The 30-share pack Sensex advanced 447.05 points, or 0.90 per cent, to close at 50,296.89. Its broader peer NSE Nifty climbed 157.55 points, or 1.07 per cent, to 14,919.10. Investors’ wealth grew richer by Rs 2.81 lakh crore.
“Markets extended rebound and gained over a percent amid excessive volatility. The benchmark started the day on a strong note, tracking firm global cues however profit-taking in the index majors, mainly from the banking pack, capped the upside as the session progressed. However, renewed buying in select heavyweights in the last hour helped the index to close around the day’s high,” said Ajit Mishra, VP – Research, Religare Broking.
Here are the major movers of the day:
Buying returns in Airtel
Bharti Airtel was back in demand at low levels and after acquisition of 355.45 MHz spectrum across Sub GHz, mid band and 2300 MHz bands for a total consideration of Rs 18,699 crore. The stock added about 2 per cent to Rs 541.25.
Path clear for BPCL stake sale
BPCL sold Numaligarh refinery for Rs 9,876 crore. The sale clears the way for privatisation of India’s second-largest fuel retailer. Shares of the company rose over 3 per cent to Rs 469 after the board approved the sale.
Auto stocks rise
Auto stocks continued to be in the demand as February sales numbers overshot expectations. Tata Motors, M&M were among the top gainers. Nifty Auto rose more than 3 per cent for the day.
Insider trading: Dabur, Deepak Fert
Mohit Burman, promoter of Dabur, bought Rs 1 crore worth of his company’s shares. Similarly, Robust Marketing Services, promoter of Deepak Fertilisers, bought shares worth Rs 1 crore. Meanwhile, Adanis continued to release pledged shares of Adani Transmission.
Stocks @ 52-week highs
As many as 325 stocks hit their 52-week highs on Tuesday. Adani Ports, BPCL, Grasim Industries, Motherson Sumi, NMDC, NTPC, Tata Motors, Tata Power and Vedanta were among the top names.
Energy stocks at the cusp of rally
Energy stocks were in buying demand and some of them gave signals for a further upside. The MACD indicator for Adani Power and JSW Energy climbed above their Signal Line, suggesting a potential rally in them. Besides, HCC, Ion Exchange, Saint Gobin were other names that gave similar signals.
Where is market headed?
In Nifty, 15,000 is a key hurdle to watch out for. If the bulls manage to surpass this level, then the index can move up to test the swing high of 15,176. On the other hand, 14,800-14,760 will act as an immediate support zone for the index.
