Taking Stock: Sensex claims 52K, Nifty breaches 15,300 for the 1st time; realty, financials stocks fuel the rally

Today's Market

After a week of consolidation, Indian market resumed its bullish momentum gaining over 1 percent to hit fresh record highs on February 15. The 30-share Sensex claimed 52,000 and the 50-share Nifty crossed 15,300 for the first time fuelled by realty and financials stocks. At close, the Sensex was up 609.83 points or 1.18% at 52,154.13, and the Nifty was up 151.40 points or 1% at 15,314.70.

“The Nifty continued its strong form and closed near the high of the day. We should be heading to 15,500 soon where we could face the next level of resistance. The stop level has been raised to 15,100. Hence, traders can build fresh positions for a new target of 15,500,” said Manish Hathiramani, proprietary index trader and technical analyst at Deen Dayal Investments.

On the sectoral front, Nifty Bank index added over 3 percent, while PSU Bank index rose 2.3 percent. On the flip side, selling was seen in IT, metal, pharma and energy stocks.

Broader markets ended in the green, with BSE midcap and smallcap indices rising 0.3-1.4 percent.

Axis Bank, ICICI Bank, SBI, Bajaj Finance and IndusInd Bank were among the top gainers on the Nifty, while losers included HDFC Life, SBI Life Insurance, Dr Reddy’s Laboratories, Hero MotoCorp and TCS.

Stocks & sectors

On the BSE, Bank index added 3.3 percent and realty index rose over a percent. However, IT, metal and oil & gas indices ended in the red.

A volume spike of more than 100 percent was seen in Cholamandalam Financial Holdings, Apollo Hospitals and Amara Raja Batteries.

Long buildup was seen in Cholamandalam Financial Holdings, LIC Housing and Apollo Hospitals, while short buildup was seen in Amara Raja Batteries, Indiabulls Housing and Coal India.

More than 300 stocks including Godrej Properties, DLF and Bajaj Finserv, hit a fresh 52-week high on the BSE.

Technical View

Nifty formed a small bodied Bullish candle on the daily scale and continued forming higher highs-higher lows since the last three sessions.

“Nifty has to hold above 15,200 zones to continue its bullish momentum towards 15,500 zones. On the downside, major support can be seen around 15,100 and 15,000 zones,” said Chandan Taparia of Motilal Oswal Financial Services.

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