Sensex, Nifty pare losses on realty, power stocks gain; Indiabulls Real Estate, Adani Transmission stocks gain
The BSE Sensex ended 15 points lower at 39,741 while the 50-stock Nifty closed 7 points higher at 11,914 levels. Testing the resistance at 31,000 the index bank Nifty closed 10 points up at 30,976 levels.
The stock market of India pares early morning losses on heavy buying in realty and power stocks. The BSE Sensex ended 15 points lower at 39,741 while the 50-stock Nifty closed 7 points higher at 11,914 levels. Testing the resistance at 31,000 the index bank Nifty closed 10 points up at 30,976 levels. Indiabulls Housing Finance, Lakshmi Vilas Bank, Syngene International, Adani Transmission stocks were among the t\op gainers in the intraday trade while Jet Airways, Yes Bank, DHFL and Reliance Power were among the top losing stocks today.
Prakash Pandey, Head of Research at Fairwealth Securities said, "Overall the market is bullish and is trading in the range of 11,800 to 11,980. Investors are advised to follow buy on dips strategy until the market is trading in this range." However, Pandey reminded stock market investors that now things are going well. Dow rallied more than 1000 points in last four trading sessions."Pandey went on to add that the US President Donald Trump is solving few issues before his Re-Election rallies citing, "Maybe Trump is a genius, after all. What if he finally gets the steep Fed rate cuts he has been demanding? After that, he ends the trade wars, tariffs go to zero, and the stock market surges to new highs -- just in time for the 2020 election!" Prakash Pandey went on to add further that the DIIs are getting the cue from the FII and hence it's the global growth that would give a cue to the domestic investors and hence it would be correct if we say that ímprovement in domestic and global growth holds key to further movement of the Dalal Street."
Realty stocks led the bull run on Dalal Street as the BSE Realty gained 0.64 per cent in the intraday trade. Realty major Indiabulls Real Estate share price shot up over 5 per cent, Godrej Properties shares skyrocketed 3.32 per cent, Housing Development & Infrastructure stocks gained over 1.5 per cent. However, some stocks in the index still failed to perform as Sobha Developers share price dipped more than 2.1 per cent while DLF, Mahindra Lifespace Developers, Oberoi Realty, Phoenix Mills, Sunteck Realty stocks ended in the red zone.
In power sector Adani Transmission share price skyrocketed more than 6 per cent, shares of Torrent Power shot up 4.23 per cent, Power Grid Corporation of India went northward 1.54 per cent, JSW Energy ent up 0.93 per cent while Reliance Infrastructure share price dipped 2.18 per cent, Suzlon Energy crashed 2.9 per cent, NHPC and Tata Power went down near 0.8 per cent.
Among Asian stocks, Japanese Nikkei 225 index closed 0.57 per cent lower, South Korean Kospi ended 0.27 per cent down, Hang Seng nudged 0.01 per cent higher while the Shanghai market closed 0.05 per cent higher.