Sensex regains 37K, Nifty tests 11K resistance; Coal India, IIFL Holdings stocks gain
The BSE Sensex shot up 90 points and regained the psychological 37,000 levels that it had lost yesterday. Nifty-50 index also gained 31 points to 10,957 levels.
The Indian indices witnessed heavy buying on the Us president Donald Trump delaying the 10 per cent tariff plan till September 15th from September 1, 2019. The BSE Sensex shot up 90 points and regained the psychological 37,000 levels that it had lost yesterday. Nifty-50 index also gained 31 points to 10,957 levels. Bank Nifty index ticked 45 points up to 27,774 levels.
Godfrey Philips, IIFL Holdings, Hindustan Aeronautics Limited, Coal India Limited and Rain Industries stocks were the top gainers today while HDFC Life Insurance, NALCO, Cox & Kings and Coffee Day Enterprise or CCD stocks were the top losers in the intraday trade.
Speaking on the current market scenario Prakash Pandey, Head of Research at Fairwealth Securities said, "The market is witnessing fresh buying due to the ease in trade tension between China and the US but ongoing Hong Kong protest still looms on global stock markets, especially the emerging Asian markets. At Nifty index, 10,850 is still strong support."
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Energy stocks led the bull run on Dalal Street as the BSE Energy index went up near 1.4 per cent in morning trade session. Energy major and Sensex heavyweight Reliance Industries or RIL share price shot up 2 per cent, shares of GOCL Corporation scaled over 5 per cent, Asian Oilfield Services shares went up around 5.2 per cent while Oil manufacturing PSU stocks like HPCL, BPCL, IOCL etc. gained from 1 per cent to a.5 per cent.
Metal stocks also witnessed fresh buying in the morning trade session. Metal major Vedanta share price soar 2.2 per cent, shares of Tata Steel went up 3.77 per cent, Steel Authority of India (SAIL) scaled 2.34 per cent but NALCO stocks crashed over 6 per cent.
Among Asian markets, the Japanese Nikkei 225 index soar 0.6 per cent, South Korean Kospi gained 0.73 per cent, Hang Seng went up 0.41 per cent while Shanghai Composite index went southward 0.78 per cent in the intraday trade session.