Taking Stock: Bulls tighten grip, market up 1.5%; all eyes on Fed meet outcome

Today's Market

Benchmark indices continued the winning momentum for the third consecutive session on April 28, gaining 1.5 percent ahead of the Federal Reserve policy meeting outcome.

At close, the Sensex was up 789.70 points, or 1.61 percent, at 49,733.84, and the Nifty was up 211.50 points, or 1.44 percent, at 14,864.50.

Except metal and pharma, all other sectoral indices ended in the green. BSE midcap and smallcap indices rose 0.7-1 percent.

“Superior Q4 results and vaccine optimism buoyed domestic markets to trade on a positive footing for the third consecutive day ahead of the Fed interest rate decision. Strong buying interest was seen in banking and auto stocks with enhanced business prospects which is likely to be maintained,” said Vinod Nair, Head of Research at Geojit Financial Services.

Bajaj Finance, IndusInd Bank, Eicher Motors, Bajaj Finserv and Kotak Mahindra Bank were among the top gainers on the Nifty. Losers were Britannia Industries, Hindalco Industries, Nestle, Divis Labs and HDFC Life.

Stocks & sectors

On the BSE, the bank index added 3 percent, while auto and power indices rose over 1 percent each.

Among individual stocks, a volume spike of more than 100 percent was seen in Sun TV Network, Indiabulls Housing Finance and TVS Motor.

A long buildup was seen in Sun TV Network, TVS Motor and Pidilite, while a short buildup was seen in Biocon, HDFC AMC and Page Industries.

More than 200 stocks, including TVS Motor, Bajaj Finserv, Tata Steel and Divis Labs, hit a fresh 52-week high on the BSE.

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Technical View

The Nifty formed a bullish candle on the daily scale and has been forming higher highs-higher lows from the last four sessions.

“The Nifty has to continue to hold above 14,800 zones to witness an up move towards 15,000 and 15,150 zones, while on the downside, support exists at 14,650 and 14,500 zones,” said Chandan Taparia of Motilal Oswal Financial Services.

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