Sensex, Nifty rise on strong global cues; SAIL, Bank of Baroda, ONGC stocks gain
The BSE Sensex rose 173 points after closing at 39,957 levels while the 50-stock Nifty added 41 points and closed at 11,964 levels. The index Bank Nifty jump 221 points and closed at 31,255 levels.
The stock market of India rose on account of ease in US-Mexico trade standoff. The BSE Sensex rose 173 points after closing at 39,957 levels while the 50-stock Nifty added 41 points and closed at 11,964 levels. The index Bank Nifty jump 221 points and closed at 31,255 levels. Dish TV India, Sterlite Technologie, PC Jeweller and Jain Irrigation stocks were among the top gainer in the inraday trade while Jet Airways, Indiabulls Integrated Services, Indiabulls Housing Finance, Lakshmi Vilas Bank and Jammu and kashmir Bank were among the top losing stocks today.
Speaking on the market trend Prakash Pandey, Head of Research at Fairwealth SEcurities said, "Overall the market is bullish and is trading in the range of 11,800 to 11,980. Investors are advised to follow buy on dips strategy until the market is trading in this range." However, Pandey reminded stock market investors that now things are going well. Dow rallied more than 1000 points in last four trading sessions of the last week." He went on to add that the US President Donald Trump is solving few issues before his Re-Election rallies citing, "Maybe Trump is a genius, after all. What if he finally gets the steep Fed rate cuts he has been demanding? After that, he ends the trade wars, tariffs go to zero, and the stock market surges to new highs — just in time for the 2020 election!" Prakash Pandey went on to add further that the DIIs are getting the cue from the FII and hence it's the global growth that would give a cue to the domestic investors and hence it would be correct if we say that ímprovement in domestic and global growth holds key to further movement of the Dalal Street."
Metal stocks led the bull run on Dalal Street as the BSE Metal index added around 1.35 per cent in the intraday trade. Metal major Steel Authority of India (SAIL) Ltd jump 2.9 per cent, Jindal Steel & Power stocks shot up near 3.4 per cent, NMDC counter jump 3.46 per cent, the share price of JSW Steel added 2.38 per cent, Tata Steel shares rose 1.4 per cent while Vedanta counter added 2.3 per cent.
Baking stocks followed metal index closely as the BSE BANKEX shot up near 0.9 per cent. Banking major YES Bank rose 2.5 per cent, Bank of Baroda stocks jump 2.84 per cent, IndusInd Bank added 2.4 per cent, State Bank of India counter rose 1.15 per cent while ICICI Bank stocks added 1.47 per cent.
Among Asian markets Japanese Nikkei 225 rose 0.33 per cent, South Korean Kospi surge 0.59 per cent, Hang Seng jump 0.76 per cent while the Shanghai market skyrocketed over 2.5 per cent.