The 30-share pack Sensex advanced 749.85 points, or 1.53 per cent, to close at 49,849.84. Its broader peer NSE Nifty climbed 232.40 points, or 1.60 per cent, to 14,761.55.
“The progress on the US stimulus package and stability in bond yields triggered a rebound in early trade, followed by range-bound movement till the end. Besides, participants also reacted to the GDP numbers, which showed marginal growth after seeing a contraction in the last two quarters,” said Ajit Mishra, VP – Research, Religare Broking.
Here are the major movers in today’s market:
Airtel gets Jio blues
was the only Nifty and Sensex loser when investors were willing to buy anything. The telco got a rude jolt after Jio launched a product to lure 2G subscribers by offering 4G phone and SIM at low prices. Airtel fell over 4 per cent to Rs 532.
Auto stocks rally
Auto stocks were in great demand as improved sales numbers for February kept investors interested. Motherson Sumi, MRF, Hero Moto and TVS Motor were among the top gainers, rising 3-8 per cent.
India VIX plunges
India VIX, which is the barometer of nervousness in the market, declined 8.94 per cent to 25.62 level. The sharp decline comes off the back of about 25 per cent rise in the index on Friday.
Adanis continue to revoke pledges
Gautam S Adani and Rajesh S Adani on behalf of SB Adani Family Trust further revoked pledge on Rs 320 crore worth of stocks of Adani Transmission. The promoters of the company have been continuously reducing pledged shares.
PSU banks in a spot
MACD indicator forecasts a sell-off in some of the top PSU stocks. Punjab National Bank, Bank of Baroda along with IndusInd Bank, Manappuram Finance and M&M Financial Services were among 54 stocks that gave sell signals as MACD fell below the Signal Line.
What’s ahead for the market?
The overall structure shows that Nifty is likely to stay in a consolidation phase for the short term where the range would be 15,000-14,400. The daily Bollinger Bands are in a contraction phase, which is in line with the expected consolidation, said Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas.
