Bulls were back in action on May 26 pushing Nifty above 15,300 and Sensex above 51,000. The rally was supported by IT and Realty stocks.
At close, the Sensex was up 379.99 points or 0.75% at 51,017.52, and the Nifty was up 93.00 points or 0.61% at 15,301.50.
“After a few days of lackluster movement, the market witnessed a positive trend in today’s activity. The expected levels of the market is likely to be in the range of 15100 and 15400, and it’s going to be crucial for the short-term market scenario to sustain above the 15100,” said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.
“Momentum indicators like RSI and MACD are supporting the trend and indicating potential upside from the current market level,” he added.
Among sectors, IT and realty indices rose 2 percent each, while energy and metal indices shed 1-2 percent. BSE Midcap index ended flat, while smallcap index rose 0.7 percent.
Bajaj Finserv, Infosys, Bajaj Finance, Grasim Industries and UPL were among the top gainers on the Nifty, while losers included Power Grid Corp, JSW Steel, Hindalco Industries, Tata Steel and NTPC.
Stocks & sectors
On the BSE, IT and Realty indices added 1.8-3 percent, while power and metal indices fell 2 percent each.
Among individual stocks, a volume spike of more than 100 percent was seen in BHEL, Manappuram Finance and Eicher Motors.
Long buildup was seen in Asian Paints, Cipla and Sun Pharma, while short buildup was seen in BHEL, Power Grid and Tata Consumer Products.
More than 350 stocks, including Wockhardt, HPCL and Elecon Engineering hit a fresh 52-week high on the BSE.
The Nifty formed a bullish candle on the daily scale with long lower shadow and continues its formation of higher highs – higher lows of the last four sessions.
“Nifty has to hold above 15,250 zones to witness an up move towards lifetime high of 15,431 and 15,500 zones, while on the downside, support exists at 15,200 and 15,100 zones,” said Chandan Taparia of Motilal Oswal Financial Services.