Sensex, Nifty gain over 2% as bulls maintain charge; metals, financial lead

The market continued its winning streak for the third straight session on March 3 with Sensex regaining 51,000 and Nifty closing above 15,200 led by the metal stocks. At close, the Sensex was up 1,147.76 points or 2.28 percent at 51,444.65, and the Nifty was up 326.50 points or 2.19 percent at 15,245.60.

“Nifty has been consistent in its upside momentum. It sustained well above the 14,950 level and never looked back. It should achieve 15,300 as its first target and thereafter 15,500. Good support lies at 14,600-14,700 and therefore any dip or intra-day correction can be utilized to enter the index for higher targets,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Barring auto, all other sectoral indices ended in the green with Nifty metal and PSU bank indices rising over 3 percent each. Also, Nifty Bank index rose 2.7 percent.

Mid and small-caps underperformed though ended 1 percent each.

Tata Steel, Bajaj Finserv, Reliance Industries, Bajaj Finance and UPL were among the top Nifty gainers, while losers included Hero MotoCorp, Maruti Suzuki, Bajaj Auto, M&M and BPCL.

Stocks & sectors

On the BSE, the metal index rose over3 percent, while IT and Bank indices rose 2 percent each. Oil & gas, realty and power indices rose 1 percent each.

A volume spike of more than 100 percent was seen in HDFC AMC, Granules and AU Small Finance Bank.

Long buildup was seen in City Union Bank, Granules and AU Small Bank while short buildup was seen in Mphasis, L&T Technology Services and Alkem Laboratories.

More than 300 stocks, including Tata Power, IDFC First Bank and NMDC, hit a fresh 52-week high on the BSE.

Technical View

The Nifty formed a strong Bullish candle with a lower shadow on the daily scale. It continued forming higher lows from the last three trading sessions and supports are gradually shifting higher.

“The Nifty has to continue to hold above 15,150 zones to extend its move towards 15,400 and 15,500 zones, while on the downside immediate support exists at 15,000 then 14,900 levels,” said Chandan Taparia of Motilal Oswal Financial Services.