Sensex, Nifty rise on fading Coronavirus threat; DHFL shares skyrockets, telecom stocks in focus
BSE Sensex rose 215 points and climbed at 41,675 levels. Nifty-50 index went up 62 points at 12,237 levels while Bank Nifty rose 171 points and hit 31,401 levels.
Stock Market News: On account on the fading threat the China's Coronavirus, the Indian indices opened on the higher side in the Opening Bell. The BSE Sensex rose 215 points and climbed at 41,675 levels. Nifty-50 index went up 62 points at 12,237 levels while Bank Nifty rose 171 points and hit 31,401 levels.
Speaking on the rise in share market Simi Bhaumik, a SEBI registered technical analyst said, "Nifty is trading in the range of 12,150 to 12,350 as it has strong support at 12,150. Overall the market is bullish and every dip should be seen as an opportunity to buy."
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SBI, Tata Motors, Reliance Industries, Yes Bank, ICICI Bank, IndusInd Bank, TCS, HDFC Bank and Bharat Petroleum shares were among the most trending stocks in the Opening Bell trade session while shares of IRCTC, Hindustan Unilever, Avenue Supermarts, Titan Company and Dr. Reddy's Labs were among the most active stocks in the early morning trade session.
Shares of Vodafone Idea, Yes Bank, Dewan Housing Finance Limited or DHFL, Suzlon Energy, Adani Green Energy, Tata Motors and Reliance Capital wre among the top gainers in the Opening Bell trade session while shares of PC Jeweller, Hindustan Copper, IFCI, Lakshmi Vilas Bank and Avenue Supermarts were among the top losers in the early morning trade session.
The Supreme Court is likely to hear fresh pleas of telecom firms, including Bharti Airtel, Vodafone Idea and Tata Teleservices, seeking a new schedule of payment of statutory dues to the tune of Rs 1.47 lakh crore to the Department of Telecommunications. This had a huge impact on the telecom stocks in the intraday trade. Telecom major Vodafone Idea share price skyrocketed 5.58 per cent, Tejas Networks shares soared 4.90 per cent, Sterlite Technologies stock price rose 1.29 pe cent, Reliance Communications stocks rose 1.37 per cent while ITI shares added near 1 per cent.
Among the major Asian markets, the Japanese Nikkei 225 index shed 0.59 per cent, South Korean Kospi rose 0.55 per cent, Hang Seng surged 0.56 per cent while Shanghai market was up 0.52 per cent.
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