Sensex, Nifty pare early morning gains; Indiabulls Real Estate, MTNL, MMTC stocks gain
Stock Market News: The Indian indices pared early morning gains after hitting their all-time high in the Opening Bell. The BSE Sensex closed at 41,932 levels after logging gains of 59 points. The Nifty-50 index surged 12 points and closed at 12,355 levels. Bank Nifty index recovered the lost ground in the Opening Bell and closed at 31,853 levels after gaining 29 points.
Speaking on the stock market trends Simi Bhaumik, a SEBI registered technical stock analyst said, "Market is overall bullish and facing strong resistance at 12,400 levels. If it manages to clear this hurdle, then we can expect further upside movement of around 100 points and hit 12,500 before the Budget 2020 presentation."
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Shares of Punjab National Bank or PNB, SBI, Yes Bank, Reliance Industries or RIL, Tata Motors, Tata Steel, IndusInd Bank and ITC were among the most trending stocks in the intraday trade while the stocks of Bharti Airtel, TCS, Eicher Motors and ICICI Bank were among the most active shares in the intraday trade session.
Realty stocks received some fresh buying in the intraday trade as the BSE Realty index went up 0.57 per cent. Realty major Prestige Estates Projects share price escalated 5.15 per cent, Housing Development & Infrastructure shares 4.32 per cent, shares of Indiabulls Real Estate went up 1.50 per cent, Phoenix Mills stock price went northward 1.96 per cent. However, Sunteck Realty shares nosedived 4.42 per cent.
Telecom stocks also ha some fresh buying in the intraday trade session. The BSE Telecom index shot up near half per cent. Telecom major Mahanagar Telephone Nigam Ltd or MTNL share price skyrocketed 4.95 per cent, ITI shares soared 4.42 per cent, Reliance Communications stock price shot up 4.71 per cent, GTL Infrastructure stocks went upward near 5 per cent while Bharti Airtel share price rose 1.34 per cent.
Among the major Asian amrkets, the Japanese Nikkei 225 index added 0.07 per cent, South Korean Kospi shot up 0.77 per cent, Hang Seng rose 0.38 per cent and Shanghai index slipped 0.52 per cent.