Sensex, Nifty rise on IT, Tech stocks rally; Infosys, Sun Pharma, Dish TV stocks gain
The BSE Sensex rose 160 points and closed at 38,896 while Nifty 50 index added 35 points and ended at 11,587 levels.
On account of heavy buying in IT and Tech stocks, the stock market of India witnessed a steady rise at Indian indices in the intraday trade on Monday. The BSE Sensex rose 160 points and closed at 38,896 while Nifty 50 index added 35 points and ended at 11,587 levels. But, due to the DHFL crisis, Bank Nifty index witnessed heavy selloff in the intraday trade and lost 155 points after closing at 30,445 levels. Sun Pharma, Dish TV India, Infosys and Piramal Enterprises were the top gaining stocks today while DHFL, CG Power and Industries, Allahabad Bank, Reliance Capital and Magma Fincorp stocks were the top losing shares today.
Speaking on the current market outlook Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business Online, "The market has strong support at 11,500 and I don't see it breaking in the near future. In fact, the market is expected to trade in near 100-110 points range as it has strong resistance at 11,610-630 levels. Till the market breaks this resistance, I would recommend stock market investors to maintain buy on dips strategy."
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IT stocks led the bull run on Dalal Street as the BSE IT index added over 3.5 per cent in the intraday trade on Monday. IT major Infosys shot up 7.21 per cent, shares of Kellton Tech Solutions soar near 3 per cent, Tata Consultancy Services or TCS counter added 1.32 per cent, Tech Mahindra scrip rose 1.91 per cent, eClerx Services stocks went northward near 2.25 per cent while Aurionpro Solutions scrip soar near 3.5 per cent.
Tech stocks also witnessed heavy buying today as the BSE Tech index added near 2.96 per cent. Tech major Dish TV India share price shot up 5.79 per cent, shares of Cyient went up 1.18 per cent, MindTree counter added near 1 per cent, Oracle Financial Services Software stocks went northward 2.71 per cent, Tejas Networks scrip added 4.17 per cent while Tech Mahindra stocks scaled 1.73 per cent.
Among Asian markets, the Japanese Nikkei 225 rose 0.2 per cent, South Korean Kospi slipped 0.2 per cent, Hang Seng added 0.29 per cent while the Shanghai markets rose 0.4 per cent in the intraday trade on Monday.