Nifty50, Nifty Bank and Sensex ended at their record closing high levels yet again.
Nifty closed 105.7 points, or 0.7 per cent, higher at 14,895.7, while Sensex ended at 50,614.3, up 0.7 per cent or 358.5 points.
In the broader market, the midcap and smallcap stocks outperformed their large-cap peers as investors believe that both the segments will fare better in a rapidly rebounding economic scenario. The Nifty Smallcap 100 and Nifty Midcap 100 index ended 1.6 per cent and 1.1 per cent higher, respectively.
Here are the major movers in today’s session:
soars on signs worst may be over
Shares of India’s largest public sector bank surged 6 per cent after the lender reported better-than-expected net profit for the quarter ended December, while the management’s commentary on asset quality and loan growth also impressed investors.
surges on re-rating hopes
Shares of the country’s largest cigarette maker rose over 6 per cent as investors believe that the lack of changes in tobacco taxes in the Budget will result in a re-rating of the scrip as cigarette sales may improve as the normalisation of the economy accelerates. The stock clocked a new 52-week high during the day.
Teamlease gains on Goldman Sachs outlook
Shares of the staffing company jumped 15 per cent after Goldman Sachs initiated coverage on the stock with a price target of Rs 4,940, implying gains of 80 per cent over the next 12 months. The brokerage firm expects the flexible staffing industry to surge six times over the next 10 years.
Consumer stocks find favour
Shares of consumer-facing companies saw buying from investors today on perceptions that rapid economic growth and recovery in domestic labour market will eventually lead to an improvement in consumption demand in the coming years. Nifty FMCG rose 2.5 per cent.
Over 200 stocks hit 52-week high
In an indication of the bullish sentiment in the market, over 200 stocks listed on the National Stock Exchange hit their 52-week highs in today’s session, including prominent names like Thermax, IndiaMART Intermesh and Sun TV Network.
What gave buy signal?
As many as 142 stocks listed on the NSE gave a buy signal on the basis of MACD indicators, including BHEL, Bank of Baroda, DLF, NTPC and RBL Bank.
What’s ahead for the market?
Positioning by traders in the options contracts of the Nifty50 expiring on February 11 suggested that they expect the index to face a stiff resistance at 15,000 points. Traders sold most out-of-money call options of the index beyond the 15,000-strike price.
The outcome of the RBI’s Monetary Policy Committee meeting on Friday will determine the market’s direction as investors will await the central bank’s outlook on liquidity and inflation. “We reiterate our view to focus on the selection of stocks and continuing with the buy on dips approach. Nifty has the potential to test 15,200 zone ahead,” said Ajit Mishra, VP – Research, Religare Broking.
