Stock Market Highlights: Sensex ends at record closing high, Nifty above 17,500 led by banks, auto stocks; midcaps outshine

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Ajit Mishra, VP - Research, Religare Broking

The bulls took control over the markets once again, after spending over a week in a consolidation range which helped the index to gain nearly a percent. The recent macroeconomic data and encouraging pace of vaccination drive have boosted sentiment domestically and helped the markets to inch higher. However, cues are mixed from the global front so we suggest a check on overnight trades.

On the index front, Nifty would find support around 17,400 in case of any dip. On the higher side, a decisive close above 17,550 would pave the way for 17,650+ levels. 

Nagaraj Shetti, Technical Research  Analyst, HDFC Securities

The upside breakout of range movement could be a cheering factor for bulls to make a comeback. One may expect further upside towards 17,600-17,700 levels in the next few sessions. Immediate support is placed at 17,420 levels.

Rahul Sharma, Co-Founder, Equity99

Markets are making new highs daily. We expect banks to perform well in the coming days. Also, the telecom sector should be kept on the radar after Cabinet approved the 4-year AGR moratorium.

Nifty Today traded extremely well. All charts showing great strength to move forward, Half Hourly charts were filled with Higher Top Higher Bottom formation throughout the day, On daily charts, one big white candle has been formed with the highest-ever closing level at 17,519.45. Now support levels to nifty are placed at 17,450 followed by 17,375 – 17,300 levels & resistance is placed at 17,555 followed by 17,625-17,700 levels.

Bank Nifty which is slightly underperforming Nifty has shown great strength on the positive side, On 30 mins charts big white candles have formed crossing all intermediate highs but the last candle showed us profit booking before the weekly expiry session, Support to Bank Nifty is placed at 36,740 – followed by 36,560 levels & on upside Hurdle is placed at 37,000-37,200 for coming session

Rupee At Close | The Indian rupee closed 18 paise higher at 73.50 per US dollar on Wednesday, tracking a firm trend in domestic equities and sustained foreign fund inflows. The local unit opened flat at 73.68 against the previous session close of 73.68 per dollar. During the session, the domestic unit witnessed an intra-day high of 73.50 and a low of 73.74.

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

The Nifty successfully closed above the 17,450 mark which was a resistance owing to the sideways patch. We should now be heading higher to 17,550 and then 17,750. These are the next two target points to look out for. Since the first target is very close, a "buy on dips" approach is suggested.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The measures announced for the telecom and auto industry are sweeping with potential for far-reaching beneficial impact. A four-year moratorium on dues of the telecom sector which covers AGR, spectrum dues and interest payment will bring big relief to the cash-strapped sector. This is positive for banks, too, since banks' exposure too will decline significantly. 100% FDI in telecom and redefinition of AGR excluding non-core revenue are welcome steps that can stimulate investment in the industry.

The Rs 26,058 crore PLI scheme for autos, auto components and drones is a major initiative to attract advanced auto technology and supply chains into India. This is a timely policy when global supply chains are looking for markets outside China for shifting supply chains. The PLI scheme's goal of investment of Rs 42,500 crore in 5 years is ambitious but achievable. In brief, bold reforms.

Market At Close | Market breadth favours advances, the advance-decline ratio at close stood at 2:1.

Market At Close | Sensex, Nifty & Midcap index end at record closing highs. Except for media, all sectoral indices closed in the green.

Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities

Bulls were back in action and both benchmark indices closed at fresh record highs on renewed buying support, which was missing in the last few sessions. After a firm opening, Nifty cleared the important resistance of 17,450. The intraday index rally was largely aided by strong investor participation in the telecom and oil & gas stocks. Technically, post the 17,450 range breakout, the index succeeded to close above 17,500, which indicates a strong possibility of a continuation uptrend wave up to 17,575. Above the same, the index could rally up to 17,625, whereas trading below 17,450 may trigger a quick intraday correction up to 17,400-17,350 levels.

Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities

We expect the Nifty index to conquer 18,000 and above in the medium term. Last matured support for the index is seen at 17,080 above which we remain positive. Options concentration is seen at 17,000 put and 17,500 call – this is indicative of some resistance at 17,500-17,600 levels. Value is seen in Auto and Mid-cap Banking stocks; expect outperformance in the midcap space to continue.

Market At Close | Here are the highlights of today’s trading session

-Sensex, Nifty & Midcap Index End At Record Closing Highs

-Infosys, TCS, Bharti, ICICI & SBI Top Contributors To Nifty

-Sensex Rises 504 Points to 58,751 & Nifty 139 points to 17,519

-Nifty Bank Gains 239 Points To 36,852 & Midcap Index 304 Points To 30,176

-Except Media, All Sectoral Indices Close In The Green

-Bharti Airtel Rises 5% On Govt’s Telecom Relief Measures

-PSU Cos Post Healthy Gains With BSE PSU Index Rising To A Record High

-Financials See Huge Gains In Last Hour Of Trade, Led By SBI & ICICI Bank

-Zee Ent Fails To Hold Opening Gains, Closes With A Cut Of 2%

-GMR Infra, Tata Power, SRF, Mphasis, Mindtree & Canara Bank Top Midcap Gainers

-Vodafone Idea Rises 3% & Indus Towers Off Lows On Telecom Relief Measures

-Tata Motors Rises Nearly 2% & Tata Motors DVR Over 11%

-Market Breadth Favours Advances, Advance-Decline Ratio At 2:1

Closing Bell | The Indian equity benchmark indices ended at record closing highs Wednesday led by across the broad gains. The Sensex jumped 476.11 points, or 0.82 percent, to close at 58,723.20, while the Nifty closed 139.45 points, or 0.80 percent, higher at 17,519.45. Broader markets, smallcap and midcap indices supported the rally.

Among sectors, Nifty PSU Bank rallied the most, followed by auto, IT, metals, energy and consumer indices. NTPC, Bharti Airtel, Coal India, ONGC and Titan Company were the top Nifty50 gainers, while Tata Consumer Products, Nestle India, Grasim Industries, BPCL and Asian Paints were the top index losers. Read here

JUST IN | Cabinet approves 4 years moratorium on dues of telecom sector. The bank’s exposure will be reduced significantly, says union minister.