Friday, Mar 29, 2024 | Last Update : 03:39 PM IST

  Business   Market  23 Feb 2019  Set-up looks good for extended relief rally

Set-up looks good for extended relief rally

THE ASIAN AGE. | ASHWIN PUNNEN
Published : Feb 23, 2019, 1:55 am IST
Updated : Feb 23, 2019, 1:55 am IST

The Nifty 50 Index closed in the green, 1.80 points or 0.02 per cent, higher at 10,791.65.

The market breadth was strong as 1622 shares rising and 910 shares falling.
 The market breadth was strong as 1622 shares rising and 910 shares falling.

The market ended flat after a highly volatile trading session on Friday with the Sensex closed 26 points or 0.07 per cent lower at 35,871.

The Nifty 50 Index closed in the green, 1.80 points or 0.02 per cent, higher at 10,791.65.

The broad market outperformed with the Mid-Cap and Small-Cap indices closed rising 0.38 per cent and 0.77 per cent respectively.

The market breadth was strong as 1622 shares rising and 910 shares falling.

The Market heavyweights like HDFC Bank (1.11 per cent), Reliance Industries (1.11 per cent), HDFC (0.35 per cent) and ITC (0.22 per cent) kept the frontline indices weak.

Auto shares saw good buying interest with Tata Motors (2.86 per cent), Mahindra & Mahindra (2.01 per cent), Maruti Suzuki India (1.76 per cent), Hero MotoCorp (1.65 per cent), TVS Motor (1.52 per cent), Ashok Leyland (0.92 per cent), Eicher Motors (0.39 per cent) and Bajaj Auto (0.25 per cent), edged higher.

The sectors like metals, realty and auto witnessed good buying.

Technical View
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking, said “The latter half of the week brought back smile in traders’/ investors’ fraternity after undergoing some challenging period. First couple of days extended previous week’s losses; however, the remaining part turned out to be saviour for our market, courtesy to strong cues from the global bourses. Although, the overall action in Index was not that big, the broader end of the spectrum did extremely well and hence, we not only defended key support but also managed to reclaim the 10800 mark.

This week’s bounce back was initially propelled by the banking Index and later on by IT and auto. But the only outshining sector throughout was the ‘metal’ space. As we had anticipated, all the constituents within this high beta pocket soared to a great extent. Also, the Mid-Caps has shown some signs of revival; do watch out for this as well. All in all, set-up looks good for the extended relief rally; but, considering recent moves, it’s better to take one step at a time.”

Market View
Jayant Manglik, President, Religare Broking, said “We reiterate our cautious view on markets and suggest keeping close watch on the global developments for cues. Indications are in the favour of further consolidation in the benchmark Index thus traders should maintain their focus on stock selection and trade management.

Vinod Nair, Head of Research, Geojit Financial Services, said “The market turned range bound after the release of RBI minutes which hints concerns of elevated core inflation and threat of global growth slowdown. Additionally, 10yr yield inched higher while bank index underperformed. Inflow of domestic funds to the market remains positive while tepid reaction from FIIs and lack of major triggers are impacting investors’ sentiment.”

Tags: sensex news, sensex updates