Stock Market: Sensex regains 34K, Nifty above 10,100 levels; metal stocks rise on import duty extension
Stock Market: The BSE Sensex shot up 306 points after closing at 34,287 levels while the NSE Nifty soared 113 points and closed at 10,142 levels.
Stock Market: On accounty of positive global sentiments, the Indian indices ended in the green zone today. The BSE Sensex shot up 306 points after closing at 34,287 levels while the NSE Nifty soared 113 points and closed at 10,142 levels. Bank Nifty index escalated 644 points and regained 21,000 levels after making a close at 21,034 levels. Metal stocks skyrocketed in the intraday trade session after the news of center extending the import duty on steel imports started hitting the headlines.
Speaking on the current market scenario, Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "The NSE Nifty has made a close above 10,100 levels. If the NSE Nifty sustains above 10,100 levels in next trade session, then we can expect it to hit 10,400 levels soon. However, if it slips below 10,100 then it may go down up to 9,900 to 9,800 levels."
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Shares of Vodafone Idea, Hexaware Technologie, Jamna Auto Industries, Balrampur Chini, Jammu & Kashmir Bank and IIFL Finace were among the major gainers in the intraday trade session while shares of Trident, Orient Electric, Indraprastha Gas Ltd, Tata Consultancy Services or TCS, Aurobindo Pharma and Delta Corp were among the major losers in the intraday trade session.
After the news of center extending import duty on steel, steel stocks started to skyrocket as import duty aims to ensure level playing field for the domestic steel companies. The BSE Metal index registered 3.86 per cent gain in the intraday trade session. Metal major Steel Authority of India Ltd or SAIL share price shot up 7.72 per cent, National Aluminium Company Ltd or NALCO sahres skyrocketed 8.36 per cent, shares of Tata Steel escalated 6.20 per cent, Jindal Steel & Power stocks grew 6.51 per cent while JSW Steel stock price went up 3.10 per cent. Hindalco Industries share price went northward over 5 per cent.
Telecom stocks also witnessed fresh buying in the intraday trade session as the BSE Telecom index soared to the tune of 3.55 per cent. Telecom major Vodafone Idea share price skyrocketed to the tune of 21.90 per cent, Tejas Networks shares rose around 10 per cent, shares of HFCL shot up 9.94 per cent, Bharti Airtel stock price added near 2 per cent while Bharti Infratel stocks rose around 7.60 per cent. Mahanagar Telephone Nigam Ltd or MTNL share price soared 7.51 per cent while Reliance Communications counter added 4.82 per cent.
Among the major Asian markts, the Japanese Nikkei 225 index soared 0.74 per cent, South Korean Kospi shot up 1.43 per cent, Hong Kong's Hang Seng went northward 1.66 per cent while the Shanghai index shed 0.40 per cent.
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