Closing Bell: Reliance Industries pulls Sensex above 38,000 levels, Nifty gains 83 points; Nifty Bank sustains above 29K
The BSE Sensex shot up 269 points to 38,024 levels while the 50-share Nifty index went northward by 83 points to 11,426 levels. Nifty Bank index further gained 458 points and closed at 29,381 levels.
On account of the UK parliamentarians 'no' to Prime Minister Theresa May's Brexit plans and dollar gaining against the major global currencies the Indian indices extended its rally for the fifth straight session. The BSE Sensex shot up 269 points to 38,024 levels while the 50-share Nifty index went northward by 83 points to 11,426 levels. After reclaiming the psychological 29,000 levels, the Nifty Bank index further gained 458 points and closed at 29,381 levels.
Giving a view on this market scenario Mehul Kothari, Senior Technical Analyst — Equities had said in the morning to the Zee Business online, "Although Nifty maintained its positive momentum but markets witnessed some head winds at higher levels and thus we reiterate our view that Nifty is approaching crucial resistance of 11,380 level, which is the 78.6 per cent retracement level of the previous fall. Thus going ahead 11,300 to 11,400 might act as a strong ahead for the bulls. Going ahead, only a move above the same zone might attract more buying interest." He suggested investors to maintain buy on dips strategy that he has been suggesting ever since the Nifty broke the psychological 11,000 levels.
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The BSE indices CPSE, power, utilities and PSUs fuel the bull run on Dalal Street. The BSE CPSE index rose 1.94 per cent in the intraday trade on Friday. CPSE major NLC India shot up by more than 9 per cent, shares of Balmer Lawrie & Company went northward by near 3 per cent, Bharat Immunological & Biologicals Corporation scrip went up near 2 per cent, GAIL and Hindustan Organic Chemicals counters added near 2 per cent, HPCL and IOCL counters surge near 2.8 per cent, NALCO rose 2.75 per cent, NBCC stocks rose 2.1 per cent while NTPC counter went up by around 1.8 per cent.
Taking cue from the strong global sentiments the Asian stocks too witnessed bull run at their bourses. The Japanese Nikkei rose 0.77 per cent, South Korea's Kospi shot up 0.95 per cent, Shanghai index went northward 1.04 per cent while the Hang Seng index added 0.56 per cent from its previous close.