Opening Bell: Sensex, Nifty cheer Lok Sabha polls notification; All index gain except realty
The 11,100 levels is likely to remain strong resistance in the coming week. Only a sustainable move above might pull the index towards the higher levels of 11,250-11,400.
Defying the weak US job data shocjk that majority of the bourses in the global markets had to witness in early trade session on Monday, the Indian indices surged around 0.6 per cent from the Friday close today. The BSE Sensex rose 236 points to 36,905 levels while the 50-stock Nifty added 79 points to touch 11,114 levels. All indices at the Dalal Street were in green zone except realty index. The BSE consumer durables, oil and gas and energy index led the rally respectively.
Elaborating upon the market outlook IndiaNivesh research informed Zee Business Online, "Now, the index has surpassed 11,000 mark but it’s trading near the previous swing high of 11,118 (levels). Once again the landmark of 11,100 is likely to (remain) strong resistance in the coming week. Only a sustainable move above the same might pull the index towards the higher levels of 11,250 to 11,400. On the downside 10,800 might act as a short term support. A move below the same might dwell the ongoing momentum for the time being." the IndiaNivesh report further added, "With regards to NIFTY BANK index, we are witnessing a fresh breakout, which indicates that the index is poised to retest its all-time high of 28389. The immediate support for NIFTY BANK is at 27450 mark."
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Leading the Dalal Street rally from the front, the BSE Consumer Durable index rose maximum by adding more than 0.7 per cent in early morning trade. Index major Whirlpool of India Ltd counter rose 3.5 per cent, shares of PC Jeweller went northward by around 2.5 per cent, Blue Star stock went up by around 1.9 per cent, Symphony counter rose 1.54 per cent, Rajesh Exports stocks rose by more than 1.6 per cent, Titan Company shares were up by around 1.65 per cent while TTK Prestige and Voltas counters were in green zone by more than 1 per cent gains. Among Oil and Gas counters Hindustan Petroleum Corporation Ltd stock rose maximum by gaining over 2.4 per cent, ONGC counter rose around 2.25 per cent, Castrol India stocks rose 1.45 per cent while other major oil and gas counters were up by 0.75 per cent to 1`per cent.
Asian stocks too showed some recovery from the shoch on weak US job data. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed from Friday's three-week low, with broad weakness offset by small gains in Chinese shares.
China's blue-chip CSI300 index gained 0.5 percent after Friday's 4.0 per cent fall, which was triggered after CITIC Securities issued a rare "sell" rating on a major insurer and by a clampdown on grey-market, margin financing. Japan's Nikkei gained 0.3 per cent after four consecutive sessions in the red last week. South Korea's Kospi lost 0.15 per cent, Heng Sang gained around 0.66 pe cent, Shanghai index went northward by near 1.22 per cent.
The Wall Street's main indexes posted their biggest weekly decline since the market tumbled at the end of 2018 last week, falling for the fifth consecutive day on Friday on the shocking payrolls data. The US economy created only 20,000 jobs in February, the weakest reading since September 2017.
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