Stock Market News: Sensex, Nifty rise on strong global cues; Yes Bank, BHEL, TCS stocks gain
Stock Market News: On account of strong global sentiments and positive signals on the next Brexit vote, the stock market of India opened on the higher side in the Opening Bell. The BSE Sensex rose 14 points to 39,313 levels while the 50-stock Nifty added 23 points to 11,684 levels. Bank Nifty index shot up 207 points to 29,328 levels.
Speaking on the Indian stock market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "Nifty has rallied 400 points in last 6 trading sessions & tested the upper boundary of its range. Nifty will face the hurdle/resistance in the zone of 11705-11810 & Profit booking on Nifty is advisable in this zone." Pande said that the Nifty range in this week will be 11530-11810.
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Reliance Power, Reliance Infrastructure, PC Jeweller, YES Bank, PNB Housing Finance, Indiabulls Housing Finance, Reliance Capital and TCS were among the major gaining stocks in the Opening Bell trade session while Infosys, Zensar Technologies, L&T Technology Services, Oberoi Realty, Lakshmi Vilas Bank, Dewan Housing Corporation Limited or DHFL were among the major losing shares in the morning trade session.
Telecom stocks led the bull run on Dalal Street in the Opening Bell session as the BSE Telecom index shot up more than 1 per cent. Telecom major OnMobile Global share price shot up 4.87 per cent, shares of Sterlite Technologies soared 3.67 per cent, Aksh Optifibre shares scaled 3.91 per cent, Bharti Airtel stock price escalated 1.57 per cent while Vodafone Idea shares price went northward 1.41 per cent.
Banking stocks also witnessed some fresh buying in the Opening Bell trade session as the BSE Bankex soared 1.1 per cent. Banking major Yes Bank share price shot up over 8 per cent, shares of Kotak Mahindra Bank rose 1.6 per cent, HDFC Bank shares went northward 1.48 per cent while State Bank of India or SBI share price went up 0.9 per cent.
Among major Asian markets, the Japanese Nikkei 225 index went up 0.25 per cent, South Korean Kospi shot up 1.16 per cent, Hang Seng went up 0.26 per cent while the Shanghai index shed 0.09 per cent.
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