Sensex regains early losses, Nifty climbs 11K, Bank Nifty above 28K; Vodafone Idea, Apollo Hospitals stocks gain
The BSE Sensex gained 38 points and closed at 37,350 levels while the 50-stock Nifty gained 18 points and closed at 11,047 levels, reclaiming the psychological 11,000 levels.
Closing Bell: The stock market of India pared early morning losses on bailout package hopes. The BSE Sensex gained 38 points and closed at 37,350 levels while the 50-stock Nifty gained 18 points and closed at 11,047 levels, reclaiming the psychological 11,000 levels. The Bank Nifty index soar 197 points and closed at 28,217 levels, retaining the psychological 28,000 levels.
Speaking on the current share market scenario Prakash Pandey, Head of Research at Fairwealth Securities said, "The market went bullish after correction in the morning session trade because of the hopes of some bailout package to the Indian economy from the Narendra Modi government." He said that it would be interesting to see how the market behaves on Monday morning. "Currently, the market is in the range of 11,000 to 11,250 and I would advise investors to adopt buy on dips strategy till it doesn't break the 11,300 levels and sustains above this levels."
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Vodafone Idea, MMTC, Apollo Hospitals, Dr. Lal Pathlabs, Suzlon Energy and Force Motors stocks were the major gainers today while GIC Housing Finance, IDBI Bank, Reliance Infrastructure, Glenmark Pharma and Edelweiss Financial Services stocks were the major losers in the intraday trade session.
Auto stocks received fresh buying in the second half of Friday intraday trade as the BSE Auto index soar around 1.15 per cent today. Auto major Maruti Suzuki India share price soar 2.65 per cent, shares of Bosch surge 3 per cent, Ashok Leyland stocks went up near 2 per cent, TVS Motor Company and Bajaj Auto rose to the tune of near 1.25 per cent while Mahindra & Mahindra stocks added around 1 per cent.
Among major Asian markets, the Japanese Nikkei 225 index ticked 0.14 per cent higher, South Korean Kospi dipped 0.58 per cent, Hang Seng soar 0.79 per cent while shanghai Composite index added 0.29 per cent.