Sensex, Nifty rise on ease in US-Mexico trade standoff; Sterlite Technologie, MMTC, JP Associate stocks gain
The BSE Senex rose 139 points to 39,923 levels while the 50-stock Nifty went up 24 points to 11,947 levels. The index Bank Nifty added 78 points and rose at 31,112 levels.
The stock market of India went northward on account of ease in US-Mexico trade war tension. The BSE Senex rose 139 points to 39,923 levels while the 50-stock Nifty went up 24 points to 11,947 levels. The index Bank Nifty added 78 points and rose at 31,112 levels. Sterlite Technologie, MMTC, Dish TV India and JP Associate stocks were among the top gaining stocks while Jet Airways, Manpasand Beverage, Indiabulls Housing Finance and Jammu & Kashmir Bank were the top losing stocks in the early morning trade session.
Speaking on the stock market outlook 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 of the last week." He 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."
Power stocks were the leading gainers in the intraday trade as the BSE Power index added more than half per cent today. Power major Thermax share price shot up 2.17 per cent while shares of Tata Power Company, Power Grid Corporation of India, JSW Energy, Adani Transmission and ABB India went northward by more than half per cent.
Among tech stocks, shares of HCL Technologies went up 1.55 per cent, ITI counter added 1.15 per cent, Navneet Education stocks rose to near 1 per cent while Infosys added around 0.54 per cent. However, show stopper in the tech sector was Sterlite Technologies shares that skyrocketed around 8.5 per cent in the early morning trade session.
Among Asian markets, Japanese Nikkei 225 index was up 0.4 per cent, South Koreans Kospi edged 0.34 per cent higher, Hang Seng went northward 0.86 per cent while the Shanghai market shot up 1.87 per cent in the early morning intraday trade session.