle and closed just above the psychological 18,000 mark.
Despite a weak start, the Nifty managed to recover and witnessed a triangle pattern breakout in the lower time frame (30 mins).
Two consecutive bullish candles on the daily chart indicate the bulls are back in action. The index also closed above its 9 & 21 EMA, which is positive for the short term.
The positive takeaway was that the Nifty technical landscape looked bullish and the benchmark should now aim to sustain above 18,000. The immediate cap for the index is at 18,200 and 17,900 will act as support for the weekly expiry day on February 15.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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