Closing Bell: Sensex regains 39K, Nifty climbs all-time high; ICICI Bank, IndusInd Bank stocks gain
The Nifty has broken its all-time high of 11,761 and is now heading for the next target of 12,000 levels, say equity experts.
On account of positive foreign institutional investors (FIIs) sentiments, the banking and financial secotr witnessed heavy buying on Tuesday intraday trade that helped sensitive index Sensex to regain 39,000 levels while the 50-stock Nifty broke its all-time high of 11,761 and make a new all-time high of 11,810. The BSE Sensex rose 369 points helping the sensitive index to regain 39,000 levels before closing at 39,275 levels. The 50-stock Nifty rose to its al-time high of 11,810 before closing at 11,786 gaining 96 points in the intraday trade. Banking major ICICI Bank shot up around 3.75 per cent while IndusInd Bank shares surge around 3.97 per cent.
Speaking on the strategy that an investor can adopt in new scenario Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business online, "The Nifty has broken its all-time high of 11,761 and is now heading for the next target of 12,000 levels. An investor is advised to take buy position on dips maintaining a stop loss at around 11,740-11,750 levels." Asked about the sectors that would be fueling this bull run on the Dalal Street Simi Bhaumik said, "Private Banks and auto segment are expected to outperform other sectors in coming days."
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Banking and financial sector was the major gainer in Tuesday intraday trade. As mentioned above banking major ICICI Bank and IndusInd Bank stocks rose over 3.5 per cent while City Union Bank shot up around 1.9 per cent, Axis Bank stocks rose near 1.4 per cent and HDFC Bank scrip added 0.9 per cent from the previous close.
In financial sector Bajaj Finserv stocks went up 1.47 per cent, Bank of Maharashtra counter shot up near 6.9 per cent, Bharat Financial Inclusion stocks surge 3.5 per cent, DCB Bank shares went northward around 5.4 per cent, Edelweiss Financial Services scrip went up 2.55 per cent while ICRA counters went north after adding 4.33 per cent.
In Asian markets Japanese Nikkei 225 went up 0.24 per cent, South Korean Kospi rose 0.26 per cent, Hang Seng shot up over 1 per cent while the Shanghai index surge around 2.39 per cent.