Sensex regains 39,000 levels, Nifty Bank scales 30K; Tata Steel, Axis Bank, RIL, BPCL stocks gain
The BSE Sensex soared 336 points and regained the psychological 39,000 levels after closing at 39,067 levels. The 50-stock Nifty closed at 11,754 logging 1112 points gain.
Stock market investors taking fresh buy after squaring-off their F&O position on Thursday, the Indian indices shot up in the intraday trade on Friday. The BSE Sensex soared 336 points and regained the psychological 39,000 levels after closing at 39,067 levels. The 50-stock Nifty closed at 11,754 logging 1112 points gain. The Nifty Bank index shot up 452 points and regained 30,000 levels again after closing at 30,013 levels. Tata Steel, Axis Bank, Reliance Industries and Bharat Petroleum Corporation Ltd stock were the major stocks that gained in the intraday trade on Friday.
Speaking on the market outlook Prakash Pandey, Head of Research at Fairwealth Securities said, "Overall the market is bullish. Today's gains were mainly because of the first-day post-F&O expiry and stock market investors were taking fresh positions. As I said earlier if the Nifty sustains above 11,790 then an investor can take fresh buy position for the target of 12,000 otherwise the market is range-bound between 11,500 to 11,750."
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Leading the bull run on Dalal Street BSE metal index went up 1.9 per cent. The Metal major Tata Steel soared 6.67 per cent, shares of Jindal Steel & Power went up 4.7 per cent, JSW Steel stocks went northward 2.47 per cent, Hindalco Industries counter jump over 2 per cent while Steel Authority of India (SAIL) stocks nudged 0.6 per cent northward.
Banking stocks followed metal stocks closely. The BSE Bankex soared over 1.5 per cent on Friday intraday trade. Banking major ICICI Bank jump over 3 per cent, shares of Axis Bank shot up 2.61 per cent, State Bank of India stocks soared 1.96 per cent, Kotak Mahindra Bank counter rose to near 0.95 per cent, IndusInd Bank shares rose 0.76 per cent while Bank of Baroda went northward by around 0.9 per cent.
Energy major and Sensex heavyweight Reliance Industries or RIL share price rose around 1.2 per cent today. IT major Infosys went northward around 1.15 per cent, shares of Hexaware Technologies shot up 2.73 per cent, L&T Technology Services shares rose 1.9 per cent, Mastek counter surged 3.6 per cent while Rolta India stocks crashed around 3.5 per cent.
Among Asian bourses Nikkei 225 index went down 0.22 per cent, South Korean Kospi dipped over half a per cent, Shanghai index crashed 1.2 per cent while Hang Seng nudged 0.19 per cent higher.