Opening Bell: Sensex, Nifty rise on Sino-US trade optimism; Bank Nifty regains 30,000 levels
After showing a weakness in the last session, the Nifty continued with follow-through decline today and closed lower. A small negative candle was formed yesterday, which has placed at the support of 11,560.
On account of US-China trade talks optimism the Indian indices went up after witnessing a profit booking on yesterday trade. The BSE Sensex rose 170 points to 38,855 while the Nifty rose 55 points to 11,652. The index Bank Nifty rose 172 points to 30,076 levels. Jindal Steel, Yes Bank and IndusInd Bank were among the major stocks that went northward.
Giving her views on the current maket scenario Nagaraj Shetti – Senior Technical & Derivative Analyst, HDFC securities told Zee Business online, "After showing a weakness in the last session, the Nifty continued with follow-through decline today and closed lower. A small negative candle was formed yesterday, which has placed at the support of 11560 (previous swing high of mid of March, as per the concept of change in polarity)." Shetti said that technically this pattern could indicate a negative trend, but the lack of strength in the downside momentum (absence of sharp weakness today) could give chance for bulls to make a comeback from the lows. Hence, a decisive move below 11,550 levels could signal more weakness for near term.
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Realty stocks led the bull run on Dalal Street today. Realty major Godrej Properties shot up more than 5.5 per cent, shares of Oberoi Realty surge more than 3 per cent, Sobha Developers counter went up near 2.6 per cent, Indiabulls Real Estate scrip rose around 1.8 per cent while Prestige Estates Projects stocks went northward 1 per cent.
Metal stock went through some buying in early morning trade session that help the BSE Metal index rose around 0.75 per cent. Metal major Steel Authority of India or SAIL shot up 1.2 per cent, Jindal Steel & Power stock was up 1.25 per cent, Hindustan Zinc scrip surge 1.15 per cent, NMDC stcosk rose around 1 per cent, Vedanta counter went up q.q8 per cent while Tata Steel and Hindalco Industries shares rose around 0.8 per cent.
Asian share markets consolidated their weekly gains on Friday as Sino-US talks produced a lot of headlines but no conclusions, while caution ahead of US payrolls and a holiday in China dampened volatility.
MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent but was only just off its highest since the end of August. The index was still up 1.8 per cent for the week and 13 per cent for the year so far.
Japan's Nikkei added 0.3 per cent, to be 2.8 per cent firmer for the week. E-Mini futures for the S&P 500 edged up 0.1 per cent. South Koran Kospi nudged 0.01 per cent higher, shanghai index went up 0.94 per cent, Hang Seng went down 0.17 per cent.
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