Sensex, Nifty regain pre-budget rally; Adani Power, Sunteck Realty, Bajaj Auto stocks gain
The BSE Sensex gained 291 points and closed at 39,686 while the 50-stock Nifty closed at 11,865 after gaining 76 points in the intraday trade. The index Bank Nifty jump 267 ppoints at closed at 31,372 levels.
After taking a pause on Friday profit booking and F&O expiry, the Indian indices regained the pre-budget rally on Monday. The BSE Sensex gained 291 points and closed at 39,686 while the 50-stock Nifty closed at 11,865 after gaining 76 points in the intraday trade. The index Bank Nifty jump 267 points at closed at 31,372 levels. Realty, auto and power stocks led the bull run on Dalal Street as Adani Power, Va Tech Wabag, Godrej Properties and Relaxo Footwears stocks were among the top gaining stocks today while Thomas Cook (I), Solar Industries, Jain Irrigation, Cox and Kings and Indiabulls Integrated Services were among the top five losing stocks in the intraday trade.
Speaking on the market cues Simi Bhaumik, a SEBI registered technical equity analyst said, "Market is overall bullish and it may show 12,300 to 12,500 ahead of the budget 2019. Investors should maintain buy od dips strategy as the market has strong support at 11,750-760 levels and has strong resistance at 11,950-980. Once, it breaks this levels, we may witness some 300 to 500 points rally at Nifty ahead of the budget 2019."
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Realty stocks led the bull run on Dalal Street as the BSE Realty index went up 2.77 per cent in the intraday trade. Realty major Sunteck Realty share price skyrocketed over 6 per cent, shares of Phoenix Mills went up 3.5 per cent, Mahindra Lifespace Developers stocks shot up 3.34 per cent, Godrej Properties shares surge 9.38 per cent, Oberoi Realty counter added 1.93 per cent, Indiabulls Real Estate share price went up 1.84 per cent while DLF scrip jumnped 1.25 per cent.
Auto stocks also witnessed fresh buying in the intraday trade as the BSE Auto index rose 1.15 per cent. Auto major Bajaj Auto share price scaled 3.14 per cent, shares of Motherson Sumi Systems shot up 3.28 per cent, Tata Motors scrip escalated 3.23 per cent, Exide Industries stocks surge 2.91 per cent, Eicher Motors counter went northward 2.4 per cent, Bharat Forge, Cummins India and Balkrishna Industries stocks went up around 1.25 per cent while Hero MotoCorp shares added over 1 per cent.
Among Asian markets, the Japanese Nikkei 225 index skyrocketed 2.13 per cent, South Korean Kospi slipped 0.04 per cent, Hang Seng dipped 0.28 per cent while the Shanghai index shot up 2.22 per cent.