The Bharat stock market continued its upward trend on February 16, marking the fourth consecutive session of gains. The Nifty, one of the key indices, remained above the significant milestone of 22,000 points, buoyed by positive performances in the auto, Information Technology (IT), and pharmaceutical sectors.
Positive Global Cues Propel Bharat Equity Indices
The market kicked off the day on a positive note, taking cues from upbeat global trends. Throughout the trading session, the Nifty sustained its position above 22,000 points, indicating strong investor sentiment. Notably, sectors such as auto, IT, and pharma witnessed significant buying interest, contributing to the overall market optimism. However, sectors like oil & gas and power experienced relatively subdued performance.
Closing Figures and Weekly Performance
At the close of trading, the Sensex surged by 376.26 points, or 0.52 percent, reaching 72,426.64 points. Similarly, the Nifty recorded a gain of 129.90 points, or 0.59 percent, closing at 22,040.70 points. For the entire week, both the BSE Sensex and Nifty50 indices registered a commendable gain of 1 percent each, reflecting the sustained positive momentum in the market.
Key Movers and Sectoral Performance
Among the top gainers on the Nifty were prominent names like Wipro, M&M, SBI Life Insurance, Adani Ports, and Maruti Suzuki. Conversely, Power Grid Corporation, ONGC, SBI, Britannia Industries, and Reliance Industries were among the top losers. Sector-wise, except for PSU Bank, oil & gas, and power, all other indices displayed positive movements, with auto, capital goods, pharma, IT, and realty sectors showing gains of 1-2 percent.
Midcap and Smallcap Indices Show Strength
The BSE Midcap and Smallcap indices also performed well, each registering gains of nearly 1 percent. This highlights the broad-based nature of the market rally, with mid-sized and smaller companies also participating in the positive momentum.
Individual Stock Movements
Several individual stocks witnessed significant activity, with notable volume spikes seen in Nalco, Aurobindo Pharma, and Balrampur Chini Mills. Additionally, there was notable interest in stocks like Ipca Laboratories and Glenmark Pharma, which experienced long build-up, while Gujarat Gas, Power Grid, and REC saw short build-up.
Outlook for February 19
Analysts have provided a positive outlook for the upcoming trading sessions. According to Rupak De, a Senior Technical Analyst at LKP Securities, the Nifty’s consistent closure above the 21EMA and bullish crossover in momentum indicators suggest a positive trend, with a potential move towards 22,200 in the short term. Ajit Mishra, SVP – Technical Research at Religare Broking, advises a cautious yet optimistic approach, emphasizing the need for sustainability above 22,150 for further upside potential in the market. Traders are advised to monitor the banking index for cues and remain attentive to global market trends, particularly those in the US.
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