Closing Bell: Sensex, Nifty surge on short-covering; Sterlite Tech, Vodafone Idea, NBCC stocks gain
The BSE Sensex shot up 228 points and closed at 36,701 while the 50-stock Nifty gained 88 points and closed at 10,929 levels.
Closing Bell: After hitting six months low on yesterday, the stock market of India witnessed short-covering today that helped Sensex, Nifty and other Indian indices to gain and close in the green zone. The BSE Sensex shot up 228 points and closed at 36,701 while the 50-stock Nifty gained 88 points and closed at 10,929 levels. The Bank Nifty index tank 75 points and lost the psychological 27,000 levels after closing at 26,958 levels.
Speaking on the current market scenario Prakash Pandey, Head of Research at Fairwealth Securities said, "Current rise in Indian indices is due to the short covering after the heavy sellof yesterday. Overall, the market is still not out of the bear grip as the stock market investors are still awaiting some bailout package from the government, especially for the auto and tech sector. Right now, the market is in the range of 10,750 to 11,000."
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Sterlite Technologies, Navkar Corporation Ltd, Vodafone Idea, NBCC and Reliance Capital stocks were the major gaining shares in the intraday trade while HDIL, CG Power and Industries, Edelweiss Financial Services and Ashoka Buildcon Ltd stocks were the major losing shares today.
Metal stocks led the bull run at Dalal Street as the BSE Metal index surged near 3.5 per cent in the intraday trade. Metal major Vedanta share price shot up 5.77 per cent, shares of Steel Authority of India (SAIL) went northward 4.5 per cent, National Aluminium Company or NALCO stocks went up 4.74 per cent, Jindal Steel & Power scrip soar 4.9 per cent, Hindalco Industries added 2. 5 per cent while Tata Steel stocks rose near 3 per cent in the intraday trade.
Among Asian markets, the Japanese Nikkei 225 index soar 0.4 per cent, South Korean Kospi went down 0.14 per cent, Hang Seng added 0.5 per cent while the Shanghai index jumnped 0.49 per cent.