Sensex rebounds on Trump's back-off on tariff plan, Nifty climbs 11K; Vodafone Idea, Jindal Steel & Power, Spicejet stocks gain
The BSE Sensex gained 353 points and close at 37,311 levels — regaining the psychological 37,000 levels. The Nifty-50 index gained 103 points and closed at 11,029 levels.
The stock market of India gained today on strong global cues as the US President Donald Trump back-off from his September 1 Chinese tariff plan. Yesterday, the US administration decided to extend their tariff plan to December 2019. The BSE Sensex gained 353 points and close at 37,311 levels — regaining the psychological 37,000 levels. The Nifty-50 index gained 103 points and closed at 11,029 levels, above the psychological 11,000 levels. Bank Nifty index shot up 290 points and closed at 28,019 levels, just above the psychological 28,000 resistance.
Giving idea about the current stock market of India Prakash Pandey, Head of Research at Fairwealth Securities said, "The Indian indices have gained due to the strong global cues caused by the Us President Donald Trump's decision to delay the imposition of 10 per cent tariff on the Chinese good from September 1, 2019. As the Nifty has closed above 11,000 levels, tomorrow close becomes crucial. If it opens above the psychological levels and closes above this, then we can expect some 100 t0 150 points rally in the Nifty index." However, Pandey maintained that till Nifty is below 11,300 buy on dips would be the ideal way of trade.
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Vodafone Idea, SpiceJet, Jindal Steel and Power, Reliance Infrastructure and Fortis Healthcare stocks were the major gainers in the intraday trade while GIC Housing Finance, Glenmark Pharma, Indiabulls Housing Finance, Cox & Kings and Coffee Day Enterprise or CCD stocks were the major losers on Wednesday trading session.
Metal stocks led the bull run on Dalal Street as the BSE Metal index shot up 2.68 per cent in the intraday trade. Metal major Vedanta share price soar 4.33 per cent, shares of Tata Steel skyrocketed 4.2 per cent, Jindal Steel & Power share price surge 8.71 per cent, JSW Steel counter went up 3.13 per cent, Hindalco Industries scrip scaled 2.1 per cent while NMDC stocks went northward 2.82 per cent.
Telecom stocks also witnessed fresh buying in the intraday trade as the BSE Telecom index went up around 2 per cent. Telecom major Vodafone Idea skyrocketed 13.75 per cent, Bharti Airtel shares soar 2.5 per cent, GTPL Hathway scrip went northward near 2 per cent while Reliance Communications share price crashed 2.38 per cent today.
Among Asian markets, the Japanese Nikkei 225 index soar 0.82 per cent, South Korean Kospi gained 0.65 per cent, Hang Seng went down 0.0.08 per cent while Shanghai Composite index went northward 0.42 per cent in the intraday trade session.