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Sensex reclaims 50,000 mark, Nifty closes above 14,900; M&M, NTPC, Bajaj Auto top gainers

Aseem Thapliyal     March 2, 2021

Sensex closed nearly 450 points higher on Tuesday, led by buying in auto, banking and IT counters amid positive domestic and global cues. While Sensex ended 447 points higher at 50,296, Nifty climbed 157 points to settle at 14,919.

On Monday, Sensex closed 750 points or 1.53% higher at 49,849 after investors cheered Q3 GDP data and resorted to value buying. Nifty ended 232 points or 1.60% higher at 14,761.

M&M, NTPC, Bajaj Auto, Tech Mahindra, TCS and Maruti were the top Sensex gainers rising up to 5%. On the other hand, ONGC, HDFC, Dr Reddy's, PowerGrid and SBI fell up to 3.16% on Sensex.

M&M share rose on 25% rise in tractor sales to 28,146 units against 22,561 units (YoY). Domestic tractor sales rose 24 percent at 27,170 units against 21,877 units (YoY).

Of 30 Sensex components, 25 ended with gains. Market cap on  BSE rose to  Rs 206.53 crore with investor wealth rising by Rs 2.77 lakh crore.

Market breadth was positive with 1,852 stocks closing higher against 1156 ending lower on BSE. 169 stocks were unchanged. Number of securities hitting 52 week high rose to 325 against 41 touching their 52 week low.

Hero MotoCorp share rises over 3% after February sales cross 5 lakh mark

Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas said, "Nifty had started a bounce from the junction of the 40 DEMA and the daily lower Bollinger Band. The recovery continued on March 2. As a result, the index has reached the hourly upper Bollinger Band and is marginally away from the 20 DMA, which is near 15,000. So 15,000 is a key hurdle to watch out for. If the bulls manage to surpass this level then the index can move up to test the swing high of 15,176. On the other hand, 14,800-14,760 will act as an immediate support zone for the index."

Nagaraj Shetti, Technical Research  Analyst, HDFC Securities said, "Nifty on the weekly chart has taken the support of 10 week EMA around 14,350 levels and started to bounce up. Previously, this weekly short term moving average has offered good support for few occasions in past and the market flared up. Presently Nifty is showing sustainable upside bounce, which is likely to bring hopes for bulls for more upside."

Global marketsIn Asia,  the Shanghai Composite Index lost 1.2% to 3,508.50 and the Nikkei 225 in Tokyo declined 0.9% to 29,408.17. The Hang Seng in Hong Kong shed 1.2% to 29,095.86. The Kospi in Seoul advanced 1% to 3,043.87 after factory production increased by a better-than-forecast 7.5% in January over a year earlier, up from December's 2.5%.

On Wall Street, the S&P 500 rose to 3,901.82 in its biggest single-day gain since June 5. The Dow Jones Industrial Average gained 2% to 31,535.51. The Nasdaq composite climbed 3% to 13,588.83.

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