Opening Bell: Sensex, Nifty gain on revived US-China trade talks, positive FII; Vodafone Idea stocks rise near 13%
Nifty is making an attempt to move above the recent swing high of 11,572. The market is expected to form a new higher top above 11,650 levels, in the next few sessions.
On account of revived hopes of progress in US-China trade talks and positive foreign institutional investors (FIIs) towards the Indian equity market, the Indian indices posted a gain in early morning trade session on Friday. The BSE Sensex rose 187 points to 38,733 levels while the 50-stock Nifty shot up 47 points to 11,617 levels. However, the index Nifty Bank witnessed some profit booking but sustain above the psychological 30,000 levels. The Nifty Bank index went down 61 points from its Thursday close to 30,358 levels.On account of revived hopes of progress in US-China trade talks and positive foreign institutional investors (FIIs) towards the Indian equity market, the Indian indices posted a gain in early morning trade session on Friday. The BSE Sensex rose -- points to -- levels while the 50-stock Nifty shot up -- points to -- levels. The index Nifty Bank continue to sustain above the psychological 30,000 levels and added -- points from its Thursday close. Telecom major Vodafone Idea stock rise near 13 per cent.
Expecting Indian markets to form a new higher top above 11,650 levels, in the next few sessions Nagaraj Shetti, Senior Technical & Derivative Analyst at HDFC securities told Zee Business online, "Nifty witnessed a sharp comeback on Thursday, after a choppy trend of the last session. A long bull candle was formed on Thursday at a new swing high of 11,588 levels. This pattern is indicating a strength of an up move and lack of profit booking at the highs. Currently, the Nifty is making an attempt to move above the recent swing high of 11,572 levels. The market is expected to form a new higher top above 11,650 levels, in the next few sessions."
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IT stocks led the rally on Dalal Street. IT major Rolta India shot up around 4.8 per cent, TVS Electronics stocks rose 4.1 per cent, shares of Matrimony.com went up around 5.35 per cent, L&T Technology Services counter rose near 5.2 per cent, MIC Electronics counter jump 4.35 per cent, Kellton Tech Solutions shares rose near 3.8 per cent while Brightcom Group stocks rise 2.7 per cent.
Telecom stocks too had a bull run today. Telecom major Vodafone Idea skyrocketed more than 13 per cent, MTNL counter rose over 7 per cent, GTL Infra shares rose over 2 per cent, ITI counter shot up around 2.5 per cent while Tata Teleservices (Maharashtra) stocks rose near 2.25 per cent.
Asian shares posted gains on Friday on revived hopes of progress in US-China trade talks, while global bond yields moved higher after a prolonged slide on worries about the economic outlook. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent while Japan's Nikkei rose 0.9 per cent. South Korean Kospi edged 0.3 per cent higher, Shanghai index went up more than 2.1 per cent while Hang Seng rose 0.78 per cent.
The S&P 500 on Thursday gained 0.36 per cent and the Nasdaq Composite added 0.34 per cent. Despite recent market turbulence, the S&P 500 has gained 12.3 per cent so far this quarter, which would mark its best quarterly performance since 2009 if sustained.
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