Opening Bell: Sensex, Nifty rise on positive FII, global sentiments; Nifty Bank rises over 300 points
Nifty is having an important resistance zone around 11,500-11,525 zone. Market experts advise Nifty traders to book profits and wait for a dip to buy fresh in Nifty.
On account of positive market sentiments, fresh buying by the market investors and FII continued faith in the Indian markets, bulls continue to run on the Dalal Street for the fifth successive day. The BSE Sensex rose 218 points to 38,243 levels while the 50-stock Nifty index rose to 11,509 levels adding 82 points. Extending its rally, the index Nifty Bank surge 370 points to 29,754 levels.
Giving cue about the future trend of the Indian markets Prakash Pandey, Director & Head of Research at Fairwealth Group told Zee Business online, "Nifty put/call ratio is trading around 1.70-1.80, indicating an overbought situation in the market." He went on to add that Nifty climbed higher for the fourth consecutive week. So, there could be a bit of correction or consolidation in the coming sessions. "Nifty is having an important resistance zone around 11,500-11,525 zone, we advise Nifty traders to book profits and wait for a dip to buy fresh in Nifty," said Pandey.
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Oil and Gas, utility, banking and IT stocks led the bull's run on Dalal Street. The BSE Oil and Gas index rose maximum by adding around 1.5 per cent in the early morning trade. The Oil and Gas major Indian Oil Corporation surge 4.6 per cent, Bharat Petroleum Corporation counter went up 2.2 per cent, shares of Castrol India rose 1.7 per cent, HPCL counter went up 1.85 per cent, Reliance Industries stocks rose near 1.2 per cent while Indraprastha Gas Ltd shares went up 1.22 per cent. The BSE energy index went up around 1.2 per cent from its previous close. Energy major GOCL Corporation Ltd stocks skyrocketed more than 8 per cent in early morning trade but Jindal Drilling & Industries Ltd counter corrected more than 2 per cent.
The BSE Bankex rose around 1.3 per cent from its Friday close. Banking major Kotak Mahindra Bank shares surge more than 1.8 per cent, Axis Bank shares went up near 1.65 per cent, HDFC Bank and Bank of Baroda stocks rose near 1.3 per cent while ICICI and Yes Bank rose around 1 per cent.
Asian shares pulled ahead on Monday while bonds were in demand globally on mounting speculation the US Federal Reserve will sound decidedly dovish at its policy meeting this week.
Japan's Nikkei led the way with a rise of 0.65 percent, and MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.35 percent. South Korean index Kospi nudged 0.13 per cent higher, Hang Seng index rose around 0.8 per cent while Shanghai index rose 1.26 per cent.
Shanghai blue chips firmed 0.8 percent, while E-Mini futures for the S&P 500 were a fraction lower. The S&P 500 boasted its best weekly gain since the end of November last week, while the Nasdaq had its best week so far this year.
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