Sensex, Nifty rise on Fed official's rate cut hint; RCom, Rallis India, Thermax stocks rise
The BSE Sensex rose 82 points to 38,979 while the 50-stock Nifty added 21 points to 11,618 levels. The Bank Nifty index was 9 points lower to 30,421 levels.
Stock Market: The Indian indices rose on strong global cues as the US Federal Reserve official confirmed the interest rate cuts from the US central bank. The BSE Sensex rose 82 points to 38,979 while the 50-stock Nifty added 21 points to 11,618 levels. The Bank Nifty index was 9 points lower to 30,421 levels. Hatsun Agro Products, Rallis India, CG Power and Industries, Reliance Communications and Navkar Corporation stocks were the top gaining stocks in the intraday trade.
Speaking on the market outlook Prakash Pandey, Head of Research at Fairwealth Securities said, "The market is in a broader range of 11,450 to 11,750 and the indices were oscillating on the basis of current sentiments. Right now, the bulls are expeted to hold over bear and investors are advised to maintain buy on dips strategy as Fed rate cut hopes have gone up post the US central bank officials hint to cut interest rates."
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Telecom stocks led the bull run on Dalal Street as the BSE Telecom index rose around 0.7 per cent in the morning trade session. Telecom major Reliance Communications aka RCom share price shot up 4.68 per cent, shares of Sterlite Technologies soar 3.43 per cent, Tejas Networks counter went up near 3 per cent while Bharti Infratel scrip added 1.09 per cent.
Among Asian markets, the Japanese Nikke 225 index was up 1.72 per cent, South Korean Kospi scaled 1.24 per cent, Hang Seng climbed 1.18 per cent while the Shanghai index added 1.01 per cent in the morning trade session.
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