The market snapped three-day losing streak on November 12 and regained the previous session losses led by the IT, power and realty names amid mixed global cues.
At close, the Sensex was up 767 points or 1.28% at 60,686.69, while the Nifty was up 229.20 points or 1.28% at 18,102.80.
For the week, BSE Sensex and Nifty50 indices rose 1 percent each.
“The momentum which was lost during the week was regained as inflation worries started fading with investors shifting their focus to good quarterly earnings, economic recovery and strong domestic macro data points,” said Vinod Nair, Head of Research at Geojit Financial Services.
Today’s market rally was led by IT, energy and realty stocks while global peers traded mixed, he added.
The broader indices underperformed the frontline indices with BSE midcap and smallcap indices rising 0.57 percent and 0.25 percent, respectively.
Tech Mahindra, Hindalco Industries, Wipro, HDFC and Infosys were among the major Nifty gainers, while Bajaj Auto, Tata Steel, Hero MotoCorp, Axis Bank and IOC were the top losers.
Among sectors, Nifty Energy and IT indices declined 1-2 percent, while buying was also seen in the metal, pharma, and auto names.
Stocks and sectors
On the BSE, IT, power, capital goods and realty rose 1-2 percent, however, metal, oil & gas, FMCG and healthcare indices gained 0.5 percent each.
Among individual stocks, a volume spike of more than 400 percent was seen in Motherson Sumi, Alkem Laboratories and ICICI Prudential Life Insurance Company.
Long buildup was seen in JK Cement, Alkem Laboratories and Ipca Laboratories, while short buildup was seen in Torrent Pharma, Atul and Bajaj Auto.
More than 200 stocks, including Torrent Power, Sintex Industries and Bharti Airtel, hit 52-week high on the BSE.
Technical View
The Nifty formed a bullish candle on daily scale and negated its lower highs – lower lows of two sessions.
It formed a small bodied bullish candle on weekly scale with long lower shadow indicating declines are being bought despite profit-booking at higher zones.
The index has to hold above 18,000 zones for an up move towards 18,250 and 18,350 zones. While on the downside, supports shifts higher to 17,900 and 17,777 levels, said Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services.
Outlook for November 15
Palak Kothari, Research Analyst at Choice Broking:
Technically, the index has formed a bullish candle on the daily time frame with the support of 50 DMA, which suggests strength in the counter.
The Index has given a breakout of the falling trendline, which points out strength in the counter. Also, the Stochastic indicator bounced and showed positive crossover, which indicates strength in the counter for the next trading session. At present, the index has a support level of 17,900, while resistance is at 18,250 levels.
Rohit Singre, Senior Technical Analyst at LKP Securities:
The index has moved above its strong hurdle zone of 18,000-mark which hints if prices managed to hold above the 18,000-mark, then one can expect a current pullback to extend further towards 18,200-18,300 zone, the immediate hurdle zone on the higher side.
Also any dip near 18,000 mark will be again fresh buying opportunity.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
Next week would be crucial for the Nifty. If we can keep above 18,150 for a couple of sessions, the markets can scale higher to 18,400 and then 18,600.
This will also take out the upper end of the current range which will add further momentum to the index.
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