The Nifty50 index ended 67 points, or 0.4 per cent, higher at 15,173.3, while Sensex climbed 222 points, or 0.4 per cent, to 51,531.5.
The gains, however, were more prominent in the smallcap space as the Nifty Smallcap index surged nearly 2 per cent on increased confidence in the domestic economic recovery.
The breadth of the market was positive as advancing stocks on the National Stock Exchange outnumbered the declining scrips. The gains, however, came on the back of lower participation as cash market volume on the NSE fell 15 per cent.
Here are the major movers in today’s session:
soars as Poonawalla checks-in
Shares of Magma Fincorp rose 10 per cent today after Adar Poonawalla’s firm bought controlling stake in the company, which will result in an open offer from the owner of Serum Institute of India. Analysts believe that the capital infusion by Poonawalla could be a game changer for the struggling shadow financer.
RIL surges on demerger buzz
Shares of Reliance Industries surged over 4 per cent today, and contributed the most to Nifty50’s gains, on market buzz that the company may soon announce the demerger of its major verticals. Receding concerns over its acquisition of Future Group’s retail assets also aided the rise.
Titan slumps post earnings
Despite reporting strong earnings for the December quarter and the management giving a robust guidance, shares of Titan ended over 2 per cent lower on likely profit booking by investors. The stock had seen strong gains in January in anticipation of a robust quarterly performance.
Coal India falls as realisations weak
Shares of the coal miner fell after its December quarter earnings announcement as investors were not impressed by its lower-than-expected consolidated net profit and realisations in the reported quarter.
MRF sinks on paltry dividend
Shares of MRF sank 7 per cent as investors revolted against the paltry dividend of Rs 3 per share announced by the company with some investors suggesting that it would have been better off by not declaring any dividend at all.
What gave buy signal?
With bulls returning on the Street, as many as 67 stocks gave a buy signal based on MACD indicators including stocks like NBCC, Subex, HPCL, and Indraprastha Gas.
What’s ahead for the market?
Indecisiveness among traders persisted as they sold most out-of-money call and put options of Nifty50 expiring on February 18. The positioning suggested that they do not expect much upside in the market going ahead.
“We reiterate our bullish view on markets. However, traders should maintain extra caution in the selection of stocks now,” said Ajit Mishra, vice president of research at Religare Broking.
