Stock Market Opening Bell: Sensex, Nifty rise on positive global cues; BHEL, NHPC shares rise
Stock Market Opening Bell: On acccount of strong global sentiments, the Indian indices opened around 0.75 per cent on the higher side in the opening bell on Friday.
Stock Market Opening Bell: On acccount of strong global sentiments, the Indian indices opened around 0.75 per cent on the higher side in the opening bell on Friday. The BSE Sensex shot up 323 points and hit 38,543 mark while the NSE Nifty soared 96 points and touched 11,408 mark. Bank Nifty index went 308 points higher at 22,307 levels.
Speaking on the current market scenario; SEBI registered technical equity analyst Simi Bhaumik said, "The market has opened above 11,400 that means it is ehading for another high of 11,500. Overall the market sentiment is bullish and any dip in the market should be seen as a buying opportunity."
Pressing the alarm bell for mid-cap and small-cap stock traders Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel Broking said, "We have seen some robust moves in a bundle of mid and small cap stocks, which was clearly missing for more than a year in pre-COVID time. So practically, they are compensating for their long underperformance. Although, there is no sign of weakness yet, we still believe that from here on one should avoid aggressive bets in midcaps. Because we can see a cluster of resistances for NIFTY MIDCAP 50, which includes a ‘200-SMA’ on a weekly chart. Hence, anytime we can see some short-term profit taking in this space." he said that any correction from hereon is considered a healthy one but for momentum traders, it’s better not to get caught on the wrong foot. "Now, as far as Nifty is concerned, we observed a ‘Bearish Wolfe Wave’ pattern on hourly chart on Wednesday and precisely from the Potential Reversal Zone of 11450, Nifty saw some decline. This pattern is still intact and the way charts are shaped up, we continue to remain cautious on benchmark," said Chavan.
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Shares of Jindal Stainless, V Mart Retail, SAIL, BHEL EIH and HUDCO were among the leading gainers in the opening bell trade session while shares of Minda Industries, Magma Fincorp, Yes Bank, Delta Corp, Alkem Laboratories, Havells India and Ashok Leyland were among the major losers in the early morning trade session.
Power sector stocks led the bull run on Dalal street as the BSE Power index shot up to the tune of 2 per cent in the early morning trade session. Power major Bharat Heavy Electricals Ltd or BHEL share price skyrocketed 6.23 per cent, NHPC share soared 3.83 per cent, shares of Power Grid Corporation of India shot up 3.12 per cent, ABB India stocks went up 1.76 per cent while Adani Transmission stock price escalated to the tune of near 4 per cent.
Among the major Asian stock markets, the Japanese Nikkei 225 index went up 0.41 per cent, South Korean Kospi shot up 2.14 per cent, Hong Kong's Hang Seng soared 1.42 per cent while Shanghai market added 0.78 per cent in the opening bell trade session.
At Wall Street yesterday, Dow Jones index added 0.17 per cent, Nasdaq jumped 1.06 per cent, S&P 500 went up 0.32 per cent while SmallCap 2000 dipped 0.45 per cent.
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