Sensex up 375 points, Nifty goes past 14,400; metals, banks gain

The benchmark indices made a smart recovery from the day’s low in a highly volatile session on April 22, a day India reported 3.14 lakh cases, the highest single-day rise in infections anywhere in the world. At close, the Sensex was up 374.87 points, or 0.79 percent, at 48080.67 and the Nifty was up 109.80 points or 0.77 percent at 14406.20.

Among sectors, the Nifty metal index added over a percent, while the Nifty Bank index rose 2 percent. BSE midcap and smallcap indices ended in the green.

“Again the index showed a good pull back from its strong support and managed to close a day on a positive note at the 14,400 zone with gains of nearly one percent forming a bullish candle on the daily chart,” said Rohit Singre, Senior Technical Analyst at LKP Securities.

On the higher side, the index has a stiff hurdle at 14,450-14,500 zone and if it manages to sustain above 14500, then the pullback can get extended towards 14,700-14,900 zone in the near term,” he added. If the Nifty fails to hold above the 14,500 zone, then profit booking is possible from the higher-end towards the immediate support zone of 14,350-14,250.

ICICI Bank, Wipro, JSW Steel, Tata Steel and HDFC were among the major gainers on the Nifty, while losers were Titan Company, Shree Cements, Tata Consumer Products, HUL and Nestle.

Stocks & sectors

On the BSE, the bank index added 2 percent, while metal and realty indices rose 1 percent each.

Among individual stocks, a volume spike of more than 100 percent was seen in Adani Port, Grasim Industries and Navin Fluorine International.

Long buildup was seen in Adani Port, Grasim Industries and JSW Steel, while a short buildup was seen in Gujarat Gas, UltraTech Cement and Escorts.

More than 150 stocks, including Subex, JSW Steel, Marksans Pharma, hit a fresh 52-week high on the BSE.

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Technical View

The Nifty formed a bullish candle on the daily scale even though it breached its previous day’s low, bulls were in charge for the most part of the day.

“The Nifty has to decisively hold above 14,400 zones to witness a bounce towards 14,600 and 14,700 zones, while on the downside, support exists at 14,250 and 14,150 zones,” said Chandan Taparia of Motilal Oswal Financial Services.