Sensex, Nifty end at their highest ever closing levels; rally for sixth consecutive session

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February 8, 2021 4:23 PM

The market capitalization of all BSE-listed firms has now reached Rs 202.84 lakh crore. 

Stock market, Share market todayS&P BSE Sensex ended 617 points higher at 51,348 points, while the broader Nifty 50 was up 191 points at 15,115. (Image: REUTERS)

Bulls are not looking to slow down just yet. Domestic equity markets soared to fresh all-time highs on Monday and closed at their highest-ever closing levels. S&P BSE Sensex ended 617 points higher at 51,348 points, while the broader Nifty 50 was up 191 points at 15,115. Mahindra & Mahindra was the top Sensex gainer, surging 7.4%. This was followed by Bajaj Finserv, Infosys, and Bharti Airtel. The market capitalization of all BSE-listed firms has now reached Rs 202.84 lakh crore. 

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Indian benchmark equity indices ended higher for the sixth consecutive day. The RBI on February 8 announced its plan to buy bonds worth Rs 20,000 crore through open market operations (OMO) on February 10 to support the government’s borrowing programme. This has led 10-year Gsec to fall 3-4 bps over the previous close. 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.”

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.”

Ajit Mishra, VP – Research, Religare Broking –

“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.”

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments –

“The markets kept the upward trajectory active all day and moved from strength to greater strength! We should be eyeing the 15200 marks as the next target for the Nifty and if we can sustain there, we could achieve 15500 during the course of February. 14600 is good support for the index and as long as that holds, traders can optimize the risk on their trades by entering positions on dips or intraday corrections.”

Manish Shah, Founder, Niftytriggers –

“Nifty closed the day with a net gain a good start to the week. Nifty has now started trading in a narrow range as volatility is normalised and there are no knee jerk actions. On the charts, Nifty is now below the R1 pivot of the monthly and once this range is cleared the rally should continue to higher barriers of 15450-15500. On a short term basis, the support in Nifty is at 15060-15050 a break below this and there could be a short term decline to 15000-14080. Any drop to 15000-14080 will be buying opportunity. On the upside, there is a window of opportunity for a rally to 15500 over the next 8-10 days.”

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