Opening Bell: Sensex, Nifty rise on positive FII, Nifty Bank climbs 29K; Suzlon Energy, NBCC stocks gain
Around 11,350-11,400 zone, trader should book profits in their long positions and wait for dips of 80-130 points on Nifty buy fresh, say market experts.
On account of strong global cues coming in from the Brexit and FIIs pumping heavily into the Indian markets the Indian indices extended its rally on fourth straight trade session on Thursday. The BSE Sensex rose 116 points to 37,868 levels while the 50-stock Nifty index rose 23 points to 11,364 levels. The Nifty Bank index extended its rally on Thursday adding 147 points to 29,023 levels.
Speaking on the current market trends shown at the Dalal Street Prakash Pandey, Director & Head of Research at Fairwealth Group told Zee Business online, "This rise in the Indian markets is mainly due to the strong global cues that fuelled the Dow rally by around 150 points and FIIs buying heavily in cash and F&O segment." On strategy that an investor can adopt today Pandey said that around 11,350-11,400 zone, traders should book profits in their long positions and wait for dips of 80-130 points on Nifty buy fresh.
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IT, tech and financial indices led the rally fuelled by heavy buying done by the FIIs on Thursday. The BSE IT index rose over half a per cent in early morning trade. the index major TVS Electronics jump near 2.5 per cent, Majesco Ltd counter rose near 2.1 per cent, shares of Intense Technologies Ltd went northward by around 3.85 per cent, Brightcom Group scrip rose near 2.45 per cent, Allsec Technologies stocks scaled around 2.8 per cent while Cerebra Integrated Technologies counter went up by around 1.9 per cent.
The BSE Capital Goods index too rose near half a per cent in eraly morning intraday trade. Index major Suzlon Energy Ltd rose near 2.05 per cent, shares of GE T&D India scaled around 2.8 per cent, NBCC (India) Ltd counter surge around 1.5 per cent, Graphite India Ltd stocks rose around 1.2 pere cent while ABB India stock rose around 1.9 per cent.
Asian shares paused on Thursday as investors awaited data from China for clues about the health of the world`s second-largest economy while the pound shot up to near nine-month highs as the risk of a no-deal Brexit receded following a late-night vote.
MSCI's broadest index of Asia-Pacific shares outside Japan was barely changed at 522.38 points. Japan's Nikkei jumped 0.6 percent while Australian and New Zealand shares each added 0.2 percent.