Sensex regains 39,000 levels, Nifty above 11,700; Godrej Properties, DLF, Bharti Airtel stocks gain
Experts say the market is likely to remain positive on strong global cues. Nifty is having strong support around 10,580 to 10,600 zone and dips towards that will be a buying opportunity.
On account of positive foreign institutional investors (FII) sentiments and strong global cues, the Indian indices continue to advance on Tuesday. The BSE Sensex rose 163 points to 39,035 levels while the 50-stock Nifty nudged 36 points higher to 11,705 levels. Realty, telecom, IT stocks led the bull run on Dalal Street till mid noon trade on Tuesday.
Suggesting equity investors to follow 'buy on dips' strategy SEBI registered technical equity analyst Simi Bhaumik told Zee Business online, "Overall the merket is bullish. Nifty has strong support at 11,650 and can move northward up to 11,750. So, I would suggest investors to buy at around 11,670 to 11,675 and book profit at around 11,750 levels." Agreeing partially with Simi Bhaumik; Prakash Pandey, Director & Head of Research at Fairwealth Securities said, "Nifty is likely to remain flat or positive following the strong global cues. The 50-stock index is having strong support around 10,580 to 10,600 zone and dips towards that will be a buying opportunity. We are waiting for the levels of 11,600 to 11,620 for big buying." Speaking on Bank Nifty Prakash Pandey of Fairwealth Securities said, "Bank Nifty is having important support around 30,000-30,050 zone and any dips towards that will be a buying opportunity."
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Realty stocks led the bull run on Dalal Street on Tuesday morning trade session as the BSE Realty index rose around 1.15 per cent from its previous close. Realty major Godrej Properties shot up near 4.75 per cent, Oberoi Realty counter rose around 1.3 per cent while shares of Sobha Developers rose to near 1 per cent. In consumer durable index Blue Star was up around 1 per cent while Rajesh Exports share prices were up around 1.2 per cent.
Power major Reliance Infra went up near 1.3 per cent, shares of Suzlon Energy surge around 1.45 per cent, Adani Transmission counter went up around 1.2 per cent while Adani Power counter shot up around 1 per cent. Infrastructure sector major Aban Offshore stocks rose more than 2 per cent while REC stocks rose around 1.5 per cent.
Asia shares extended their rally on Tuesday as factory activity surveys from China and the United States boosted investor confidence, triggering the largest one-day sell-off in the US Treasury market in nearly three months.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent to a seven-month high after rallying more than one percent in the previous session.
Australian shares gained 0.8 per cent while Japan's Nikkei advanced 0.35 per cent, extending its gains for a third session. South Korea's Kospi added 0.3 per cent, Hang Seng went up near 0.18 per cent while Shanghai index rose 0.33 per cent.
Wall Street shares jumped on Monday, with the S&P 500 and Dow Jones Industrial Average both rising more than one percent, with the Dow lifted by sharp gains in Caterpillar Inc and Boeing Co.
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