Sensex regains 37K, Nifty tests 11,000 resistance, Bharti Airtel, TVS Motor, JP Associate stocks gain
The market is poised to go upwards as the Indian indices have reached in the oversold condition. In the last week, if we witness the selloff trend, it's more the domestic investors who have gone for selling not the FPIs.
Stock Market: After facing heavy selloff in the early morning trade session on Friday, the Indian indices regained the early morning losses. The BSE Sensex after losing the 37K yesterday gained 99 points in the intraday and closed at 37,118 levels while the Nifty-50 index gained 17 points and closed at 10,997 levels. The Bank Nifty index tank 162 points and closed at 28,204 levels. JaiprakashAssociates or JP Associates, Hind. Construction, Centrum Capital, Reliance Power and VIP Industries were the top gaining shares while CARE Ratings, JK Tyre & Industries, Coffee Day Enterprise or CCD, Magma Fincorp and Jindal Steel and Power were the top losing stock on Friday trade session.
Speaking on the current market scenario Prakash Pandey, Head of Research at Fairwealth Securities said, "The market is poised to go upwards as the Indian indices have reached in the oversold condition. In the last week, if we witness the selloff trend, it's more the domestic investors who have gone for selling not the FPIs. So, the rebound of Indian indices on two occasions in the last week can be a trigger for the bulls in the coming week. However, I would recommend investors to go by ranges and till Nifty sustains above the 11,300 doubts over the bullish trend in the Indian stock market would continue to loom."
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Telecom stocks led the bull run on Dalal Street in second half of the intraday trade session as the BSE Telecom Index shot up 3.6 per cent. Telecom major Bharti Airtel share price skyrocketed around 6 per cent, shares of GTL Infrastructure soar 4.84 per cent, GTPL Hathway counter went up 2.8 per cent, Sterlite Technologies shares went northward over 1.5 per cent, Tata Communications stocks jump near 2.5 per cent but odafone Idea bleed over 5 per cent.
Auto stocks also witnessed heavy buying in the intraday trade as the BSE Auto index shot up over 1 per cent today. Auto major TVS Motor Company soar over 4 per cent, Maruti Suzuki India shares added over 2 per cent, shares of Mahindra & Mahindra and Hero MotoCorp jump near 1.5 per cent, Eicher Motors counter added over 2.5 per cent but Ashok Leyland crashed over 6.5 per cent.
Among the Asian stock markets, the Japanese Nikkei 225 index crashed 2.2 per cent, South Korean Kospi nosedived 0.95 per cent, Hang Seng dipped 2.35 per cent and Shanghai went off 1.41 per cent.
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