The market ended higher on August 2, supported by auto, IT and realty stocks. The Sensex was up 363.79 points, or 0.69 percent, at 52,950.63, and the Nifty ended 122.20 points, or 0.78 percent, higher at 15,885.20.
“The market witnessed some lacklustre movement and an attempt to overcome the resistance level around the Nifty 50 index level of 15,900. The expected levels of the market are likely to be in the range of 15,800 and 15,950, and it is going to be crucial for the short-term market scenario to sustain above the 15,800 level,” said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.
“Technical indicator suggests, a volatile movement in the market in a small range,”
All the sectoral indices ended in the green, with auto, IT, infra and energy gaining a percent each.
On the broader market front, the midcap and smallcap indices gained 1 percent each, hitting fresh record highs of 23,344.49 and 27,106.46, respectively.
Shree Cements, Titan Company, BPCL, Grasim Industries and Eicher Motors were the top Nifty gainers. UPL, Tata Steel, Bajaj Finserv, Bajaj Finance and NTPC were among the top losers.
Stocks & sectors
On the BSE, the realty index rose nearly 5 percent, while auto, oil & gas and IT indices were up a percent each.
Among individual stocks, a volume spike of more than 300 percent was seen in Piramal Enterprises, IRCTC and PI Industries.
A long buildup was seen in Astral, Trent and Godrej Properties, while a short buildup was seen in Dabur, Voltas and Exide Industries.
More than 500 stocks, including ACC, Endurance Technologies, Sunteck Realty and Dabur India, hit a fresh 52-week high on the BSE.
Technical View
The Nifty formed a small-bodied bullish candle on the daily scale and continued its formation of higher lows of the last three sessions.
The index has to hold above 15,850 to witness an up move towards 15,962 and 16,000, while on the downside, support exists at 15,750 and 15,700 levels, said Chandan Taparia, Vice President, Analyst-Derivatives, Motilal Oswal.
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