Sensex, Nifty cheer first day of new financial year 2019-20; Vedanta, Hindalco Industries, Hindustan Copper stocks gain
Following the strong Global markets, Nifty is having strong support around 11520-11540 and any dips towards that will be a buying opportunity for day traders.
On account of positive domestic institutional investors (DIIs) and growing optimism in US-China trade talks fuelling global sentiments, the Indian indices advanced in early morning trade on Monday. The BSE Sensex went up 321 points to 38,993 levels while the 50-stock Nifty rose 80 points to 11,704 levels. The index Nifty Bank rose 154 points to 30,581 levels. Metal major Vedanta rose over 3 per cent while Bank of Baroda shares rose around 2.4 per cent.
Giving idea about the market trend Prakash Pandey, Director & Head of Research at Fairwealth Securities told Zee Business online, "Nifty will open on positive note, following the strong Global markets, Nifty is having strong support around 11520-11540 and any dips towards that will be a buying opportunity for day traders."
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Metal stocks led the bull run on Dalal Street on Monday. Metal major Vedanta shot up over 3.5 per cent, shares of SAIL surged near 3.7 per cent, NALCO went up around 2.9 per cent, Hindalco and Jindal Steel & Power stocks went up 2.65 per cent, while NMDC counter rose around 2.45 per cent.
Asian stocks rallied on Monday as positive Chinese factory gauges and signs of progress in Sino-US trade talks supported sentiment, although another defeat for British Prime Minister Theresa May's proposed Brexit deal added to sterling's woes.
MSCI's broadest index of Asia-Pacific shares outside Japan added 1 per cent and the Shanghai Composite Index rallied 2.29 per cent. Hang Seng index rose around 1.69 per cent.
Australian stocks climbed 0.8 percent, South Korea's KOSPI gained 1.28 per cent and Japan's Nikkei advanced more than 1.92 per cent.
Earlier, the domestic stocks ended with modest gains on Friday, March 29, 2019. On the day, the barometer index, S&P BSE Sensex, rose 127.19 points, or 0.33% at 38,672.91. The Nifty 50 index rose 53.90 points, or 0.47%, to close at 11,623.90 while Nifty Bank grew 6.25 points, or 0.021%, to end at 30,426.80.