Sensex regains 41K, Bank Nifty near 32,000 levels; TVS Motor, Yes Bank, Delta Corp stocks gain
Stock Market News: On account of strong global cues, the Indian indices continue to scale northward. The BSE Sensex regained the psychological 41,000 levels after gaining 199 points after the Closing Bell. The BSE Sensex closed at 41,020 levels. The Nifty index rose 63 points and closed at 12,100 levels. Bank Nifty index closed at 31,875 levels after making a high of 31,916 in the intraday trade.
Speaking on the current market scenario Santosh Meena, Senior Analyst, TradingBells said yesterday, "The market is likely to continue its bullish momentum where Nifty may head towards 12,300 to 12,500 levels in the coming days whereas Bank Nifty may head towards 32,500 to 33, 000 levels. In the downside 20-DMA of 11,925 has become a strong base for the Nifty."
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Auto stocks led the bull run on Dalal Street as the BSE Auto index shot up 1.22 per cent after the Closing Bell. Auto major TVS Motor Company share price shot up 4.78 per cent, Maruti Suzuki India shares rose 2.38 per cent, shares of Bharat Forge went up 3.14 per cent, Balkrishna Industries counter added 3.33 per cent, Ashok Leyland stock price went northward 1.61 per cent, Apollo Tyres stocks soared 1.69 per cent while Bajaj Auto scaled 1.18 per cent.
Among banking stocks, Yes Bank share price soared 7.65 per cent, RBL Bank shares shot up 5.81 per cent, shares of SBI or State Bank of India went up 2.43 per cent, Kotak Mahindra Bank counter added 1.06 per cent.
Nagaraj Shetti, Technical Research Analyst, HDFC securities said, "After showing a minor profit booking from the highs of 12130 levels in the last session, the Nifty shifted into a smart upside bounce today and closed higher. A reasonable positive candle was formed today with gap up opening (body gap, not a western gap) and the Nifty closed near the high. This pattern could indicate a possibility of an upside breakout in the Nifty above 12130 levels in the next 1-2 sessions." He said that the short term trend of Nifty is positive and a sustainable move above 12130 levels could lead towards 12300 levels in a short time span.
Among major Asian markets, the Japanese Nikkei gained 0.28 per cent, South Korean Kospi added 0.31 per cent, Hang Seng went up 0.15 per cent while the Shanghai index shed 0.13 per cent.
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