Sensex, Nifty cheer BREXIT deal outcome; BHEL, MMTC, Hindustan Copper stocks gain
Stock Market News: On account of positive BREXIT deal leading to a rise in global markets, the Indian indices finally ended in the green zone after feeling the selloff heat in the early morning trade session. The BSE Sensex rose 246 points and closed at 39,298 levels while the 50-stock Nifty shot up 75 points and closed at 11,661 levels. The Bank Nifty index scaled 111 points and closed at 29,100 levels.
Speaking on the Indian stock market; Simi Bhaumik, a SEBI registered technical equity analyst said, "The market is trading in the range of 11,600 to 11,700. Nifty has resistance at 11,700 levels. Once this level is broken, on can expect fresh upside movement for 11,900 levels." Bhaumik went on to advise that rather going sector specific, one should go stock specific these days as some stocks are expected to outperform the sectoral gains. She advised investors to look at some stocks like Muthoot Finance, Piramal Entreprises, Hero MotoCorp etc.
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BHEL, Hindustan Copper, Reliance Power, Indiabulls Housing Finance, PNB Housing Finance, Reliance Infrastructure, YES Bank, Steel Authority of India Limited or SAIL stocks were among the major gaining shares in the intraday trade while Oriental Bank of Commerce, Lakshmi Vilas Bank, Bharat Forge, Spicejet, CARE Ratings and Blue Dart Expres stocks were among the major losing shares in the intraday trade.
Infra stocks led the bull run as the BSE Infra index went 2.65 per cent northward. Infra major SREI Infrastructure Finance share price escalated 4.84 per cent, REC shares shot up 4.78 per cent, shares of Power Finance Corporation scaled 3.15 per cent, NHPC counter added 3 per cent while the NBCC (India) scrip skyrocketed 7.58 per cent.
In the banking sector, Yes Bank share price skyrocketed over 8 per cent while the rest of the banking stocks witnessed a range-bound trade throughout the intraday trade.
Among major Asian markets, the Japanese Nikkei gained 0.18 per cent, South Korean Kospi shed 0.83 per cent, Hang Seng went down 0.48 per cent while Shanghai markets crashed 1.32 per cent.
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