Market continued to rally on February 25 on the back of positive global cues with Nifty ending the February F&O series near 15,100-mark. At close, Sensex was up 257.62 points, or 0.51%, at 51,039.31, and the Nifty was up 115.40 points, or 0.77%, at 15,097.40.
“Domestic market added strength to yesterday’s rally supported by positive F&O monthly rollovers, and robust global market. Small and mid-cap stocks continued its outperformance over the benchmark indices,” said Vinod Nair, Head of Research at Geojit Financial Services.
“World equity market rebound after getting assurance from central banks, importantly US Federal Reserve, that good liquidity will be maintained, in spite of being under pressure of rising inflation, since the economy is still well below the pre-covid standpoint,” he added.
Except FMCG, all other sectoral indices ended in the green with metal index rising 4 percent and energy index adding 3 percent. BSE Midcap and Smallcap indices rose 1 percent each.
Coal India, UPL, Adani Ports, Hindalco Industries and BPCL were among major gainers on the Nifty, while losers were ICICI Bank, Nestle, L&T, Divis Labs and Titan.
Stocks & sectors
On the BSE, Metal and Oil & gas indices rose over 3 percent, while Power and Realty indices added more than a percent each.
A volume spike of more than 100 percent was seen in BHEL, PNB and Godrej Properties.
Long buildup was seen in BHEL, SRF, Gail India, while short buildup was seen in Maruti Suzuki, Marico and Divis Laboratories.
More than 250 stocks, including Gail, ONGC, Vedanta and IDFC First Bank, hit a fresh 52-week high on the BSE.
Technical View
The Nifty formed a small Bodied candle on daily scale with long upper shadow which indicates that follow up is required to attempt the life time highs. It continues its formation of higher highs – higher lows of the last two trading sessions.
It negated its formation of lower lows of the last four trading sessions but continues forming lower highs.
“Nifty has to continue to hold above 15,000 zones to extend its move towards 15,250 then 15,400 zones while on the downside immediate support exists at 14,900 and 14,850 levels,” said Chandan Taparia of Motilal Oswal Financial Services.
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