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The Budget week saw the Sensex and Nifty rise 2% each, the greatest weekly advances in two months.
After a tepid reaction to the Interim Budget, the market rallied on February 2, with Nifty reaching 22,126.80 and the Sensex rising almost 1,400 points.
After reaching a peak, benchmarks gave up some gains. The Sensex closed 0.61 percent at 72,085.63 and the Nifty 0.72 percent at 21,853.80.
The market opened higher on strong global cues and extended gains throughout the day, although profit-booking at higher levels reversed some of the gains.
The Sensex fell 1,003.77 from 73,089.40 and the Nifty index fell 273 points from 22,126.80.
The Nifty Bank index fell 0.5 percent to 45,970.95, after hitting 46,892.35, intraday.
In Budget week, the Sensex and Nifty jumped 2% each, the highest weekly gains in two months.
Sectors and stocks
Nifty winners were BPCL, Power Grid Corporation, ONGC, Adani Ports, and NTPC, while losers included Eicher Motors, Axis Bank, HDFC Life, and HUL.
The oil & gas index rose 4%, information technology, metal, realty, and power indices rose 2% each, while banking fell 0.5 percent.
BSE midcap and smallcap indexes rose 0.8 and 0.5 percent, respectively.
Stocks including Torrent Pharma, SAIL, and Indian Oil Corporation saw volume spikes above 200 percent.
Bharat Petroleum Corporation, Indian Oil Corporation, Abbott India had long build-ups, while City Union Bank, Shree Cements, Eicher Motors had small ones.
Abbott India, Bank of India, BPCL, Castrol India, Engineers India, Hercules Hoists, HPCL, IOB, IOC, Jindal Steel, Kitex Garments, Mishtann Foods, NBCC (India), NHPC, NMDC, Oriental Hotels, Punjab & Sind Bank, SAIL, Shipping Corporation, SJVN, SpiceJet, Texmaco Infra, amog, and others reached 52-week highs on
February 5 forecast
Nifty reached 22,000 in the first half of Friday but produced a double top on the hourly chart. Bullish trend resumption requires a strong breakout above the double top, now around 22,125.
However, a breach below 21,500 support could signal bearish momentum. If Nifty breaks above 22,150, it may rise to 22,500 and beyond.
The Nifty began well and reached a record 22126.80. Sharp selling pressure caused the Nifty to fall and return to 21200–21900.
Prices are rangebound due to the daily and hourly momentum indicator divergence. Contracting Bollinger bands indicate rangebound price action. Thus, factors indicate consolidation will continue. Stock-specific action and sector rotation may continue throughout consolidation. Key support levels are 21660–21600 and immediate obstacle zone is 22100–22150.
Bank Nifty sold off from 46900 to 47000, the 61.82% Fibonacci retracement level of its collapse from 48636 to 44429. The Bank Nifty may consolidate between 47000 and 45500 in the short term.
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| FII sold | Â 1,879.58Â Cr |
| DII Bought | 872.49Â Cr |
Indian Market Stocks
| Sensex | 440.33 | +0.61% | 72,085.63 |
| Nifty 50 | 156.35 | +0.72% | 21,853.80 |
| Bank Nifty | -217.70 | -0.47% | 45,970.95 |
Market Movers
| BPCL | 49.90 9.81% | Eicher Motors | -107.65 -2.74% |
| Power Grid Corp | 11.30 4.25% | Axis Bank | -17.20 -1.59% |
| ONGC | 9.60 3.88% | HDFC Life | -8.30 -1.41% |
| Adani Ports | 42.60 3.50% | HDFC Bank | -20.20 -1.38% |
| NTPC | 10.50 3.26% | HUL | -21.00 -0.85% |
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