Sensex gains 110 points, Nifty Bank shot up 150 points; Oberoi Realty, DLF, RCom stocks gain
BSE Sensex surge 110 points to 37,669 while the 50-stock Nifty index went 25 points higher to 11,326 levels. Bank Nifty index shot up 150 points to 29,034 levels.
The stock market of India finally opened in the green zone after bleeding for straight seven trade sessions. The BSE Sensex surge 110 points to 37,669 while the 50-stock Nifty index went 25 points higher to 11,326 levels. Bank Nifty index shot up 150 points to 29,034 levels. Reliance Communications, Reliance Industries and Oberoi Realty were the major stocks that gained in early morning trade session.
Speaking on the market trend Prakash Pandey, Head of Research at Fairwealth Securities said, "Market has strong support at 11,250 and currently it is in the range of 11,250 to 11,480. An investor is advised to adopt buy on dips strategy as the recent selloff was caused by global cues that may loom further if any outcome is not reached in the second day's talks today."
Realty stocks led the bull run on Dalal Street today as the BSE Realty index gained 1.17 per cent in the early morning trade session. Realty major Oberoi Realty share price shot up 2.33 per cent, DLF surge 2.3 per cent, Indiabulls Real Estate and Housing Development & Infrastructure shares went northward around 2.1 per cent while Godrej Properties and Sunteck Realty stocks gained 1.5 per cent and 0.45 per cent respectively.
Energy stocks also gained in early morning trade and the BSE Energy index went up near 0.65 per cent. Energy major and Sensex heavyweight Reliance Industries or RIL was up around 0.75 per cent, Alphageo (India) gained 1.05 per cent, GP Petroleums shares shot up 3.5 per cent, Gujarat Mineral Development Corporation went northward over 1.5 per cent while Gujarat Gas and Petronet LNG stocks added around 0.7 per cent.
In telecom sector Reliance Communications share price shot up 4.9 per cent, Tata Teleservices (Maharashtra) stocks went up near 2.1 per cent, Tejas Networks added 1.2 per cent, GTPL Hathway and Himachal Futuristic Communications stocks added around 0.9 per cent while Bharti Airtel share price nudged 0.3 per cent higher.
Asian markets too showed some tepid trade as Japanese Nikkei dipped 0.41 per cent, South Korean Kospi edged higher 0.21 per cent, Hang Seng jump 0.58per cent while Shanghai index shot up 1.5 per cent.