Closing Bell: Sensex, Nifty climb on positive FII; Nifty Bank surges new all-time high adding 440 points
The BSE Sensex went up 216 points to 37,752 levels while the 50-stock Nifty added 40 points before closing at 11,341.
On account of positive FII and strong global cues, the Indian indices extended its rally on Dalal Street for third successive trade session. The BSE Sensex went up 216 points to 37,752 levels while the 50-stock Nifty added 40 points before closing at 11,341. The index Nifty Bank continue to scale new high and added 440 points before closing at 28,884 levels.
Speaking on the market outlook Simi Bhaumik, A SEBI registered technical equity expert told Zee Business online, "The Indian indices are at its peak and we are expecting some correction at 11,350 levels. For intraday traders, I would recommend market investors to follow buy on dips strategy." Standing in sync with Bhaumik; Prakash Pandey, Director & Head of Research at Fairwealth Group said, "The index is trading in highly over bought zone and hence possibility of profit booking at higher levels could not be ignored." Pandey further added that next support seems at 11030 while major support for short term trend seems 10920. 50 SMA as well as 200 SMA are around 10850. If sustained above 11,330, next resistance might be 11,444 as per Fibonacci extension. Major resistance would be 11,530.
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BANKEX led the rally at Dalal Street as the index jump 1.42 per cent in the intraday trade on Wednesday. Index major IndusInd Bank scaled 4.33 per cent, Yes Bank stocks rose 3.63 per cent, HDFC Bank couner went northward by near 2.6 per cent, SBI stock went up by around 2.4 per cent while ICICI Bank scrip rose near 0.9 per cent. The BSE Finance index closely followed the BANKEX closely by adding near 1.2 per cent from its previous close. The finance major Au Small Finance Bank stock went up 3.18 per cent, shares of Bharat Financial Inclusion went northward by more than 3 per cent, Capri Global Capital counter skyrocketed more than 9 per cent, Karnataka Bank counter went up near 3 per cent while Stampede Capital stocks rose near 4.8 per cent.
The BSE Telecom index bleed maximum by loosing over 2.5 per cent in the intraday trade. The index major GTL lost over 4.5 per cent, Reliance Communications shares nosedived near 4.1 per cent, Bharti Airtel went down by more than 4 per cent, Tata Communications counter went off by around 3.5 per cent, Sterlite Technologies stocks went down by around 3.2 per cent, GTPL Hathway crashed 2.78 per cent while GTL Infra counter went off by nera 2 per cent.
However, Asian stocks had a bear run today. Japanese Nikkei 225 index went off by near 0.99 per cent, South Korean index Kospi went down 0.41 per cent, Shanghai index went downward around 1.09 per cent while Hang Seng went southward by near 0.39 per cent.