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Closing bell: Reliance Industries pulls Sensex up by 113 points; Nifty above 10,900 levels
After the ADAG stocks doom by over 50 per cent, Reliance Industries gained momentum and surge by around 3.34 per cent helping Sensex to gain 113 points and Nifty to sustain above 10,900 levels.
After profit booking and heavy sell-off in ADAG stocks, shares of Reliance Industries came to the rescue of markets and pared early losses on Monday. Sensex gained 113 points or 0.3 per cent and jump to 36,582 levels on Monday while Nifty rose by 18 points to 10,912 levels. Consumer durable and energy sector stoks gaine around 1.46 per cent and 0.75 per ent respectively. Energy major Reliance Industries surge near 3.34 per cent from its previous close. Among other energy sector stocks ONGC surge around 2.64 per cent, Gujarat Gas rose by around 2.52 per cent while Alphesio (India) Ltd went up by around 2.29 per cent.
Among consumer durable stocks Titan Company shares went up by around 3.47 per cent while shares of Rajesh Exports, PC Jewellers and Whirlpool of India stocks nosedived on Monday. Shares of Rajesh Exports went down by around 3.8 per ent, PC Jewellers stock went southward by near 2.38 per cent and Whirlpool of India shares plunge near 1.95 per cent.
Speaking on the markets movement and future outlook Simi Bhaumik, SEBI registered technical analyst told Zee Business online, "Untill and unless the market breaches 11000 levels and sustains above this psychological level, the Indian indices are expected to remain range-bound. If has a strong support at 10,500 mark. I would advise market investors to adopt buy on dips strategy till it us below 11,000 mark."
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Among major Asian bourses Japan's Nikkei gained 95 points or 0.46 per cent to 20,883, South Korea's Kospi nudged 0.06 per cent lower from its Friday close, Hang Seng gained 59 points or 0.21 per cent to 27,990 levels, Shanghai index roe by 1.3 per cent to 2,618 levels.
On Wall Street on Friday optimism from a surge in January US job growth was offset by a weaker-than-expected outlook from Amazon.com Inc that battered retail stocks. The Dow nudged up 0.26 per cent while the Nasdaq shed 0.25 per cent.
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