| Sensex climbs 389 points as metal stocks shine, nifty settles near 16,800 | | |  agencies
NEW DELHI, Feb 28: The Indian equity indices on Monday finished higher in a volatile trading session led by strong buying in metal stocks. The benchmark BSE Sensex jumped 389 points or 0.70 per cent to close at 56,247; while the broader NSE Nifty moved 136 points or 0.81 per cent higher to settle at 16,794. Both the indexes swung between gains and losses before settling in green for the second straight session.
Investors turned optimistic amid hopes for Russia-Ukraine negotiations. Ukraine said that negotiations with Moscow would be held at the Belarusian-Ukrainian border.
Mid- and small-cap shares finished on a positive note as Nifty Midcap 100 index surged 0.97 per cent and small-cap shares surged rose per cent.
10 out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the green. Nifty Metal outperformed the index by rising as much as 4.95 per cent.
On the stock-specific front, Hindalco was the top Nifty gainer as the stock soared 7.16 per cent to ? 572.15. Tata Steel, PowerGrid, JSW Steel and BPCL were also among the gainers. Also, shares of Future Group companies rose on reports that Reliance Industries would take over at least 200 Future Retail stores.
"At present, Nifty has immediate support around 16,650-16,500 levels while upside the resistance around 17,000 levels. On the other hand, Bank Nifty has support at 35,500 levels while resistance at 36,800 levels," Choice Broking stated in its market review.
On BSE, the overall market breadth stood strong as 2,120 shares advanced while 1,323 declined.
Tata Steel, PowerGrid, Reliance Industries, Titan, NTPC, L&T, Asian Paints and ICICI Bank were the major gainers on the 30-share BSE index. In contrast, Dr Reddy's, Axis Bank, M&M, HDFC twins (HDFC and HDFC Bank) settled in the red. |
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