Sensex, Nifty rise on ease in China-US trade tension, Bank Nifty climbs 28K; Vedanta, Orient Cement stocks gain
The BSE Sensex scaled 173 points to 37,668 while the 50-stock Nifty index added 53 points to 11,111. The Bank Nifty index rose 232 points and regained the psychological 28,000 levels.
Stock Market Opening Bell: The Indian indices continued its bull run for the second straight session after Donald Trump's claim to reach a breakthrough in the ongoing Sino-US trade standoff. The BSE Sensex scaled 173 points to 37,668 while the 50-stock Nifty index added 53 points to 11,111. The Bank Nifty index rose 232 points and regained the psychological 28,000 levels.
Speaking on the current rise in the Indian stock market Prakash Pandey, Head of Research at Fairwealth Securities said, "This rise is caused by the budget surcharge waiver. As per the time cycle, Nifty will form a durable bottom in next 15-20 days. Till then, I advise share market investors to maintain buy on dips strategy." Pandey said that in downside risk is near 5 per cent while upside potential in the market is around 40 per cent to 80 per cent in next 12 to 24 months." He said that ease in Sino-US trade standoff has further fuelled the Indian markets.
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Sensex heavyweight Reliance Industries share price or RIL rose more than half a per cent. Navkar Corporation, Coffee Day Enterprise or CCD, Indian Overseas Bank, Orient Cement stocks were the major gaining shares today while Cox & Kings, Suzlon Energy, Birlasoft, Infosys, HCL Technologies and Reliance Capital shares were the major losing stocks in the intraday trade.
Energy stocks led the bull run on Dalal Street as the BSE Energy index rose around 0.9 per cent in the morning trade session. Energy major and Sensex heavyweight Reliance Industries share price or RIL rose more than half a per cent. Aban Offshore share price rose 4.9 per cent, share of GOCL Corporation added 2.08 per cent, Petronet LNG stocks were up 1.65 per cent, Panama Petrochem shares skyrocketed over 7 per cent while HPCL stocks added 1.5 per cent.
Metal stocks followed energy index closely as the BSE Metal index added around 0.89 per cent in the morning trade session. Metal major Vedanta went up around 1 per cent, Tata Steel share price scaled 2.3 per cent, Hindustan Zinc and Jindal Steel & Power stocks added around 1.5 per cent while Steel Authority of India (SAIL) scrip rose around 0.94 per cent.
Among major Asian markets, the Japenese Nikkei 225 index rose 1.17 per cent, South Korean Kospi added 0.79 per cent while Shanghai index went northward 1.68 per cent.