Sensex, Nifty jump ahead of Modi 2.0 swearing-in; Adani Power, NTPC, Bharti Airtel stocks scale
The BSE Sensex surge 329 points after closing at 39,831 levels while the 50-stock Nifty rose 84 points and closed at 11,945 levels. Nifty Bank index rose 241 points and closed at 31,537 levels.
Amid Narendra Modi set to take oath at 7 PM today, the Indian indices cheer the Modi 2.0 government in the intraday trade. The BSE Sensex surge 329 points after closing at 39,831 levels while the 50-stock Nifty rose 84 points and closed at 11,945 levels. Nifty Bank index rose 241 points and closed at 31,537 levels. Power and telecom stocks led the bull run on Dalal Street as Adani Power, NTPC and Bharti Airtel stocks werea among the lading gainers in the intraday trade.
Speaking on the market scenario Simi Bhaumik, SEBI registered technical equity analyst told Zee Business Online, "Overall the market is bullish and is trading in the range of 11,800 to 11,950. I would advise stock market investors to adopt buy on dips strategy till the market trades in this range."
Power stocks led the bull run in the intraday trade as the BSE Power index rose over 1.5 per cent in the intraday trade. Power major Adani Power and Suzlon Energy jump around 6.9 per cent, NTPC added near 3.5 per cent, shares of Siemens shot up over 4 per cent, Tata Power Company stocks added 2.75 per cent while Torrent Power share price rose around 3 per cent.
Telecom stocks also witnessed heavy buying today as the BSE Telecom index added more than 1.3 per cent on Thursday. Telecom major Bharti Airtel share price jump over 2.7 per cent, Sterlite Technologies share price added 1.66 per cent, shares of Tejas Networks went up 1.93 per cent, Vodafone Idea counter added 1.99 per cent while Tata Teleservices (Maharashtra) share price skyrocketed around 19.8 per cent.
Among Asian markets Japanese Nikkei 225 index slipped 0.29 per cent, South Korean Kospi added 0.77 per cent, Hang Seng crashed 0.44 per cent while the Shanghai market went down 0.3 per cent.