Sensex gains over 200 points, Nifty tests 11,250 resistance; RCom, ICICI Bank, Tata Steel stocks gain
The BSE Sensex gained 214 points to 37,901 levels while the 50-stock Nifty index rose 66 points to 11,255 levels. the Bank Nifty index scaled 202 points to 29,498 levels.
The Indian indices took a pause from the heavy selloff that triggered after the budget 2019 as FII seems to have to wait for some positive signal from the Modi 2.0 Government. The BSE Sensex gained 214 points to 37,901 levels while the 50-stock Nifty index rose 66 points to 11,255 levels. the Bank Nifty index scaled 202 points to 29,498 levels. Strides Pharma, Reliance Communications or RCom, Bharat Electronics and JaiprakashAssociates were the stocks that were in the zone of major gainers while Coffee Day Enterprise, Orient Cement, Jain Irrigation and Cox & Kings were the main losing stocks in the morning trade session.
Speaking on the current market scenario Prakash Pandey, Head of Research at Fairwealth Securities said, "The recent tank is caused by the FIIs heavy selloff as the budget surcharge being levied on the FPIs hasn't gone down well among them. But, the Indian Government has already made it clear that they are not going to bow down at the FIIs pressure tactics as the step has been taken to ensure the safety of the domestic small investors in the stock market. So, if the government continues with its stand for coming 8-10 trading sessions, then we can further witness some downside and Nifty 50 index may show 10,750 in coming four to five trading sessions." He suggested stock market investors to sell on rise till any comment from the Modi 2.0 Government comes in regard to the budget surcharge being levied on the FPIs.
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Healthcare stocks led the bull run on Dalal Street as the BSE Healthcare index rose to near 1.4 per cent in the intraday trade. Healthcare major Aurobindo Pharma share price soared 3.17 per cent, shares of Biocon went up 2.36 per cent, Cadila Healthcare stocks rose 1.74 per cent, Cipla counter added 2.14 per cent, Dr. Reddy's Laboratories stocks went up near 1 per cent, Fortis Healthcare stocks also went up by near 1.25 per cent, Lupin went up 3.66 per cent while Pfizer scaled 1.4 per cent.
Metal stocks also witnessed a heavy buying in the morning session as metal major Hindustan Zinc share price jumped 2.11 per cent, shares of JSW Steel soar 2.21 per cent, Tata Stee; counter went northward 1.67 per cent while Vedanta added 1.19 per cent.
Among the Asian markets, the Japanese Nikkei 225 index scaled 0.36 per cent, South Korean Kospi rose 0.62 per cent, Hang Seng went up 0.28 per cent while the Shanghai index soar 0.65 per cent.
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