Sensex, Nifty gain on yuan fix, US-China trade tension still looms; Suzlon Energy, Vodafone Idea stocks gain
The BSE Sensex rose 154 points at 37,482 levels while the Nifty-50 index went up 59 points at 11,-91 levels. The Bank Nifty index shot up 273 points at 28,382 levels.
Taking cue from the Wall Street rally on Thursday and Asian indices following suit post-yuan fix and strong Chinese data, the Indian stock markets continued its rally that began yesterday. The BSE Sensex rose 154 points at 37,482 levels while the Nifty-50 index went up 59 points at 11,-91 levels. The Bank Nifty index shot up 273 points at 28,382 levels. Endurance Technologies, Suzlon Energy, Adani Transmission, Thyrocare Tech and Hexaware Technologie were the major gainers in morning trade session while CCD, Cox & Kings, Lakshmi Vilas Bank, NBCC and DHFL stocks were the major losers in the intraday trade.
Speaking on the current market trend Prakash Pandey, Head of Research at Fairwealth Securities said, "The markets have sustained above the psychological levels that it had broken yesterday. If it closes above the psychological levels of 11,000 then we can expect around 200 points more rally at Nifty." Pandey advised stock market investors to trade cautiously as the US-China trade tension is still looming on the global markets citing, "Till Nifty sustains above 11,300 levels, one can't be assured about the bullishness in the Indian stock market."
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Energy stocks led the bull run on Dalal Street as the BSE Energy index went up near 1 per cent. Energy major Alphageo (India) share price skyrocketed 7.27 per cent, stocks of Deep Industries went up near 3.5 per cent, GP Petroleums shares scaled nar 6.5 per cent, ONGC counter added 1.05 per cent while Reliance Industries went up 0.9 per cent.
Telecom stocks also witnessed fresh buying in the morning trade session as the BSE Telecom index went up around 0.7 per cent. Telecom major Vodafone Idea soar 2.17 per cent, Vindhya Telelinks counter went up 2.86 per cent, Sterlite Technologies share price scaled 2.18 per cent, OnMobile Global stocks added around 1 per cent, MTNL counter added 1.7 per cent while the ITI stocks went up around 1.07 per cent.
Among major Asian markets, the Japanese Nikkei 225 index shot up 0.51 per cent, South Korean Kospi skyrocketed 1.18 per cent, Hang Seng slipped 0.4 per cent while Shanghai markets went down 0.37 per cent.
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