Sensex, Nifty cheer US-China trade talk optimism; Tata Steel, Infosys, Suzlon Energy stocks gain
Stock Market: On account of US-China trade talk optimism, the Indian indices rise more than half per cent in the intraday trade. The BSE Sensex gained 246 points and closed at 38,127 levels while the 50-stocks Nifty index shot up 66 points and closed at 11,301 levels. The Bank Nifty index edged 29 points higher and closed at 28,042 levels.
Speaking on the market trends for the last few weeks Sumeet Bagadia, Executive Director at Choice Broking said, "Nifty has been facing strong resistance at 11,300 levels. If it opens above this level and manages to sustain above these levels, then we can expect it to touch 11,500 in the next few trade sessions."
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Bandhan Bank, Suzlon Energy, Adani Green Energy, Indiabulls Real Estate, Vedanta, Tata Motors, Infosys, Minda Industries and Bank of Baroda stocks were among the major gaining shares after the closing bell while Reliance Capital, Dewan Housing Finance Limited or DHFL, RBL Bank, Reliance Power, Aurobindo Pharma, PNB Housing Finance, Vodafone Idea and Yes Bank stocks were among the major losing stocks in the intraday trade.
Metal stocks led the bull run on Dalal Street today as the BSE Metal index shot up 2.4 per cent. Metal major Vedanta share price scaled 4 per cent, shares of Tata Steel soared 2.65 per cent, Jindal Steel & Power shares went northward 2.98 per cent, Hindalco Industries counter went up 2.66 per cent while Steel Authority of India or SAIL scrip rose 1.42 per cent.
IT stocks also witnessed some fresh buying in the intraday trade as the BSE IT index added around 1.65 per cent on Friday trade session. IT major Infosys share price shot up over 4 per cent, shares of Aptech rose 4.47 per cent, Hexaware Technologies shares added near 3 per cent, NIIT Technologies stock price scaled 3.87 per cent while Tech Mahindra shares soared near 1.5 per cent.
Among major Asian markets, the Japanese Nikkei index shot up 1.15 per cent, South Korean Kospi added 0.81 per cent, Hang Seng skyrocketed 2.34 per cent while the Shanghai market added 0.88 per cent in the intraday trade.