Opening Bell: Nifty Bank close to its all-time high; Sensex, Nifty advance on strong global cues
Yesterday, Nifty managed to clear the hurdle of 11,100 with ease and closed well above the same. The 50-stock index is now poised to retest 11200 to 11384 level.
On account of strong global cues coming in from more stimulus in China and broad rally at the Wall Street, the Indian indices continue to advance on Tuesday. The BSE Sensex rose 270 points to 37,324 levels while the 50-stock Nifty rose 80 points to 11,248 levels. Bank Nifty rose 221 points to 28,188 levels, almost close to its all-time high of 28,389.
Speaking on the market outlook Mehul Kothari, Senior Technical Analyst — Equity at IndiaNivesh Securities told Zee Business in a written statement, "On yesterday, index Nifty managed to clear the hurdle of 11,100 with ease and closed well above the same. This indicates strength and hence we reiterate our view that index is now poised to retest 11200 to 11384 level. In addition, we have been stating in our previous reports that Nifty Bank index is all prepared to reach its all-time high of 28,389. Post yesterday’s session, Nifty Bank is just a percent away from that milestone." He said that on the downside 11,000 might act as strong support for the coming sessions. A move below the same might dwell the ongoing momentum for the time being. We maintain our positive stance for the markets and advise traders to continue with their stock-centric approach till the time the index is above 11,000 marks.
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Energy stocks lead the rally
Leading the rally at Dalal Street, energy index added maximum by gaining over 1 per cent from the Monday close. The BSE Energy index went up by 1.23 per cent in early morning trade today. The index major Reliance Industries extended its Monday rally and scaled around 1.4 per cent, shares of Gujarat Gas Ltd rose around 3.75 per cent, Gujarat Mineral Development Corporation Ltd stock went up by around 8.5 per cent, GP Petroleums counter added near 3.3 per cent while PSU major ONGC and OIL stocks went up by more than 1 per cent.
Asian stock too had a bull run on Wall Street broad rally and more stimulus package news in China. Japanese Nikkei 225 index rose 408 points or 1.9 per cent to 21,534 levels, South Korean Kospi rose 0.86 per cent, Heng Sang added 1.4 per cent from its Monday close while Shanghai index went up by 1.61 per cent.