Market ended higher for the second consecutive day on May 6 with Sensex crossing 49,000 intraday supported by the metal, IT and auto stocks. At close, the Sensex was up 272.21 points, or 0.56%, at 48,949.76, and the Nifty was up 106.90 points, or 0.73%, at 14,724.80.
On the sectoral front, IT, metal and auto indices rose 1.8-2.5 percent each, while PSU Bank index shed 1 percent.
“One more positive session where index is near 14,733 with gains of nearly one percent. It has formed a bullish candle for the second consecutive day. Now the index is heading for its strong hurdle zone of 14,800-14,900 zone,” said Rohit Singre, Senior Technical Analyst at LKP Securities.
“The fresh breakouts will be only if Nifty sustains above 15,000-mark because we have witnessed profit booking from said levels in the recent past. Good support is formed at 14,670-14,600 zone, managing above said level immediate structure positive,” he added.
Hindalco Industries, Hero MotoCorp, Wipro, Tata Motors and Eicher Motors were among the top gainers on the Nifty. Losers included PowerGrid Corporation, UPL, NTPC, Bajaj Finserv and ONGC.
Stocks & sectors
On the BSE, all the sectoral indices ended in the green with IT, metal, oil & gas and auto indices adding 1-2.7 percent each.
Among individual stocks, a volume spike of more than 100 percent was seen in Coforge, Mphasis and Hero MotoCorp.
Long buildup was seen in Coforge, Mphasis and Mindtree, while short buildup was seen in Bandhan Bank, Cipla and PNB.
More than 250 stocks, including Wipro, Marico and Lupin, hit a fresh 52-week high on the BSE.
Technical View
Nifty formed a bullish candle on daily scale with long lower shadow indicating declines were being bought.
“Nifty has to hold above 14,700 zones to witness an up move towards 14,880 and 15,000 zones, while on the downside support exists at 14,600 and 14,500 zones,” said Chandan Taparia of Motilal Oswal Financial Services.
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