Opening Bell: Sensex, Nifty rise on Fed rate cut hopes; Vedanta, DLF, Thomas Cook stocks rise
The BSE Sensex rose 142 points to 38,699 levels while the Nifty 50 index jump 37 points to 11,536 levels. The Bank Nifty index scaled 86 points to 30,608 levels.
Opening Bell: The stock market of India finally came out of the post-budget selloff triggered by the FIIs short selling on Thursday. The BSE Sensex rose 142 points to 38,699 levels while the Nifty 50 index jumps 37 points to 11,536 levels. The Bank Nifty index scaled to 86 points to 30,608 levels. Himachal Futuristic Communications, IRB Infrastructure, Century Plyboards, Thomas Cook (I) and Nava Bharat Ventures were among the top gaining stocks in the morning trade session while Cox & Kings, Manpasand Beverage, Greaves Cotton, Just Dial and Deepak Fertilisers were the top losing shares today.
Speaking on the current market scenario Simi Bhaumik, SEBI registered technical equity analyst told Zee Business Online, "The market is trading range bound and its range is 11,400 to 11,600. It may become bullish once it breaks the 11,610 levels and sustains above these levels. Till then, buy on dips is the best strategy that I would recommend to the stock market investors.
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Metal stocks led the bull run on Dalal Street as the BSE Metal index scaled 1.36 per cent in the morning trade session. Metal major Vedanta share price shot up 1.81 per cent, shares of Tata Steel soar 1.75 per cent, Steel Authority of India (SAIL) counter rose 1.42 per cent, Jindal Steel & Power scrip added near 2.05 per cent, JSW Steel went up near 2.5 per cent while Hindustan Zinc stocks rose around 1 per cent.
Realty stocks also witnessed some fresh buying in the intraday trading. Realty major DLF share price shot up 2.34 per cent, shares of Godrej Properties soar around 1 per cent, Prestige Estates Projects counter added 0.85 per cent while Sobha stocks went up near half a per cent.
Among Asian markets, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent, while Japan's Nikkei added 0.15 per cent. South Korea's KOSPI climbed 0.7 per cent. Australian stocks were steady.
US stocks ended higher on Wednesday and the S&P 500 briefly crossed the 3,000-point mark for the first time following Fed Chief Jerome Powell's remarks.