Closing Bell: Sensex, Nifty help bull's run on Dalal Street; Nifty Bank scales all-time high
The markets have scaled to its highest levels and any correction should be seen as an investment opportunity and 'buy on dips' should be the strategy that market investors can follow till the Nifty trades in 11,000 to 11,350 range, say market experts.
On account of strong global cues and some opinion polls finding favourable results for the Modi led NDA alliance fuelled heavy buying at the Indian indices. The BSE Sensex scaled 481 points to 37,535 levels while the 50-stock Nifty skyrocketed 133 points to 11,301 levels. The Nifty Bank index scaled to its all-time high at 28,443 levels by adding 477 points in the intraday trade on Tuesday. All indices except IT were in the green zone. Realty, telecom and capital goods index led the Dalal Street rally by gaining over 2 per cent in the intraday trade.
Commenting on the market outlook Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business online, "The markets have scaled to its highest levels and I am awaiting some corrections in it. Even a 100-150 point correction in the Nifty index should not bother the investors and any dip should be taken as a buying opportunity." On Nifty Bank Simi Bhaumik said that the Bank Nifty index is still poised for another 200 points rise but it would also undergo some profit booking in the 28,600 to 28,650 range.
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The BSE Realty index led the bull's run on Dalal Street by adding around 2.6 per cent from its Monday close. The index major DLF skyrocketed 5.75 per cent from its previous close, Indiabulls Real Estate shares scaled around 5.4 per cent, Housing Development & Infrastructure scrip rose more than 2.5 per cent, Godrej Properties and Mahindra Lifespace Developers counters went up by around 2.2 per cent, Prestige Estates Projects stock rose by more than 1.5 per cent while Shobha and Oberoi Realty added more than 1 per cent.
Following the realty stock's run closely, the BSE telecom index rose around 2.44 per cent on Tuesday. Telecom major Bharti Airtel surge more than 5 per cent, GTL Infrastructure stocks rose more than 4 per cent, Tejas Networks scrip went up by around 4.5 per cent, Sterlite Technologies counter added 2.2 per cent, Himachal Futuristic Communications shares went northward by around 2.5 per cent while Tata Communications added more than 1 per cent. However, Reliance Communications counter failed to take advantage of this rally and bled over 4.8 per cent on weak fundamentals. But, the IT index ended in red zone by shedding around 0.22 per cent from its Monday close. IT major Brightcom Group lost over 5 per cent, shares of Ramco Systems Ltd went down by around 3.35 per cent, Cerebra Integrated Technologies shares went off by more than 2.5 per cent, Subex counnter went down by more than 3 per cent while MindTree scrip went down by more than 1 per cent.
Asian stocks too had a buul run on more stimuus news from China and the Wall Street rally after losses on five successive trade sessions. The Japanese index Nikkei 225 went up 1.79 per cent, South Korean Kospi added around 0.89 per cent, Hang Seng scaled near 1.46 per cent while the Shanghai index rose around 1.1 per cent.