Stock market live: Sensex, Nifty jumps on China-US trade talks; Reliance Industries, Yes Bank stock maintain early gains
Taking cue from the Tech and IT stock's heavy gains at Wall Street, Indian indices Sensex and Nifty have jumped by near 0.65 per cent from its Thursday close. However, experts are suggesting traders to remain stock specific and avoid over leveraged positions.
On account of US-trade talks taking place next week the Indian indices took a huge jump from its previous close on Thursday. The BSE Sensex rose 249 points to 36,444 while 50-strip Nifty rose 72 pointst to 10,922 levels. Stocks from metal, IT, tech, oil, gas and energy were among the top gainers. However, experts are suggesting traders to remain stock specific and avoid over leveraged positions.
Here are the share market live updates:
11:25 AM After taking pause for around a week, banking stocks once again got momentum today. Banking major Yes Bank maintin its early gains by remaining green bt around 5.4 per cent while Axis Bank, IndusInd Bank and Kotak mahindra Bank stocks are up by more than 1 per cent.
10:32 AM After witnessing heavy buying in first one hour, both Sensex and Nifty takes a pause but the BSE Sensex is still 220 point up while Nifty is at 10,913. The Reliance Industries shares and Yes Bank shares are trading higher from its previous close.
9:55 AM Shares of Yes Bank, as reported yesterday by Zee Business rose by over 7.5 per cent and is among the top gaining stocks. This rise is mainly due to the change of guard at the CEO level. Yesterday, Yes Bank had announced that Ravneet Singh Gill would be its new CEO replacing Rana Kapoor.
9:50 AM; Tech major Bharti airtel stock jump over 1.29 per cent, Bharti Infratel rose by 2.3 per cent, HCL Tech went higher by around 1.2 per cent and RComm was up by around 0.3 per cent. Among IT stocks mattrimoney.com stocks went up by 1.9 per cent, Kelton Tech Solutions went up by 4.34 per cent, Hinduja Global was up by 1.24 per cent while Zen TEch share went northward by around 1.17 per cent. Sensex heavy weight Reliance Industries went up by more than one per cent from its previous close on Thursday while energy majors IOCL went up by around 1.2 per cent, HPCL was up by near 0.9 per cent, ONGC share rose by 1.3 per cent while Oil India Ltd. stock rose by 1.6 per cent in early morning trade.
9:20 AM Sensex rises over 200 points to 36,423 while 50-share Nifty rose over 65 points to 10,914 levels. Metal, IT, Tech, oil, energy and gas stock are the major gainers in early trade session today.
9: 12 AM Among blue chip stocks McDowell, Pidilite, Reliance Industries are looking strong in short-term perspective and investors can think of this stock while investing, says Simi Bhaumik, Technical Equity Analyst (officially registered with market regulator SEBI).
9:08 AM Asian stocks rose across the board on Friday, buoyed by gains in U.S. technology shares while investors awaited several key events next week including U.S.-China trade talks.
The euro struggled near a six-week low versus the dollar following dovish-sounding comments from European Central Bank President Mario Draghi, who expressed concerns about the euro zone economy.
MSCI`s broadest index of Asia-Pacific shares outside Japan gained 0.95 percent to scale its highest since December 4.
The index was headed for a gain of 0.6 percent this week, with strong corporate earnings helping somewhat to counter growing concerns over slowing global economic growth.
The Shanghai Composite Index rose 0.6 percent.
Tech-heavy South Korean shares added 0.9 percent. Australian stocks climbed 0.8 percent, lifted by higher prices of commodities such as iron ore and crude oil.
Japan's Nikkei advanced 1.4 percent with technology companies boosted by a surge in their US peers.
9.00 AM: Traders are advised to remain stock specific and avoid over leveraged positions, says expert.
Mehul Kothari, Sr. Technical Analyst - Equity at IndiaNivesh told Zee Business online, "After clearing the hurdle of 10930 mark, in the past few session the index faced some profit booking from higher levels and is still trading below the 10800 mark. On the daily chart, Nifty is still bouncing from the support formed by the rising line of triangle pattern which indicates that the bullish pattern is still intact. Thus we maintain our stance that the upside could continue in upcoming sessions." He said that the momentum might fade away only on a breach of this trend line support i.e. 10800 mark. Till that time traders are advised to remain stock specific and avoid over leveraged positions. On the upside, 10870 – 10900 mark are likely to act as intermediate resistance for the coming session.
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