Stock Market: Sensex, Nifty rise on positive DIIs; Tata Steel, Cummins India, IIFL Finance stocks gain
The overall market is bullish. Nifty has strong support at 12,050 levels and 12,000 levels is crucial. There can be some correction once Nifty reaches around 12,200 levels, say stock market experts.
Stock Market News: On account of positive domestic institutional investors (DIIs) on positive global cues, the Indian indices opened on the higher side. The BSE Sensex opened 182 points up at 41,149 levels while the 50-stocks Nifty opened 63 points north at 12,119 levels. Bank Nifty opened 149 points up at 30,910 mark.
Speaking on the stock market outlook Simi Bhaumik, a SEBI registered technical share market analyst said, "Overall market is bullish. Nifty has strong support at 12,050 levels and 12,000 levels is crucial. There can be some correction once Nifty reaches around 12,200 levels as Nifty has strong resistance at around 12,200-250 levels. I would advise share market investors to follow buy on dips strategy as Nifty is trading in the range of 12,050 to 12,250 levels.
See Zee Business Live TV streaming below:
Shares of Reliance Industries or RIL, SBI, ICICI Bank, Bharti Airtel, Yes Bank, HDFC Bank, Tata Steel, Infosys and Coal India Limited were among the most trending stocks while shares of Cholamandalam, Housing Development Finance, Maruti Suzuki India Limited or MSIL, United Spirits, Bajaj Finance and Cummins India were among the most active stocks in the Opening Bell trade session.
Metal stocks led the bull run on Dalal Street as the BSE Metal index rose around 1.5 per cent in the Opening Bell trade session. Metal major Tata Steel share price surged 2.15 per cent, shares of Steel Authority of India Ltd or SAIL went up near 2 per cent, Jindal Steel & Power stocks went up 2.37 per cent, Vedanta stock price soared 1.72 per cent, National Aluminium Company or NALCO stock price shot up 1.11 per cent while JSW Steel share price added 1.68 per cent.
Telecom stocks also witnessed some fresh buying in the Opening Bell trade session. Telecom major Vodafone Idea share price skyrocketed 4.66 per cent, Sterlite Technologies shares went up 1.20 per cent, Mahanagar Telephone Nigam Ltd or MTNL stock price went up 1.25 per cent while Reliance communications shares went down 3.66 per cent.
Among the major Asian stocks, the Japanese Nikkei scaled 0.55 per cent, South Korean Kospi soared 0.68 per cent, Hang Seng crashed 2.47 per cent. Yesterday the US Dow Jones ended 0.66 per cent higher, Nasdaq soared 1.43 per cent after the Closing Bell trade session on Wednesday at Wall Street.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.