Stock market closing bell: Sensex, Nifty rise on positive FII sentiments; Nifty sustains above 11,000
The market is on upside as the Nifty has sustained above the psychological 11,000 levels for the second successive day. However, buy on dips is the best-suited strategy for market investors till the Nifty trades in the range of 11,000 to 11,250 levels.
Indian indices Sensex and Nifty rose on positive foreign institutional investors (FII) and neutral global indicators on Thursday as investors still await fresh cues from the Sino-US trade talks. The BSE Sensex rose 89 points to 36,725 levels while the 50-stock Nifty index sustained above the psychological 11,000 levels for the second successive day by almost maintaining its Wednesday close levels.
Commenting upon the current market trends, Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business Online, "The market is on upside as the Nifty has sustained above the psychological 11,000 levels for the second successive day. However, I would suggest investors to follow the buy on dips strategy till it trades in the range of 11,000 to 11,250." Bhaumik said that while taking buy on dips strategy, an investor must main a strict stop loss at around 10,970-10980 levels. On sector that would be driving the markets Simi Bhaumik said, "Technically, Reliance Industries would be a major driver for the Indian indices, but banking and IT would also fuel the bull run in coming trade sessions."
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Shares of Manpasand Beverage, Allahabad Bank, Navkar Corporation, Welspun India and Indo Count Industries were among th top gaining stocks. Manpasand Beverage skyrocketed by around 12.89 per cent, Allahabad Bank stock scaled around 7.3 per cent, Navkar Corporation scrip rose 6.93 per cent, Welspun India counter went northward by 5.65 per cent while Indo Count Industries soar around 5.47 per cent.
Capital Goods index leads Dalal Street rally
The BSE Capital Goods index led the Dalal Street rally on Thursday by adding over 1.5 per cent from its Wednesday close. The index major Graphite India Ltd went up by more than 3.1 per cent, shares of Lakshmi Machine Works scaled by near 3.2 per cent, Larsen & Toubro counter added 2.77 per cent, ABB India stock closed 2.2 per cent higher while Sadbhav Engineering scrip went up by near 2.1 per cent.
As the global investors are awaiting fresh cues from the Sino-US trade talks, Asian stocks trade tepid througout the intraday trade on Thursday. The Japanese index Nikkei 225 lsot 0.71 per cent after making a high of 21,471 levels. South Korean index Kospi went off by 0.45 per cent, Hang Seng index went southward by 0.88 per cent, Shanghai market nudged high by around 0.14 per cent while FTSE 100 index went down by more than half a per cent.
Overnight, Wall Street's main indexes fell for a third session on heavy sell-off in healthcare and energy stocks, with the S&P 500 posting its biggest one-day decline in a month, as investors sought reasons to buy after the market's strong rally to start the year.