Sensex, Nifty end higher after two-day breather; here’s what experts make of today’s market movement

Sensex and Nifty, after trading flat for two consecutive days, resumed marching upward on Thursday. S&P BSE Sensex closed the day’s trade  222 points higher at 51,531 while the broader 50-stock NSE Nifty ended at 15,173. Reliance Industries was the top Sensex gainer, jumping 4%. Titan was the top drags, falling over 2%. Among sectoral indices, only Nifty Auto, Nifty Realty, Nifty Financial Services, and Nifty PSU Bank closed with losses on Thursday. Volatility index or India VIX fell 3.88% to end at 23 levels.

Deepak Jasani, Head of Retail Research, HDFC Securities –

“Indian benchmark equity indices closed higher on February 11 after consolidating in the previous two sessions. Trading was light in Asia on Thursday, with most major markets closed for the Lunar New Year holiday. European stock markets were marginally higher Thursday, with investors looking to take their cues from the corporate sector on another busy earnings day. Nifty rose mildly on Feb 11 after a sideways move on the previous two sessions. It could remain in the 15064-15257 band in the near term and a breakout either side could see action in that direction.”

Ajit Mishra, VP – Research, Religare Broking –

“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. 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.”

Vinod Nair, Head of Research at Geojit Financial Services-

“The domestic market closed with slight gains after its range-bound rally, tracking gains in index heavyweights and positive European & Asian markets. The upward movement in the market was supported by energy, telecom and FMCG stocks with small caps outperforming. Dip in January auto retail sales numbers pushed the sectoral index into the negative territory while PSU banks also remained under pressure.”

Rohit Singre, Senior Technical Analyst at LKP Securities –

“Index closed a day on a positive note at 15173 with gains of half a per cent, the index has formed a range and it’s trading within the same range last four sessions. The overall range for nifty is coming at 15k on the downside and 15250 on the higher side so unless we see either side breakout final direction will not be clear and index may trade sideways in the same range.”

Manish Shah, Founder, Niftytriggers –

“Nifty closed the day with a marginal net gain. Nifty has a resistance barrier at 15,150 and Nifty has closed above this level, it could mean that more upsides will be in place. Nifty is likely to rally towards 15500-15600 in next 6-8 days. The trot seen in the last three days is a possible re-accumulation phase to use Richard Wyckoff term. Expect a steady rally in Nifty towards 15500-15600 as long as 14950 holds. The next leg of up move could be in the offing.”