Sensex up 222 points, Nifty above 15,150; smallcaps shine

The market ended higher on February 11, after seeing consolidation in the previous two sessions,  on the back of buying in the oil & gas, metal and IT names. At close, the Sensex was up 222.13 points, or 0.43 percent, at 51,531.52, and the Nifty rose 66.80 points, or 0.44, to 15,173.30.

“Markets ended with modest gains in a volatile trading session. After the initial downtick, the benchmark recovered in no time and remained range-bound thereafter,” said Ajit Mishra, VP-Research, Religare Broking.

On the sectoral front, mixed trend continued as capital goods, consumer goods and auto ended with losses, while oil & gas, metal and telecom made gains. Amid all, the broader indices witnessed healthy traction as both midcap and smallcap ended higher by 0.4 percent and 1 percent, Mishra said

“We reiterate our bullish view on markets, however, traders should maintain extra caution in the selection of stocks now. Participants would be actively tracking key macroeconomic data like IIP, CPI and WPI data for cues on Friday. A decisive break above 15,250 would trigger further up move else consolidation will continue,” he added.

Except auto and PSU bank, other sectoral indices ended in the green with energy and metal indices rising 1 percent each.

Broader markets performed in line with the benchmarks, with BSE midcap and smallcap indices ended 0.4-1 percent higher.

Hindalco Industries, Reliance Industries, Sun Pharma, Adani Ports and GAIL were among major gainers on the Nifty,. Eicher Motors, Titan Company, NTPC, L&T and Tata Motors were among the top losers.

Stocks & sectors

On the BSE, oil & gas and metal indices rose 1 percent each, while auto and capital goods sectors witnessed selling.

A volume spike of more than 100 percent was seen in Bata India, Bosch and MRF.

Long buildup was seen in Hindalco Industries, Mahanagar Gas and Power Grid, while short buildup was seen in Bank of Baroda, MRF and Bata India.

More than 200 stocks, including Adani Enterprises, Hindalco Industries, Inox Wind and Vedanta, hit a fresh 52-week high on the BSE.

Technical View

The Nifty formed a bullish candle on the daily scale and surpassed its previous day’s high.

The Nifty has to hold above 15,050 to continue its momentum towards 15,250 and 15,500, while on the downside, major support can be seen around 15,000 and 14,850 zones, said Chandan Taparia of Motilal Oswal Financial Services.