Indian benchmark indices continued to remain bullish despite muted global cues. At close, Nifty50 was up 150 points, or 0.84 per cent, at 18,065. Sensex index closed the day with a gain of 463 points, or 0.76 per cent, at 61,112.44.
A look at the top gainer & losers of the day
On Nifty, as many as 40 stocks closed in the green while only 10 counters ended lower.
Adani Enterprises (up 3.72); Adani Ports (up 3.22%), Nestle India (up 2.85%), Wipro (up 2.75%) and Britannia (up 2.66%)
Axis Bank (down 2.43%), Titan (down 0.99%) and ONGC (down 0.84%), JSW Steel (down 0.75%) and Cipla (down 0.55%).
Wipro (up 2.899%), Nestle (up 2.77%), State Bank of India (up 2.32%), L&T (up 2.24%) and ITC (up 2.24%) and Tech Mahindra (up 1.95)
ICICI (down 0.09%), HUL (down 0.56%), Bajaj Finserv (down 0.63%), Titan (-0.70%) HCL Tech (down 0.75%)and Axis Bank(down 2.39%).
Experts are of the view that investors are keeping faith in the Indian market as of now.
“Markets ended the week on a strong note and gained nearly a percent. After the muted start, buying in select index majors aided gradual recovery however the actual momentum came in the final hour, which pushed the Nifty closer to the 18,100 mark. All sectors contributed to the move wherein energy, IT and auto were among the top performers. The market breadth was also inclined strongly towards the advancing side, reflecting noticeable interest in midcap and smallcap space.” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.
“The recent rebound in the US markets has fueled this surge while indications are mixed from the earnings so far. We feel the continued recovery in other key sectors like energy and IT pack would be critical to maintain the momentum. Meanwhile, we suggest continuing with a bullish view and focusing on accumulating quality stocks on dips,” he added.
“The benchmark Nifty has moved deeper into the gains as the bulls took the index above 18000, following a “Head and Shoulder” pattern on the daily timeframe. The current rally was well predicted by the writers, as they had a decent short PE position at the 17800 strike price. On the higher end, less significant short CE built up at the higher strike prices was visible. On the higher end, Nifty might continue its upward journey till it holds above 18000 on a closing basis. Resistance on the higher end is placed at 18200, above which a further rally might come,” said Rupak De, Senior Technical Analyst at LKP Securities