Opening Bell: Sensex, Nifty rise on neutral global sentiment, positive FII; Nifty Bank at all-time high
The BSE Sensex rose 188 points to 38,422 levels while the 50-stock Nifty surge 46 points to 11,529 levels. The index Nifty Bank rose to its all-time high adding 202 points to 30,090 levels.
On account of neutral global cues and positive foreign institutional investment (FII) the Indian indices advanced from its previous close. The BSE Sensex rose 188 points to 38,422 levels while the 50-stock Nifty surge 46 points to 11,529 levels. The index Nifty Bank rose to its all-time high adding 202 points to 30,090 levels.
Nagaraj Shetti - Technical Research Analyst at HDFC securities told Zee Business online, "Nifty witnessed an excellent upmove on Tuesday, after a downward correction of the last couple of sessions and closed the day on a hefty gains. A long bull candle was formed today, that has filled the opening down gap of last session at 11,435 levels. Technically, this pattern is signaling a sharp comeback of bulls in the market." Shetti went on to add, "We observe a positive sequence like higher tops and bottoms, as per daily time frame chart. Monday's swing low of 11,311 levels could now be considered as a new higher bottom of the sequence. As per this pattern, one may expect Nifty to move up further and crosse above the recent swing high of 11,572 levels in the next few sessions."
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Utility index led the bull run on Dalal Street today by adding more than half a per cent. Utility major GVK Power & Infrastructure shot up more than 8 per cent, GMR Infrastructure shares went up around 2 per cent, Jaiprakash Power Ventures scrip shot up more than 2.5 per cent while Mahanagar Gas counter went up near 0.85 per cent. Reliance Infra added more than 1 per cent, Tata Power counter went northward around 0.7 per cent, PTC India surge more than half a per cent.
Telecom stocks too fuelled the bull run at Indian indices. Telecom major OnMobile Global shot up more than 2.5 per cent, shares of Bharti Airtel surge around 1.2 per cent, Bharti Infratel scrip jump 1.1 per cent, MTNL stock rose near 1.3 per cent, Sterlite Technologies stock went up near 1.07 per cent while Reliance Communications counter crashed around 5 per cent.
Among banking stocks IndusInd Bank shot up around 3.75 per cent, YES Bank surge around 1.7 per cent, SBI scrip went up near 1.25 per cent, Bank of Baroda stock rose 1.1 per cent while City Union Bank and Federal Bank stocks rose more than half a per cent.
Asian stocks had a mixed trade as investors are grappling with the weak global economic outlook. Japanese Nikkei 225 index went down near 0.6 per cent, South Korean Kospi went off around 0.02 per cent, Hang Seng was up around 0.45 per cent while the Shanghai index added around 0.55 per cent.
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