Sensex, Nifty rise on Fed rate cut hopes; IDBI Bank, DHFL, Adani Enterprises stocks gain
The BSE Sensex shot up 322 points to 39,938 while the 50-stock Nifty index surges 94 points to 11,965 levels. Bank Nifty index rose 287 points to 31,353 levels.
The stocks market of India surge on account of Fed chief cutting rates and falling in line with the demand of US President Donald Trump. The BSE Sensex shot up 322 points to 39,938 while the 50-stock Nifty index surges 94 points to 11,965 levels. Bank Nifty index rose 287 points to 31,353 levels. PNC Infratech, DHFL, IDBI Bank and Adani Enterprises shares were among the top gainers in the intraday trade.
Commenting upon the market trends 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 till the market is trading in this range." However, Pandey reminded us that now things are going well. Dow rallied more than 1000 points in 4 days., 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!"
IT stocks led the bull run on Dalal Street as the BSE IT index rose around 1.1 per cent in the early morning intraday trade. IT major Brightcom Group Ltd share price shot up 4.95 per cent, shares of HCL Infosystems shot up 2.8 per cent, HCL Technologies share price rose 1.19 per cent, Hexaware Technologies counter went up 1.78 per cent, Nucleus Software Exports Ltd stocks price added 1.7 per cent, Oracle Financial Services Software rose around 1 per cent while Rolta India Ltd share price skyrocketed 3.51 per cent.
Following the IT stock rally, realty stocks also witnessed heavy buying in the early morning trade. Realty major Sobha Developers share price rose 1.86 per cent, Phoenix Mills shot up 1.96 per cent, Oberoi Realty stocks gained around 1.7 per cent, Godrej Properties Ltd share price scaled around 1.51 per cent while the DLF counter dded around 1.3 per cent in the earlyu morning trade session.
Among Tech stocks Just Dial share price shot up 2.17 per cent, Sterlite Technologies stocks rose 1.98 per cent, Sun TV Network stock price went up 1.77 per cent, Tata Consultancy Services aka TCS counter surge 1.62 per cent, Tech Mahindra shares jump 1.61 per cent while Infosys counter went northward around 1.14 per cent.
Among Asian markets, Japanese Nikkei 225 index surge 1.03 per cent, South Korean Kospi shot up 0.85 per cent, Hang Seng scaled near 2 per cent while the Shanghai index rose around 1 per cent.