Sensex scales 227 points, Nifty above 11,200 levels; Bharti Airtel, BHEL, GAIL stocks gain
The BSE Sensex gained 227 points after closing at 37,318 levels and the Nifty index shot up 73 points to 11,222 levels. The index Bank Nifty went up 169 points and closed at 28,829-mark.
The stock market of India finally ended its losing streak after nine straight sessions and closed gaining over 0.6 per cent in the intraday trade on Tuesday. The BSE Sensex gained 227 points after closing at 37,318 levels and the Nifty index shot up 73 points to 11,222 levels. The index Bank Nifty went up 169 points and closed at 28,829-mark. Bharti Airtel, BHEL, GAIL and Reliance Industries or RIL were among the major gainers in the intraday trade.
Speaking on the market trend SEBI registered technical equity analyst Simi Bhaumik said, "The market is in the range of 11,200 to 11,350 and it is facing stiff resistance at the upper level. Once it breaks the upper levels, we can expect quick recovery post-Lok Sabha Election 2019 results." She said that if the market breaks the lower levels and sustains below 11,200, then we can expect some more correction up to 11,030 to 11,050 levels."
Telecom stocks led the bull run on Dalal Street as the BSE Telecom index shot up around 2.8 per cent in the intraday trade. Telecom major Bharti Airtel share price skyrocketed 5.4 per cent, shares of OnMobile Global went northward 4.16 per cent, Vindhya Telelinks went up 1.94 per cent, Bharti Infratel stocks edged 1.47 per cent higher while Vodafone Idea share price crashed 3.11 per cent.
In Asian markets, Japanese Nikkei 225 index went down 0.59 per cent, South Korean Kospi nudged 0.14 per cent higher, Hang Seng crashed around 1.5 per cent while the Shanghai market went down 0.69 per cent.