Sensex, Nifty rally for 3rd straight day, bulls dominate D-Street; investor wealth zooms Rs 3.6 lakh cr

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March 3, 2021 4:17 PM

BSE Sensex and Nifty 50 surged dramatically in afternoon trade to end over 2 per cent higher on Wednesday in a broad-based rally.

sensex, nifty, stock marketThe market breadth was in favor of bulls today as 1,845 stocks advanced, while 1,152 scrips declined. Image: Reuters

BSE Sensex and Nifty 50 surged dramatically in afternoon trade to end over 2 per cent higher on Wednesday in a broad-based rally. The 30-share Sensex rallied 1,148 points or 2.28 per cent at 51,444.65, while the broader Nifty 50 index zoomed 326.50 points or 2.19 per cent to finish at 15,245.60. Buying in index heavyweights such as Reliance Industries Ltd (RIL), Housing Development Finance Corporation (HDFC), ICICI Bank and Infosys pushed the benchmarks higher in today’s trade. During intraday, Sensex hit a day’s high of 51,539.89, while NSE’s Nifty touched 15,273.15. The market breadth was in favor of bulls today as 1,845 stocks advanced, while 1,152 scrips declined. A total of 172 stocks remained unchanged. The broader market underperformed the equity benchmarks. S&P BSE MidCap and SmallCap indices closed 1.45 per cent and 1.34 per cent higher, respectively. The market capitalisation of BSE-listed companies gained 3.6 lakh crore, taking the total mcap to Rs 210.18 lakh crore.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The Nifty has been consistent in its upside momentum. It sustained well above the 14950 level and we have zoomed thereafter. It should achieve 15300 as its first target and thereafter 15500. A good support lies at 14600-14700 and therefore any dip or intra day correction can be utilized to enter the index for higher targets.

Jay Thakkar – VP and Head of Research at Marwadi Shares and Finance Ltd.

Nifty has provided a breakout above 15100 levels and above this level, the probability of a new lifetime high is quite high. Nifty can reach above 15450 levels. Technically on the downside 15000 is now the crucial support, the short-term base for Nifty. From point of view of derivatives, Nifty closed above the 15200 levels with the highest open interest on the call front. Thus continuing a breakout on the upside. We believe FMCG, IT, NBFC and Banking sector are likely to do good if Bank Nifty takes off 37000 levels.

Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities

Nifty continues to remains in a medium term uptrend. We believe any meaningful correction is an opportunity to buy for 16000 and higher. Immediate range is seen at 15000-15500. Auto and Banking stocks look attractive at current levels; IT stocks also expected to trade with positive bias.

Rohit Singre, Senior Technical Analyst at LKP Securities

One more positive session and index closed a day with supreme gains of more than two per cent at 15240 zone and formed a bullish candle for the third consecutive day. Bullish harami candle pattern showed a fantastic impact so far, going forward 15150 will act as strong support followed by 15100 zone if managed to hold above-said levels we may see current move to extend further towards 15300-15400 zone in near term

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