Stock Market: Sensex regains 29K, Nifty climbs 316 points; BPCL, SAIL, Wipro shares soar
Stock Market: The BSE Sensex surged 1,028 points and closed at 29,468 levels — regaining the psychological 29,000 levels. NSE Nifty soared 316 points and closed at 8,597 levels.
Stock Market: On account of positive domestic institutional investors (DIIs) and strong global cues, especially after the talks between the US President Donald Trump and Russian President Vladimir Putin on oil prices, the Indian indices continued to trade on the higher side from its Monday closing. The BSE Sensex surged 1,028 points and closed at 29,468 levels — regaining the psychological 29,000 levels. NSE Nifty soared 316 points and closed at 8,597 levels. Bank Nifty index sustained above 19K after closing at 19,144 levels — above 361 points from its Monday close.
Speaking on the stock market of India; Prakash Pandey, MD & CEO at Plutus Advisors said, "Ths rise can be attributed to the positive sentiments among the domestic institutional investors after the talks between the US and Russian Presidents over the oil price concerns. Overall, I will again maintain that Nifty has strong support at 8,300 and the level is expected to sustain till there is no further weakness at the US markets."
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Shares of Yes Bank, Reliance Industries, SBI, ICICI Bank, HDFC Bank, Tata Motors, Bajaj Finance, IndusInd Bank, ITC and Axis Bank were among the most trending stocks throughout the intraday trade session while shares of Housing Development Finance, Infosys, Maruti Suzuki India and Reliance Industries were among the most active stock throughout the intraday trade session.
Oil and Gas stocks led the bull run in the intraday trade as the BSE Oil & Gas index shot up to the tune of 8.72 per cent. Oil & Gas major Bharat Petroleum Corporation Ltd or BPCL share price skyrocketed over 15 per cent, Hindustan Petroleum Corporation Ltd or HPCL shares shot up over 13 per cent, Sensex heavyweight and oil and energy major Reliance Industries share price soared 7.76 per cent, Oil And Natural Gas Corporation Ltd or ONGC stock price rose 7.64 per cent, GAIL stocks escalated 7.83 per cent while Indian Oil Corporation Ltd or IOCL shares added 6.66 per cent in the intraday trade session.
Metal stocks also witnessed fresh buying by the DIIs in the intraday trade session. BSE Metal index soared around 5.36 per cent in the intraday trade session. Metal major Steel Authority of India Ltd or SAIL share price surged over 13 per cent, Hindalco Industries shares shot up 7.77 per cent, shares of Hindustan Zinc scaled 6.26 per cent, Tata Steel stock price rose 6.14 per cent while Vedanta stocks added 5.14 per cent.
IT stocks also had some buying pressure in the intraday trade session as the BSE IT index soared around 3 per cent. IT major Wipro share price skyrocketed 6.79 per cent, Tech Mahindra shares rose 5.96 per cent, Tata Consultancy Services or TCS added 2.64 per cent while Infosys stock price went up over 2 per cent.
Among the major Asian indices, the Japanese Nikkei 225 index shed 0.88 per cent, South Korean Kospi shot up 2.19 per cent, Hang Seng scaled 1.85 per cent while Shanghai market added 0.14 per cent.
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