Sensex snaps 8-day losing streak, ends 449 pts up; Nifty reclaims 17,450

CLOSING BELL: IT, financial and metal shares led the market rally; Broader indices such as Midcaps and Smallcaps outperformed the benchmarks, while shares of Adani Group too finished on a solid note.

4:15 PM

Tech View :: Nifty50 must pass 17,750 to show any real strength

Because of the market's extreme oversold conditions on both the technical and derivative fronts, Nifty ends its eight-day losing streak. Nifty recovered its 200-DMA after a single day of decline, but 17,625 and 17,750 remain significant upside obstacles, and it must pass 17,750 to show any real strength. Otherwise, it will continue to be vulnerable at higher levels.

 

We can see a double bottom formation on the Bank Nifty, which indicates a possible short-term bottom. However, the 20-DMA near 41,000 will be a key resistance level, and if it succeeds in breaking through it, we can anticipate a short covering move in the direction of the 41,500-42,000 region.

The market's strongest sector is capital goods, and associated companies could continue to outperform. Following a period of significant correction, PSU banking stocks are now experiencing buying interest.

Views by: Santosh Meena, Head of Research, Swastika Investmart Ltd

4:10 PM

Tech View :: Nifty Bank may attempt 41,000

The Bank Nifty remained positive throughout the day following a consolidation breakout on the daily chart. During the day, it moved closer to the 14 DMA. The momentum oscillator RSI is in bullish crossover. A double bottom formation on the daily RSI is likely to provide positive momentum in the space. On the higher end, it may move towards 41,000. On the lower end, support is placed at 40,400.

Views by:  Kunal Shah, Senior Technical Analyst at LKP Securities. 

4:05 PM

F&O analysis :: Traders are going into Thursday's weekly expiry with a bullish 17,500 short straddle position

Nifty ended its 8-day losing streak today closing above its 200 DMA at 17,350 with a strong bullish candlestick bar. From the last few days the Nifty 17500 PE of the March monthly expiry was seeing constant shorting of this strike. These short sellers did not square off their positions even when the Nifty fell to 17300 levels, signalling strong bias on the long side.

What is interesting also is to note that this bounce that happened today did not see any significant unwinding by these 17500 PE short sellers, which further signals bullishness on the Nifty Index. It is also important to note that the Nifty index is still in a broad sideways range between 17,250 on the downside and 18,080 to 18,280 on the upside which is also the congestion zone for the Index. 
 

From tomorrow's expiry perspective, traders should look for a range of 17,400 on the downside and 17,600 on the upside barring any new news flow. OI is also indicating that traders are going into tomorrow’s weekly expiry with a bullish 17,500 short straddle position as well.

Views by: Rahul Ghose, Founder & CEO – Hedged, an algorithm-powered advisory platform

4:00 PM

Tech View :: Pullback rally can continue over the next few sessions

The Nifty has managed to close in the positive after falling for nine consecutive trading sessions. We believe that Nifty is oversold and the pullback can continue over the next few trading sessions. On the hourly charts Nifty has broken out of a falling channel which suggests that the Nifty is in a counter trend pullback. The positive crossover on the hourly momentum indicator is in sync with the price action. The pullback if any is likely to be just a relief rally and thus we change our outlook on the Nifty to sideways. The range of consolidation is likely to be 17,700 – 17,200. In terms of levels, 17,340 – 17,300 shall act as a crucial support zone while 17,550 – 176,00 is the immediate hurdle zone for Nifty.

Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

3:56 PM

Comment :: Markets looking forward to sequential improvement in Q4 GDP

Benchmark Indices finally tasted a tinge of Green in today's trade on the back of monthly automotive volume numbers and healthy GST collections in a shorter month. Even as the Street reacted to the Third Quarter GDP numbers today, markets seem to look forward towards the 5% GDP during Q4. Today's session, however, surely witnessed investor interest in several PSU banking stocks which had corrected quite meaningfully.

Views by: S Ranganathan, Head of Research at LKP Securities

3:55 PM

Currency check :: Rupee ends higher at 82.50/$ against Tuesday’s close of 82.67/$

3:54 PM

BSE Snapshot :: Market breadth favours buyers in 2:1 ratio; M-Cap hits Rs 261 trn

3:53 PM

Market Check:: Top losers on the BSE today

3:52 PM

Market Check :: Top gainers on the BSE today

3:51 PM

Buzzing stock :: Delhivery ends off lows; stock fell 1% in early deals post block deal in nearly 4% equity

3:49 PM

Buzzing stock :: Uflex sprints 9.5% as Co says 'all accounting books found in order' by I-T dept

3:48 PM

Buzzing stock :: LIC zooms 4%

3:47 PM

Buzzing stock :: Adani Enterprises rallies 15% on receipt of LoI for bauxite block in Odisha

Tht apart, India's Adani Group has told creditors it has secured $3 billion loan from a sovereign wealth fund, Reuters reported, as the embattled conglomerate seeks to ease concerns about its credit profile after a short-seller attack.

3:44 PM

Buzzing stock :: Axis Bank closes over 2% higher as it concludes Citi deal

3:43 PM

Sector check :: IT index up 1.5% amid over 2% gains in Tech M, Persistent Systems, TCS, HCL Tech

3:42 PM

Sector check :: All 12 PSU Bank index constituents surge; Bank of India, Bank of Maha jump up to 5%

3:40 PM

Sector check :: Adani Enterprises, Hindustan Copper help lift Metal index

3:38 PM

Broader markets :: Mid, Smallcap indices gain over 1%

3:36 PM

Sectoral trends :: Broad-based gains support sentiment; Metal, PSU bank stocks surge the most

3:34 PM

Sensex Heatmap :: 28 of 30 index constituents rally; Power Grid, HDFC Bank sulk

3:33 PM

CLOSING BELL :: Nifty holds 17,450

3:32 PM

CLOSING BELL :: Sensex snaps 8-day losing streak, surges 449 pts

3:29 PM

Oil India, ONGC gain up to 4% on improved earnings outlook

At 02:20 PM; Oil India was up 4 per cent at Rs 257.05, while ONGC up 2 per cent at Rs 154.80 on the BSE. In comparison, the S&P BSE Sensex was up 0.80 per cent at 59,429. Oil India (dividend of Rs 10 per share) and ONGC (dividend of Rs 4 per share) turned ex-date for their respective interim dividend on February 22 and February 24, respectively. READ MORE

3:19 PM

News Alert :: TVS Motor Company’s sales at 276,150 units in February

>> TVS Motor Company registered sales of 276,150 units in the month of February 2023 as against 281,714 units in the month of February 2022.

>> Total two-wheelers registered sales of 267,026 units vs 267,625 units in the month of February 2022

>> TVS iQube electric scooter recorded its highest ever sales of 15,522 units in February 2023 vs 2,238 units YoY
>> The Company's total exports registered sales of 53,405 units vs 107,574 units YoY

>> Three-wheeler of the Company registered sales of 9,124 units vs 14,089 units YoY

3:09 PM

ALERT :: GST collection for Feb rises 12% YoY to Rs 1.49 trillion

3:02 PM

Adani Group secures $3 bn credit from sovereign wealth fund: Report

Adani Group has told creditors it has secured $3 bn loan from a sovereign wealth fund, two sources with knowledge of the matter said, as the embattled conglomerate seeks to ease concerns. READ

2:53 PM

IPO Update :: Divgi Torqtransfer System subscribed just 7% so far on day 1

2:45 PM

MARKET CHECK: Sensex leaps 500 pts to day's high

2:39 PM

ALERT: GR Infra bags NHAI project worth Rs 758 crore

2:31 PM

ALERT: M&M Feb sales rise 8% YoY; exports fall 20%

Stock edged 1 per cent higher.