Closing Bell: Sensex, Nifty rise on positive FII; Reliance Industries, HPCL, IOCL stocks gain
For further upside, Nifty would have to close well above the same for the momentum to continue. Going ahead 11,400 to 11,500 might act as a strong hurdle for the bulls.
On account of positive FII, opinion polls speculating strong and stable NDA government at center the Indian indices continue to surge on fifth straight trading session. The BSE Sensex rose 70 pointst o 38,095 levels while the 50-stock Nifty index rose 52 points to 11,479. The Nifty Bank index added 214 points and closed at 29,596.
Giving idea about the outlook of Indian markets in the morning today Mehul Kothari, Senior Technical Analyst at IndiaNivesh told Zee Business online, "Yet again the index Nifty maintained its positive momentum but markets witnessed some head winds near 11450 mark which is the 161.8% Fibonacci retracement level of the previous move as shown in the chart. For further upside, Nifty would have to close well above the same for the momentum to continue. Going ahead 11,400 to 11,500 might act as a strong hurdle for the bulls." Thus, although we maintain our positive stance for the markets but advise traders to start booking their leveraged positions. On the downside 11300 might act as an intermediate support for the coming sessions. A move below the same might dwell the ongoing momentum for the time being, said Kothari of IndiaNivesh.
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Realty index led the rally at Dalal Street by adding more than 2.5 per cent from its previous close. Realty major Prestige Estates Projects Ltd skyrocketed more than 16 per cent in the intraday trade on Monday, shares of Godrej Properties Ltd shot up by 3.24 per cent, Oberoi Realty Ltd stocks rose near 2.8 per cent, Indiabulls Real Estate scrip went up 3.68 per cent, Phoenix Mills scrip rose 1.9 per cent while Sunteck Realty counter surge 1.57 per cent.
The BSE Energy index shot up by near 1.7 per cent from its Friday close. The energy major Reliance Industries Ltd shot up by around 2.65 per cent, shares of Asian Oilfield Services Ltd skyrocketed more than 9.9 per cent, BPCL counter went up 2.95 per cent, HPCL counter added 3.7 per cent, IOCL scrip rose 4.24 per cent while Petronet LNG stock went up 3.64 per cent.
Asian stocks too had bull run on their streets. Japanese Nikkei 225 index went up 0.62 per cent, South Korea's Kospi added 0.16 per cent, Hand Seng index shot up around 1.37 per cent while the shanghai index surged 2.47 per cent on Monday intraday trade.
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