Sensex, Nifty rise on ease in Iran tension, crude oil slump; Kotak Mahindra Bank, HCL Technologies, Tech Mahindra stocks gain
The stock market of India rose on ease in Iran tension in the Middle East and crude oil nosediving over 3 per cent yesterday. The BSE Sensex gained 84 points and closed at 39,215 levels while the Nifty 50 index went northward 24 points and closed at 11,687 levels. Bank Nifty index surged 164 points and closed at 30,735 levels on Wednesday. Indiabulls Housing Finance, UPL, Hindalco, SBI, Kotak Mahindra Bank, HCL Technologies, Tech Mahindra stocks were among the top gaining stocks while Yes Bank, Eicher Motors, GAIL (India), ONGC and Maruti Suzuki India shares were the top losing stocks in the intraday trade.
Speaking on the current share market outlook SEBI registered technical equity analyst Simi Bhaumik told Zee Business online, "The market has broken the strong resistance of 11,630 and has sustained above this level for two successive trading sessions. Overall the market is bullish and I advise stock market investors to maintain buy on dips keeping in mind that the current range of Indian markets is now 11,600 to 11,800." She said that Bank Nifty has also taken huge support at 30,550 levels and it seems that the Banking stock index is heading for 31,000 levels.
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IT stocks led the bull run on Dalal Street as the BSE IT index went up around 0.85 per cent. IT major Infosys share price scaled 1.15 per cent, shares of Tech Mahindra rose 2.32 per cent, Sonata Software stocks soar near 2 per cent, HCL Technologies scrip went up 2.06 per cent while Cyient counter added 0.44 per cent.
Tech stocks also had a fresh buying pressure in the intraday trade on Wednesday. Tech major ITI share price went up 2.4 per cent, shares of Sterlite Technologies went up 2.09 per cent, Vodafone Idea stock price rose over 1 per cent while Reliance Communications share price crashed 4.68 per cent, Larsen & Toubro Infotech stocks dipped 1.53 per cent.
Among Asian markets, the Japanese Nikkei 225 index lost 0.31 per cent, South Korean Kospi crashed 0.91 per cent, Hang Seng ticked 0.09 per cent lower while the Shanghai markets went southward near 0.20 per cent.