Stock Market: Sensex inches near 38K, Nifty rises 148 points; Central Bank, Piramal Enterprises shares gain
Stock Market: The BSE Sensex shot up 495 points and come close to 38,000 levels after making its intraday high of 37,990 but finally ended at 37,914 mark.
Stock Market: On account of strong global sentiments coming in after the newsbreak of success in COVID-19 vaccine trials, the Indian indices further extended its early morning gains. The BSE Sensex shot up 495 points and come close to 38,000 levels after making its intraday high of 37,990 but finally ended at 37,914 mark. The NSE Nifty registered 148 points intraday gain and closed at 11,170 levels. Bank Nifty index soared 479 poins and closed at 22,801 levels.
Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "Market is overall bullish after some positive developments in the Coronavirus vaccine trails. Currently, Nifty is trading in the ragne of 10,850 to 11,250 but we can witness heavy resistance at 11,250 levels. So, any dip should be seen as a buying opportunity."
Deepak Jasani, Head Retail Research at HDFC Securities said, "Markets have closed well for the 5th consecutive session gaining 550+ points in the process. While momentum shows some more upside in the offing, lack of correction suggests caution and mild profit taking."
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Shares of Piramal Enterprises, Sunteck Realty, Central Bank, Bank of India, UCO Bank, Power Grid Corporation, Indian Oil Corporation, Bharat Petroleum, Eicher Motors and DHFL were among the leading gainers in the intraday trade session while shares of Sterlite Technologie, Vodafone Idea, Bajaj Finance, Graphite India, Havells India and Future Retail were among the leading losers after the closing bell trade session.
Energy stocks led the bull run on Dalal Street as the BSE Energy index soared around 2.74 per cent. Energy major and Sensex heavyweight Reliance Industries Ltd or RIL share price escalated 2.74 per cent, Mangalore Refinery And Petrochemicals shares skyrocketed 7.86 per cent, Indian Oil Corporation Ltd or IOCL counter went northward 5.78 per cent whikle Bharat Petroleum Corporation Ltd or BHEL shares went up over 6 per cent.
Banking stocks witnessed huge buying throughout the intraday trade session as the BSE Banking index shot up 2.34 per cent. Banking major ICICI Bank share price skyrocketed 4.45 per cent, Kotak Mahindra Bank shares soared 3.18 per cent, Axis Bank stock price surged 2.81 per cent, State Bank of India or SBI share price rose near 2 per cent while Federal Bank counter added 1.58 per cent.
Among the major Asian markets, the Japanese Nikkei 225 index shot up 0.73 per cent, South Korean Kospi scaled up 1.39 per cent, Hong Kong's Hang Seng skyrocketed 2.31 per cent while the Shanghai market went up 0.14 per cent.
At Wall Street on Monday, Dow Jones added 0.03 per cent, Nasdaq shot up 2.51 per cent, S&P 500 soared 0.84 per cent but SmallCap 2000 dipped 0.25 per cent.
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