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Sensex rises 584 pts, ends above 51K mark; banking stocks lead gains

Sensex closed 584 points higher at 51,025 and Nifty rose 142 points to 15,098.40.  Private banks, IT and consumer goods stocks led the gains in today's trade

Aseem Thapliyal | March 9, 2021 | Updated 17:52 IST
Sensex rises 584 pts, ends above 51K mark; banking stocks lead gains
Kotak Mahindra Bank, HDFC Bank, HDFC and ICICI Bank were the top Sensex gainers rising up to 3.35 percent.

Benchmark indices ended higher in Tuesday's volatile session as bond yields in US and Europe retreated sharply.  Sensex closed 584 points higher at 51,025 and Nifty rose 142 points to 15,098.40.  Private banks, IT and consumer goods stocks led the gains in today's trade. Of 30 Sensex stocks, 19 ended in the green.Bank Nifty rose 589 points to 35,865 and BSE bankex zoomed 743 points to 40,457. 

Earlier, Sensex hit an intra-day low of 50,396.10 after opening higher at 50,714.16. The index pared gains due to profit booking in energy and infra stocks. However, a fall in US bond yields and gains in US Futures helped Sensex rebound and close above the 51,000 level.

"In a volatile day, the Indian market ended with minor positivity amid mixed global cues. Barring private banks, IT and consumer stocks, all other sectors were most impacted. Fall in US bond yields and stronger US equity futures aided Asian markets to recover from earlier losses," Vinod Nair, Head of Research at Geojit Financial Services said.

Top gainers today: 6 shares rise up to 4%; Kotak Mahindra Bank, HDFC Bank, ICICI Bank, HDFC, Bajaj Finance

Kotak Mahindra Bank, HDFC Bank, HDFC and ICICI Bank were the top Sensex gainers rising up to 3.35 percent. Tech Mahindra, Bajaj Finance, Asian Paints, Infosys, HUL and TCS also led to gains on the index.

"Nifty witnessed consolidation above a falling trendline on the daily chart for one more day. Towards the end of the session, however, it saw fresh round of buying. The hourly as well as daily momentum indicators are staring a new cycle on the upside from their respective equilibrium lines. The hourly Bollinger Bands are about to expand after a contraction, which suggests that a trending move can develop & looking at the overall structure, we expect the move to form on the upside. Thus the index looks set to test the swing high of 15273 with potential head towards the all time high of 15431. On the other hand, the support zone shifts bit higher to 14860-14900," said Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas.

Stock Market Highlights: Sensex gains 581 pts to end above 51k, Nifty at 15,098; bank, IT stocks lead rally

PowerGrid, ONGC, NTPC and Dr Reddy's were among the top losers falling up to 2%.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said, "Nifty and Sensex have formed bullish reversal formation by closing at the highest point of the day. On the day of the weekly expiration of Index options, we could see a bullish continuation if these indices manage to hold above 15150/51200 levels. Above, 15150/51200 the market would face the biggest hurdle at 15270/51750. If the index falls below the level of 15000/50750, the bullish pattern would fail."

Among sectoral indices, BSE bankex, finance, IT, teck, consumer durables and FMCG indices ended with gains, while metal, oil and gas, utilities, realty and power were in the red.

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