Meanwhile, Nifty ended above the psychologically-important 14,000-mark for the first time, but the trading range of 58 points was extremely narrow for the day. A decent bullish candle on the weekly charts has a range of 238 points which analysts said was a cause for concern.
Market barometer Sensex rose 118 points to close at 47,869 points, while peer Nifty climbed 37 points to 14,019 points.
The striking feature of Friday’s trade was positive market breadth, as gainers were more than double the numbers of losers. Debutant Antony Waste Handling Cell did not disappoint investors and logged more than 29 per cent gains at close from its issue price. It was however, the least impressive debut in recent times.
Here is a lowdown on what happened in Friday’s trade:
Antony Waste debuts at premium
Shares of Antony Waste Handling Cell made a solid market debut on Friday, as the scrip closed at Rs 407.25, a 29.3 per cent gain on the issue price of Rs 315. The stock debuted at Rs 430 on the BSE, up 36.51 per cent from the issue price.
Rain Industries jumps to 52-week high
Specialty chemicals maker Rain Industries surged 14 per cent to Rs 144.20 on the BSE after the company announced that its arm had completed sale of non-strategic subsidiaries for Rs 637 crore. The company said the consideration received from the sale of two subsidiaries will be utilized for repayment of debt and other general corporate needs. The stock scaled a 52-week high of Rs 148.85 earlier in the day.
Mid and small caps outperform
BSE mid and small cap indices rose 1.24 per cent and 0.90 per cent, respectively, outperforming the frontline index. The market breadth was strikingly positive as gainers were more than double the number of losers on the BSE.
Stocks @ 52-week high
A total of 349 stocks scaled 52-week highs on the BSE. These included 3i Infotech, Adani Ports, Apollo Pipes, Asian Paints, Berger Paints, Avenue Supermarts, Havells India, HDFC, IndiaMart InterMESH, Infosys, Rain Industries and Titan, among others.
Stocks that hit upper circuit
As many as 524 stocks rose by their daily limit on the BSE. These included JP Associates, Majesco, Suzlon Energy, JMT Auto, Andhra Cements, and Hindustan Organic Chemicals, among others.
Stocks that turned overbought
On the back of relentless buying, as many as 91 stocks turned ‘overbought’ as they crossed above the 70-mark on the RSI indicator. These included Tata Motors, Take Solutions, Bharat Heavy Electricals, Praj Industries, MMTC, Infosys and Adani Ports, among others.
Where is Nifty headed?
According to Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in, if Nifty trades below 13,990 levels in the next trading session, then some intraday selling pressure can be witnessed with a initial target of 13,860 levels but a close below 13,850 may turn the tide in favour of bears for shorter term by ushering in a multi day corrective downswing.
“Contrary to this sustaining above 14k levels rally shall get extended towards 14,200 kinds of levels,” he said.
“Despite this positivity traders are advised to remain neutral on long side of index whereas intra-day traders can consider shorting below 13,990 for a modest target of around 13,880 levels,” he added.