The market extended the rally for the third day in a row on May 7 with Nifty closing above 14,800 led by the metal stocks. At close, the Sensex was up 256.71 points or 0.52% at 49206.47, and the Nifty was up 98.40 points or 0.67% at 14823.20.
For the week, BSE Sensex added 0.86 percent and Nifty50 rose by 1.31 percent.
Except for the PSU Bank index, all other sectoral indices ended in the green with the Nifty Metal index rising over 4 percent. BSE Midcap and Smallcap indices ended on a flat note.
“Metals fired up yet again to pull indices up with support from key pivotal. The broader markets witnessed buying interest in mortgage companies post good earnings from HDFC. Profit-taking was witnessed in few high-quality midcaps in today’s trade,” said S Ranganathan, Head of Research at LKP Securities.
Tata Steel, Hindalco Industries, JSW Steel, Adani Ports and SBI Life Insurance were among the top gainers on the Nifty. Losers included Tata Consumer Products, Bajaj Auto, Hero MotoCorp, Eicher Motors and Divis Labs.
Stocks & sectors
On the BSE, except capital goods and IT, all the other sectoral indices ended in the green with the metal index adding 5 percent.
Among individual stocks, a volume spike of more than 100 percent was seen in DLF, Dabur India and Glenmark Pharma.
Long buildup was seen in SBI Life, Nalco and Alkem Laboratories, while short buildup was seen in SRF, HDFC AMC and Ramco Cements.
More than 250 stocks including NMDC, JSW Steel, Steel Strips Wheels, Mastek hit a fresh 52-week high on the BSE.
Technical View
Nifty formed a Doji candle on the daily scale but a bullish candle on the weekly frame which indicates that declines are being bought while hurdles are intact at higher zones.
“Nifty has to hold above 14,750 zones to witness an up move towards 15,000-15,050 zones, while on the downside support exists at 14,700 and 14,600 zones,” said Chandan Taparia of Motilal Oswal Financial Services.
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