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Sensex reclaims 50K-mark, auto stocks shine

Sensex reclaims 50K-mark, auto stocks shine
March 02
15:34 2021

MUMBAI: The key Indian equity indices traded in the positive territory during the mid-afternoon session on Tuesday with the S&P BSE Sensex reclaiming the 50,000 points-mark. Accordingly, the two key indices had a gap up opening amid stock specific action.

Positive momentum was seen in auto, IT, FMCG and pharma space; whereas financial services and banks traded in the negative. At 2.15 p.m., it was trading at 50,070.85, higher by 221.01 points or 0.44 per cent from its previous close. It has so far touched an intraday high of 50,424.65.

The Nifty50 on the National Stock Exchange was trading at 14,854.35, higher by 92.80 points or 0.63 per cent. “Index is taking a pause but holding well at 14,800 zones. Focus is shifting to Auto stocks and heavyweights are holding the market,” said Jay Purohit, Technical & Derivatives Analyst, MOFSL.

“The advance decline ratio remains in favour of the advancing counters, indicating strength in the market.” According to Gaurav Garg, Head of Research at CapitalVia Global Research: “Domestic sentiments remain positive as investors remained positive with the Crisil report stating that the timely intervention by the government has helped the economy recover faster than what was expected.

“Bank credit is also expected to grow to 9-10 per cent in the next financial year. In the current financial year, it is expected to grow by 4-5 per cent.”

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