Sensex, Nifty extend rally for the second straight session on budget surcharge waiver; Tata Motors, PC Jeweller stocks gain
The BSE Sensex rose 147 points and closed at 37,641 levels while the 50-stock Nifty added 47 points and closed at 11,105 levels. The Bank Nifty index scaled 174 points and closed at 28,126 levels.
Stock Market Closing Bell: The Indian indices continued to rise for second straight trade session on budget surcharge waiver and easing tension in the China-US trade war. The BSE Sensex rose 147 points and closed at 37,641 levels while the 50-stock Nifty added 47 points and closed at 11,105 levels. The Bank Nifty index scaled 174 points and closed at 28,126 levels.
Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "The market is overall bullish and is facing immediate resistance at 11,200 to 11,250 levels. Once it clears this resistance, we can expect fresh buying in the counter for the next 100-150 points." Asked about the sectors that would fuel the bull run on Dalal Street Simi Bhaumik said that auto, banking and finance sector would be the major puller of the Indian stock markets.
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Bombay Dyeing, HUDCO, NBCC, Tata Motors and Balrampur Chini were the major gaining stocks today while Reliance Infrastructure, RBL Bank, Vodafone Idea, Lakshmi Vilas Bank and Indiabulls Housing Finance stocks were among the major losing stocks in the intraday trading session.
After receiving a heavy beating in recent few months, the auto stocks continue to remain favourites among the FIIs. Auto major Tata Motors share price skyrocketed 8.96 per cent, shares of Ashok Leyland scaled 6.25 per cent, Motherson Sumi Systems counter added 3.84 per cent, Mahindra & Mahindra scrip rose 2.36 per cent while Apollo Tyres shares went up 3.79 per cent.
Metal stocks also witnessed some fresh buying in the intraday trade as the BSE Metal index shot up over 2 per cent in the intraday trade session. The metal major Tata Steel soared 4.05 per cent, shares of NMDC went up 5.48 per cent, Hindustan Zinc share price shot up 3.34 per cent, Vedanta added 2.4 per cent while Steel Authority of India (SAIL) share price jumped 2.35 per cent.
Among Asian markets, the Japanese Nikkei 225 index went up 0.9 per cent, South Korean Kospi rose 0.43 per cent, hang Seng index corrected 0.22 per cent while Shanghai market scaled 1.35 per cent.