Stock Market: Sensex rises 522 points, Nifty near 10K; Oberoi Realty, Kotak Mahindra Bank shares rise
Stock Market: BSE Sensex skyrocketed 522 points and closed at 33,825 levels while the NSE Nifty shot up 152 points and closed at 9,979 levels, near the psychological resistance of 10,000 levels.
Stock Market: On account of huge buying by the domestic institutional investors (DIIs) and strong global indicators, the Indian indices extended its early morning gains and closed around 1.55 per cent higher than its yesterday closing. The BSE Sensex skyrocketed 522 points and closed at 33,825 levels while the NSE Nifty shot up 152 points and closed at 9,979 levels, near the psychological resistance of 10,000 levels. Bank Nifty index shot up 570 points and closed at 20,530 levels. Banking and finance, realty and consumer durable stocks were among the most gaining stocks in the intraday trade session.
Speaking on the current market scenario; SEBI registered technical equity analyst Simi Bhaumik said, "Market is looking bullish but I will still don't advice for fresh buying untill there is profit-booking. Those who have holdings are recommended to maintain trailing stop loss below 9,800 at NSE Nifty and below 20,200 at Bank Nifty." She said that if the Bank Nifty sustains above 20,500 levels tomorrow, then we can expect the Bank Nifty to hit 21,000 levels soon. On asked about the stocks that will fuel Bank Nifty Bhaumik said that private sector banks and NBFC will be the major gainers instead of public sector banks. She said that Kotak Mahindar Bank and ICICI Bank in private sector bank while Muthoor Finance, Manappuram Finance, Bajaj Finance and Bajaj Finserv in the NBFC sector are expected to outperform other stocks in their respective space.
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Shares of SBI, Reliance Industries, Axis Bank, HDFC Bank, ICICI Bank, Tata Motors, Housing Development Finance, Indian Oil, IndusInd Bank and Tata Steel were among they most trending stocks in the opening bell trade session while shares of Kotak Mahindra Bank, Bajaj Finance, Bharti Airtel and Bajaj Finserv were among the most active stocks in the early morning trade session.
Realty stocks led the bull run on Dalal Street in the intraday trade session as the BSE Realty index shot up over 4.5 per cent. Realty major Oberoi Realty share price skyrocketed 5.11 per cent, Sobha shares shot up 4.99 per cent, shares of DLF surged 3.28 per cent, Godrej Properties escalated 7.62 per cent while Sunteck Realty counter added 1.61 per cent.
Banking and finance sector witnessed fresh buying by the DIIs as they continue to pump money in the private sector banks and the NBFCs. Banking major Kotak Mahindra Bank share price skyrocketed 7.56 per cent, IndusInd Bank shares shot up 6.74 per cent, shares of Axis Bank soared 4.47 per cent, ICICI Bank stock price rose 2.95 per cent while HDFC Bank stocks added 1.78 per cent.
Among the major Asian indices, the Japanese Nikkei 225 index shot up 1.19 per cent, South Korean Kospi soared 1.07 per cent, Hong Kong's Hang Seng scaled 1.11 per cent northward while Shanghai index rose 0.20 per cent.
At Wall Street yesterday, the Dow Jones rose 0.36 per cent, Nasdaq shot up 0.66 per cent, S&P 500 added 0.38 per cent while SmallCap 2000 escalated 1.42 per cent.
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