Bull-run enters 6th day; Sensex soars 617 pts, Nifty ends above 15,100

Stock market updates: Winning streak extended at the bourses into sixth straight day on Monday as investor optimism stayed elevated. An across-the-board buying helped frontline indices scale fresh record highs in the intra-day trade, before settling at new closing peaks. M-cap of all the listed firms on the BSE also hit record Rs 203 trillion in value.

Among key indices, the benchmark S&P BSE Sensex settled tad below the 51,350-mark, at 51,349 levels today, up 617 points or 1.22 per cent, aided by buying in M&M (up 7.4 per cent), Bajaj Finserv, Infosys, Tech M, and Bharti Airtel. On the downside, however, HUL (down 1.5 per cent), Bajaj Finance (down 0.7 per cent), and ITC (down 0.5 per cent) remained top laggards.

Weightage-wise, Infosys (up 3 per cent), Reliance Industries, ICICI Bank, M&M, and TCS contributed around 408-points towards overall gains on the index.

It's NSE counterpart Nifty50, meawhile, clinched the 15,100-mark on the closing basis and settled at 15,116 levels, up 191.5 points or 1.28 per cent. M&M, Hindalco, Shree Cement, JSW Steel, and Bharti Airtel were among the 40 of the 50 constituents that ended the day in the green. 

The Sensex and the Nifty indices hit record peaks of 51,523 and 15,160, respectively.

In the broader markets, small-caps outran their mid and large-cap peers today. The S&P BSE SmallCap index ended 1.53 per cent higher, while MidCap index was up 1.5 per cent at close.

Meanwhile, largely all the Nifty sectoral indices ended the day in the green, barring the Nifty FMCG index (down 0.4 per cent), and the Nifty PSU Bank index (down 1 per cent). On the upside, the Nifty Auto and the Nifty Metal indices were the top gainers (up 3 per cent each).

Global markets

European shares rose on Monday, after their best weekly gain in nearly three months. The pan-European STOXX 600 index rose 0.4 per cent. Frankfurt shares rose 0.6 per cent, outperforming European peers in early trading.

In Asia, shares hovered near record highs on Monday while oil surpassed $60 a barrel on hopes a $1.9 trillion Covid-19 aid package will be passed by U.S. lawmakers as soon as this month just as coronavirus vaccines are being rolled out globally.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 per cent. Japan's Nikkei jumped about 2 per cent while Australian shares ended 0.6 per cent higher. Chinese shares advanced with the blue-chip CSI300 index up 1.3 per cent.

(With inputs from Reuters)

4:44 PM

MARKET CLOSING COMMENT :: Anand James, Chief Market Strategist at Geojit Financial Services

Brent scaled the $60 per barrel mark while global equities continued to rally. India also tagged along, leaving only FMCG and PSU indices in the red among the sectoral indices, while the metal index gained the most, with a 3% jump. US stimulus expectations continue to be the major driver

4:36 PM

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

The bulls continued to dominate the benchmark indices following supportive global cues. The Nifty index ended higher by 1.3% to close above the 15,100 levels. The broader markets too participated as both Midcap and Smallcap ended higher by 1.5% each. On the sector front, except FMCG, all the other indices ended in green wherein Auto, Metal and Consumer Durables were the top gainers.

 

We are eyeing 15,200 in Nifty and Goingd, earnings and global cues will dictate the market trend.On the dom, market participants would actively track key macro data like IIP, CPI and WPI data.

4:32 PM

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After showing high wave type confusing candle pattern at the highs on Friday, Nifty continued with sharp trended upmove on Monday and closed the day higher by 191 points. After opening on an upside gap of 140 points, the market has shifted into further upside amidst a range movement. Minor intraday weakness in between was used as a buy on dips for the day. A new all time high was formed at 15159 and Nifty closed near the highs. The opening upside gap remains unfilled.

 

A reasonable positive candle was formed on the daily chart with gap up opening. This is second unfilled gap in a span of five sessions. The formation of previous gap of 2nd Feb could be considered as a bullish breakaway gap and present gap (of Monday) is expected to be a bullish runaway gap, provided this gap remains unfilled for the next couple of sessions. On the occurrence of such action, the market could show more upside in the near term.

Conclusion: The underlying trend of Nifty continues to be positive and one may expect further upside in the short term. the next upside levels to be watched around 15500, which is at 1.618% fibonacci extension (connected from Jan 20 top to March 20 bottom). This could be achieved in the next one week. Immediate support is placed at 14960.

4:16 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Research, HDFC Securities

Indian benchmark equity indices ended higher for the sixth consecutive day on Feb 08. The Nifty opened gap up and then remained sideways through the day. At close the NSE Nifty 50 gained 1.3% to close at 15,115.

 

Volumes on the NSE were lower than the past 6 days average but in line with the last month’s average. Among sectors, Banks, Auto, Metals did well, while PSU Bank and FMCG index underperformed. Broad market indices outperformed suggesting return of interest in the small and midcaps.

 

Nifty marches ahead day after day with minimal intra day correction. Going by volume numbers it seems that FPIs interest has dipped on Feb 08, the ongoing results season is leading to rotational buying across stocks and sectors which incidentally pulls up the Nifty. On a channel line basis, the next resistance for the Nifty is around 15200 while the support is at 14870-14914.

4:05 PM

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Strong global cues supported the domestic rally. PSU Banks, which was on a bull run paused today with some correction noticeable in FMCGs. The overall market is maintaining its buoyancy with rally in all sectors especially auto, IT and metals. Improved domestic outlook is encouraging  sustained FPI inflows

3:59 PM

Market stats :: Market breadth favours bulls

3:56 PM

Index contributors :: Infy, RIL, ICICI Bank top contributors

3:53 PM

STOCK OF THE DAY :: Bajaj Finserv ends above Rs 10,000-mark

3:51 PM

STOCK OF THE DAY :: M&M ends 7% higher post Q3 results

3:46 PM

Sectoral trends on NSE

3:45 PM

Sensex Heatmap at Close

3:35 PM

CLOSING BELL

The benchmark S&P BSE Sensex settled tad below the 51,350-mark, at 51,349 levels today, up 617 points or 1.22 per cent, aided by buying in M&M (up 7.4 per cent), Bajaj Finserv, Infosys, Tech M, and Bharti Airtel.

 

It's NSE counterpart, meawhile, clinched the 15,100-mark on the closing basis and settled at 15,116 levels, up 191.5 points or 1.28 per cent. M&M, Hindalco, Shree Cement, JSW Steel, and Bharti Airtel were among the 40 of the 50 constituents that ended the day in the green. 

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