The market opened on a gap-up note and showed strength throughout the session and closed the session at 17463.80 level with a gain of 197.05 points. While Bank Nifty closed the session at 38,610.25 level with a gain of 581.80 points; 42 out of Nifty 50 stocks closed in green, indicating broad-based buying. Except for oil & gas and PSU banks all other sectoral indices ended in the green with auto, IT, and Bank up 1 percent each.
At close, the Sensex was up 657.39 points or 1.14 percent at 58,465.97. The Nifty was up 197 points or 1.14 percent at 17,463.80. About 1,711 shares have advanced, 1,539 shares declined, and 105 shares are unchanged.
Among major gainers on the bourses, Coal India, Maruti, Indus Ind Bank, and Bajaj Auto. ONGC, ITC, SBI Life, PowerGrid were among the prime laggards.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said, "Strong global market cues boosted local benchmark gauges as investors lapped up beaten-down stocks. Buying was seen in banking, realty and auto stocks on hopes interest rates may remain unchanged in the credit policy meet this week. The last hour intraday breakout formation indicated continuation of an uptrend in the near future. In addition, on intraday charts, the Nifty is holding higher bottom formation which is broadly positive. For the trend following traders, 17,365 would be the trend decider level and above the same the index could move up to 17,550-17,625 levels. However, if the index trades below 17,350, a strong possibility of a quick correction up to 17,300-17,240 levels is not ruled out."
Mohit Nigam, Head - PMS, Hem Securities said, "Indian markets are reacting to the expectations of the RBI to maintain an accommodative stance in tomorrow's (February 10) meeting. Domestic markets are following a global rally as US stocks shrug off concerns over rising crude oil and rate hike worries. On the technical front, 17,300 and 17,550 are immediate support and resistance in Nifty 50 respectively. For Bank Nifty 38,000 and 38,900 are immediate support and resistance respectively."
Deepak Jasani said, "Advance decline ratio has turned positive. Nifty has commenced its journey up ahead of the RBI MPC meet outcome on Thursday. Seeming cooling off of Russia-Ukraine tussle and reversal in oil prices have helped sentiments turn up across the globe. In case the RBI raises repo rate (and not reverse repo rate) the markets could take it negatively. 17,306-17,560 could be the range for the Nifty in the near-term."
Palak Kothari, Research Associate, Choice Broking said, "On the technical front, the index has confirmed the Hammer Candlestick Pattern on the daily chart which points out strength in the. Furthermore, the index has given a breakout of the falling trend line and sustained above the same as well as trading above the middle band of Bollinger which suggests upside movement in the counter. On an Hourly Chart, the index has been trading above 9*21-HMA with the positive crossover which suggests strength for the next session. Moreover, the daily momentum indicator Stochastic is trading with a positive crossover which adds strength to prices. At present, the Index has support at 17,200 levels while resistance comes at 17,600 levels. On the other hand, Bank Nifty has support at 38,000-levels while resistance at 39,400 levels."
Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One Ltd., said, "Indian equity market kickstarted with a gap-up opening and remained in a range throughout the day. The benchmark index Nifty50 has seen the follow-up buying with a strong closure to settle the day higher at 17463 levels, gaining 1.14 percent. The broad-based buying has poured some bullish sentiments across the bourses.The momentum was strengthened by the major contributor, Nifty Bank, which has rebounded from the 21 DEMA, followed by the buying in heavyweights of the benchmark index. All these kept the momentum trader engrossed throughout the session."
