Sensex, NIfty rise on strong Chinese data, yuan fix; Suzlon Energy, Motherson Sumi Systems stocks gain
The BSE Sensex jump 254 points and closed at 37,581 levels while the 50-stock Nifty rose 77 points to 11,109 levels.the Bank Nifty index soar 321 points and closed at 28,431 levels.
The stock market of India extended its gains for the second consecutive day after the robust Chinese data after fix of yuan by 7 per cent from the Chinese government. The BSE Sensex jump 254 points and closed at 37,581 levels while the 50-stock Nifty rose 77 points to 11,109 levels. The Bank Nifty index soar 321 points and closed at 28,431 levels. Navkar Corporation, Suzlon Energy, Motherson Sumi Systems, IIFL Holdings and Indiabulls Real Estate stocks were the major gainers in the intraday trade while NBCC, Yes Bank, Jamna Auto Industries, CCD and Cox & Kings were the major losers on Friday.
Speaking on the current market outlook Prakash Pandey, Head of Research at Fairwealth Securities said, "Market is overall bullish but till it breaks the 11,300 levels and sustains above that level, China-US trade war is expected to loom over the Indian indices. The current rise in the Indian stock market can be attributed to the robust Chinese data that has came even after the 10 per cent import duty being levied by Donald Trump administration on the Chinese imports."
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Auto stocks led the bull run on Dalal Street as the BSE Auto index soar 1.94 per cent in the intraday trade. Auto major Motherson Sumi Systems share price skyrocketed 8.9 per cent, shares of Apollo Tyres shot up 3.92 per cent, Bharat Forge stocks jump 3.58 per cent, Eicher Motors scaled 4.76 per cent, MRF rose 4.2 per cent while Maruti Suzuki India scrip added 3.41 per cent.
Banking and financial stocks also witnessed some fresh buying today. Banking and finance major RBL Bank share price skyrocketed 4.67 per cent, shares of Kotak Mahindra Bank rose 1.91 per cent, HDFC Bank shares rose 1.96 per cent, ICICI Bank stocks added 1.54 per cent, Au Small Finance Bank scrip jump 3.13 pre cent, Bandhan Bank share price shot up 2.96 per cent, IDFC First Bank counter added 4.12 per cent while Indiabulls Housing Finance shares scaled 14.77 per cent.
Among major Asian markets, the Japanese Nikkei 225 index added 0.39 per cent, South Korean Kospi rose 0.89 per cent, Hang Seng crashed 0.76 per cent while Shanghai markets went off 0.71 per cent.
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