Stocks Market Today: Nifty Ends At Record High As Axis, HDFC Bank Lead
Get live updates on Indian stock markets here Feb. 20.
KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends Lower
The yield on the 10-year bond closed 4 bps lower at 7.06%.
Source: Bloomberg
Rupee Strengthens Against U.S. Dollar
The local currency strengthened 5 paise to close at 82.97 against the U.S. Dollar.
It closed at 83.02 on Friday.
Source: Bloomberg
Nifty End At Record High; Sensex Extends Gain To Sixth Day: Market Wrap
India's benchmark indices ended higher for sixth consecutive session, with the NSE Nifty 50 index rising to fresh life high for second day, tracking gains in shares of HDFC Bank Ltd., and Axis Bank Ltd.
The NSE Nifty ended 74.70 points or 0.34% higher at 22,196.95, and the S&P BSE Sensex settled 349.24 points or 0.48% higher at 73,057.40.
Intraday, the NSE Nifty rose 0.42% to fresh life-time high of 22,215.60. The index took 46 session to cross 22,200 mark since Dec 14, 2023, when it crossed 21,000 for first time.
The S&P BSE Sensex rose 0.58% to an intraday high of 73,130.69.
"Going ahead, the index is on the verge of ascending Triangle pattern breakout. Any sustainable move above the level of 22,150-22,200 will lead to sharp upside rally in index. In that case, the index is likely to test the level of 22,500, followed by 22,700 as per the measure rule of Ascending Triangle pattern," said SBI Securities in a report.
"Today, the benchmark indices witnessed a volatile trading session, the Nifty end 74 points higher while the Sensex closed at 349 points higher," said Shrikant Chouhan, head equity research at Kotak Securities.
Among sectors Media index outperformed rallied over 2% whereas profit booking were seen in selective IT and Auto stocks. Technically, after early morning intraday correction the Nifty took the support near 22,050/72,500 and reversed. From the days lowest point market rallied 151 points, he added.
"We are of the view that as long as index is holding higher bottom formation on intraday charts the bullish texture is likely to continue. For the trend following traders now 22,050/72,500 would act as a strong support zone. Above which the index is likely to continue upward momentum till 22,300-22,325/73,200-73,500. On the flip side below 22,050/72,500 the uptrend could be vulnerable, below the same traders may prefer to exit out from trading long position," Chouhan said.
HDFC Bank Ltd., Axis Bank Ltd., Power Grid Corp Ltd., Kotak Mahindra Bank Ltd., and ICICI Bank Ltd added positively to the NSE Nifty's run to fresh high.
Tata Consultancy Services Ltd., Infosys Ltd., Coal India Ltd., Bajaj Auto Ltd., and Hero MotoCorp Ltd limited gains to the index.
On NSE, six out of 12 sectors ended in positive, five ended in negative, and one ended flat. The Nifty Media index was the top gainer, and the Nifty IT index was the top loser among sectoral indices.
Broader markets underperformed the benchmark indices. The S&P BSE Midcap fell 0.17% and the S&P BSE Smallcap declined 0.18%.
On BSE, 11 sectors out of 20 advanced, and nine declined. The S&P BSE IT sectoral index declined the most. The S&P BSE Bankex rose the most.
Market breadth was slightly skewed in favour of buyers. Around 1,955 stocks rose, 1,877 stocks fell, and 99 stocks remained unchanged on BSE.
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Source: Exchange Filing
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Source: Exchange Filing
