Taking Stock | Nifty Ends Above 15,300 Led By IT Stocks; Metals Underperform
Among sectors, IT and realty indices rose 2 percent each, while energy and metal indices shed 1-2 percent.
Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities
Nifty gained momentum in the recent past and now trades near all-time high levels of 15430. Last concrete support was seen at 14700 and we await closer support levels to mature in the near term. We believe the undertone is positive and any correction should be used as an opportunity to accumulate. We see value in IT, Auto and specific BFSI stocks.
Rohit Singre, Senior Technical Analyst at LKP Securities:
After two consecutive dull sessions index showed some traction and closed a day at 15301 with gains of 100 points & formed a small bullish candle on daily chart. Now again index has shifted its support to 15250-15200 zone and holding above said levels, can see more strength and we may head towards previous swing highs. The immediate hurdle is coming near 15370-15430 zone and said levels will be immediate profit booking levels, fresh breakouts above 15430 on closed.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
After a few days of lackluster movement, the market witnessed a positive trend in today’s activity. The expected levels of the market are likely to be in the range of 15100 and 15400, and it’s going to crucial for the short-term market scenario to sustain above the 15100. The momentum indicators like RSI and MACD supporting the trend and indicating potential upside from the current market level.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
The index managed to cross 15300; if we can sustain these levels, we should be headed to 15500-15600. We have a good support range at 15000 and hence can buy into corrections. As long as the Nifty maintains 15000 on a closing basis, we are in bullish territory!
Vinod Nair, Head of Research at Geojit Financial Services.
Domestic markets started cautiously positive and witnessed a strong rebound as it gained momentum from expectations of another set of relief measures. The new stimulus package is expected to focus on boosting the worst-hit sectors like tourism, aviation and hospitality along with MSMEs. Value buying was seen in the IT sector while Metals stocks remained in the correction phase due to muted international commodity prices.
Market Close: Benchmark indices rose 0.5 percent and ended near the day’s high levels amid buying seen in the IT and realty stocks.
At close, the Sensex was up 379.99 points or 0.75% at 51,017.52, and the Nifty was up 93.00 points or 0.61% at 15,301.50. About 1913 shares have advanced, 1146 shares declined, and 140 shares are unchanged.
Bajaj Finserv, Infosys, Bajaj Finance, Grasim Industries and UPL were among the top gainers on the Nifty, while losers included Power Grid Corp, JSW Steel, Hindalco Industries, Tata Steel and NTPC.
Among sectors, energy and metal indices shed 1-2 percent, while IT, realty indices rose 2 percent each. BSE Midcap index ended flat, while smallcap index rose 0.7 percent.
ICICI Direct on Mahanagar Gas:
The government’s priority allocation of domestic gas to the CGD sector has enabled MGL to access cheaper gas for CNG and domestic business segments (~85% of sales mix). MGL’s strong gas pipeline infrastructure and expanding operations in Mumbai, its adjoining areas and Raigad district will enable the company to capture the benefits of the large and growing market given the low penetration.
We maintain buy recommendation with an unchanged target price of Rs 1340/share (13x FY23E EPS).
J Kumar Infra Q4:
The company has posted 5.1 percent jump in its Q4 net profit at Rs 32.7 crore against Rs 31.1 crore and revenue was up 13% at Rs 992 crore versus Rs 877.8 crore (YoY), reported CNBC-TV18.
J Kumar Infraprojects was quoting at Rs 179.50, down Rs 11.50, or 6.02 percent on the BSE.
Berger Paints Q4
The company has reported net profit at Rs 208.6 crore versus Rs 103.2 crore and revenue was up 49.5% at Rs 2,026.1 crore versus Rs 1,354.8 crore (YoY) , reported CNBC-TV18.
Berger Paints India touched a 52-week high of Rs 842.55 and was quoting at Rs 832.25, up Rs 12.65, or 1.54 percent on the BSE.
Divis Lab authorised manufacturer of Molnupiravir API:
Divis Laboratories is MSD’s Authorized manufacturer for Molnupiravir API and allowed to supply this API to MSD’s VL partners in India, as per the company’s release.
Divis Laboratories was quoting at Rs 4,098.00, down Rs 1.60, or 0.04 percent on the BSE.