Informist, Tuesday, Feb 27, 2024
By Padmini Dhruvaraj
MUMBAI – The benchmark equity indices snapped their two-day losing streak and closed higher today on the back of gains in shares of information technology and automobile companies. However, profit-taking in some financial services stocks amid the expiry of February derivatives contracts of the Nifty Financial Services held back the indices from gaining more.
The Nifty 50 index opened a tad lower tracking weak cues from the global equity markets and turned slightly volatile during the first half of the session. However, later, on the back of gains in information technology heavy weights and automobile stocks, the benchmark index rose to hit an intraday high of 22218.25 points.
Eventually, the 50-stock index closed 76.30 points, or 0.3%, higher at 22198.35 points, with 30 of its constituents in the green. The BSE Sensex ended 305.09 points, or 0.4%, up at 73095.22 points.
"The Indian market saw marginal gains in cautious trade on Tuesday ahead of crucial US inflation and GDP readings," Avdhut Bagkar, technical and derivatives analyst at StoxBox said in a note. "The price action witnessed support near 22120-22100 range, and could provide accumulative support in the next sessions," he added.
Among the Nifty 50 constituents, Tata Motors was the best performer, closing 2.8% higher. The stock also hit a fresh lifetime high of 965 rupees. As many as nine brokerages have a "buy" rating on the stock with an average target price of 1,013 rupees.
Further, Tata Consultancy Services was the second top-gainer that ended 2.6% higher. The brokerage firm upgraded the stock's rating to "buy" and increased the target price to 4,700 rupees against 4,050 rupees as it sees enough growth drivers that will help the IT major deliver industry-leading growth and margins.
Among losers, shares of State Bank of India, Bajaj Finance, and Hero MotoCorp were the worst hit with 1.2-1.5% losses.
Sectoral indices on the National Stock Exchange ended in line with the Nifty 50. The Nifty Realty, Nifty Consumer Durables, Nifty IT, and Nifty Auto indices were the top-gainers among sectoral indices. Further, the Nifty Auto index hit a fresh lifetime high today.
The Nifty Realty index extended gains for the sixth-straight session and ended 1.1% higher. The index gained as stocks such as DLF, Oberoi Realty, and Godrej Properties witnessed long rolls for the March series, according to Akshay Bhagwat, senior vice-president of derivatives research at JM Financial and BlinkX.
On the other hand, the Nifty Oil & Gas, Nifty Media, and Nifty PSU Bank indices fell. Nifty Oil & Gas was the worst-performing sectoral index as it closed 0.7% lower due to profit booking from the peak levels. However, the overall trend remains positive, a technical analyst with a domestic brokerage said.
Meanwhile, the Nifty Bank index closed 11.55 points higher at 46588.05 points. "The important key take away for Bank Nifty is that it is bouncing back from the lower levels and is also holding above 50-day exponential moving average which is currently placed at 46250 levels," Tejas Shah, technical research analyst at JM Financial and BlinkX said in a note. "On the downside, the support zone lies at 46300-46400, while the resistance is seen at 46800-46900," he added.
The broader markets, which outperformed the benchmark indices mostly throughout the day, closed lower than the benchmark indices. The mid-cap indices on the NSE closed 0.1-0.3% lower, while the small-cap indices were mixed.
BEML closed 9.8% higher today, becoming the top gainer in the broader market. The technical analyst expects the stock to rise to 3,700-3,800 rupees in one or two weeks. The support for the stock is seen at 3,040 rupees, which is also its 50-day exponential moving average.
Jamna Auto Industries closed 7.4% higher today, backed by a strong volume that surged nearly 700% today, compared with the total volume traded Monday. The stock, which bounced back from its support of 111 rupees today, will face resistance at 127 rupees, Deven Mehata, technical research analyst at Choice Equity Broking said. Vodafone Idea was the worst performer in the broader market as it closed 5.9% lower.
Going forward, analysts expect the bullish momentum in the market to continue. The Nifty 50 index is expected to find support at 22000 points and face resistance at 22300 points.
"The recent price action shows that bulls are consolidating their positions at record-high levels and waiting for some fresh triggers," Ajit Mishra, senior vice-president of technical research at Religare Broking said. "Needless to say, the buoyancy in the global market, especially the US market, is encouraging but we need alignment in heavyweights, especially the banking majors to trigger fresh momentum," he added.
* Of the Nifty 50 stocks, 30 rose and 20 fell
* Of the Sensex stocks, 19 rose and 11 fell
* On the BSE, 1,536 stocks rose, 2,301 fell, and 92 were unchanged
* Nifty Realty: up 1.07%; Nifty Consumer Durables: up 0.92%; Nifty Oil & Gas: down 0.73%
BSE NSE
Sensex: 73095.22, up 305.09 pts, or 0.42% Nifty 50: 22198.35, up 76.30 pts, or 0.34%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 73427.59 (Jan 16, 2024) : Lifetime High: 22297.50 (Feb 23, 2024)
Record Close High: 73128.77 (Jan 16, 2024) : Record Close High: 22217.45 (Feb 22, 2024)
2024 1st day close: 72271.94 (Jan 1) : 2024 1st day close: 21741.90 (Jan 1)
2024 Closing High: 73128.77 (Jan 16) : 2024 Closing High: 22217.45 (Feb 22)
2024 Closing Low: 70370.55 (Jan 23) : 2024 Closing Low: 21238.80 (Jan 23)
2024 High (intraday): 73427.59 (Jan 16) : 2024 High (intraday): 22297.50 (Feb 23)
2024 Low (intraday): 70001.60 (Jan 24) : 2024 Low (intraday): 21137.20 (Jan 24)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 72410.38 (Dec 28) : 2023 Closing High: 21778.70 (Dec 28)
2023 Closing Low: 59288.35 (Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 72484.34 (Dec 28) : 2023 High (intraday): 21801.45 (Dec 28)
2023 Low (intraday): 58699.20 (Jan 30) : 2023 Low (intraday): 17098.55 (Jan 17)
2022 1st day close: 59183.22 (Jan 3) : 2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 63284.19 (Dec 1) : 2022 Closing High: 18812.50 (Dec 1)
2022 Closing Low: 51360.42 (Jun 17) : 2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 63583.07 (Dec 1) : 2022 High (intraday): 18887.60 (Dec 1)
2022 Low (intraday): 50921.22 (Jun 17) : 2022 Low (intraday): 15183.40 (Jun 17)
2021 Closing High: 61305.95 (Oct 14) : 2021 Closing High: 18338.55 (Oct 14)
2021 Closing Low: 46285.77 (Jan 29) : 2021 Closing Low: 13634.60 (Jan 29)
2021 High (intraday): 61353.25 (Oct 14) : 2021 High (intraday): 18350.75 (Oct 14)
2021 Low (intraday): 46160.46 (Jan 29) : 2021 Low (intraday): 13596.75 (Jan 29)-
2020 Closing High: 47751.33 (Dec 31) : 2020 Closing High: 13981.95 (Dec 30)
2020 Closing Low: 25981.24 (Mar 23) : 2020 Closing Low: 7610.25 (Mar 23)
2020 High (intraday): 47896.97 (Dec 31) : 2020 High (intraday): 14024.85 (Dec 31)
2020 Low (intraday): 25638.90 (Mar 24) : 2020 Low (intraday): 7511.10 (Mar 24)
2019 High (intraday): 41809.96 (Dec 20) : 2019 High (intraday): 12293.90 (Dec 20)
2019 Low (intraday): 35287.16 (Feb 19) : 2019 Low (intraday): 10583.65 (Jan 29)
2018 High (intraday): 38938.91(Aug 28)) : 2018 High(intraday): 11760.20 (Aug 28)
2018 Low (intraday): 32483.8 (Mar 23) : 2018 Low (intraday): 9951.9 (Mar 23)
2017 High (intraday): 34005.37 (Dec 26) : 2017 High(intraday): 10515.10 (Dec 26)
End
Edited by Deepshikha Bhardwaj
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