Stock Market Today: Sensex, Nifty bounce back, Bank Nifty regains 27K; Bharat Electronics, Sterlite Tech, Birlasoft stocks gain
Stock Market Today: After opening red in the opening bell session, the Indian indices bounce back in the closing bell session on strong global cues, especially the ease in China-US trade talk developments. The BSE Sensex soared 337 points and closed at 36,981 levels while the 50-stock Nifty scaled 98 points and closed at 10,946 levels. Bank Nifty index skyrocketed 328 points and regained the psychologial 27,000 levels after closing at 27,247 post-closing bell.
Speaking on the current stock market scenario SEBI registered technical equity analyst Simi Bhaumik said, "Market is trading in the range of 10,800 to 11,000 levels and all will depend on the opening bell on Monday. If it closes upward and breaks the psychological 11,000 levels and sustains above that levels, then we can further expect rally up to 11,200 to 11,250 levels. However, if it fails to retain these gains, then stock market investors are advised to maintain buy on dips strategy." She said that metals, auto, banking and financial indices would fuel the Indian indices in coming trade session as these indices have faced the maximum beating in recent few months.
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Sterlite Technologie, Tata Power, Bharat Electronics Limited, Birlasoft, REC, Ashoka Buildcon and SREI Infrastructure stocks were among the major gaining stocks after the closing bell while Suzlon Energy, Reliance Power, Lakshmi Vilas Bank, Indiabulls Housing Finance, DLF, Tata Communications, DHFL and DLF were among the major losing stocks in the intraday trade session.
Buoyed by the FIIs fresh buying auto stocks led the bull run on Dalal Street as the BSE Auto index skyrocketed 2.54 per cent after the closing bell session. Auto major Eicher Motors share price shot up 3 per cent, shares of Bajaj Auto surged 3.13 per cent, Maruti Suzuki stock price went northward 3.85 per cent, Mahindra & Mahindra counter added 2.45 per cent, MRF and hero MotoCorp rose 2.05 per cent and 2.15 per cent respectively while Ashok Leyland share price surged 1.11 per cent.
Power stocks also witnessed fresh buying in the intraday trade session. Power major Adani Power share price soar 2.19 per cent, shares of GMR Infrastructure shot up 4.36 per cent, Bharat Heavy Electricals Ltd or BHEL stocks went up 1.17 per cent while Reliance Industries rose 0.94 per cent.
Among major Asian markets, the Japanese Nikkei 225 index went up 0.2 per cent, South Korean Kospi ticke 0.22 per cent higher, Hang Seng scaled 0.4 per cent while the Shanghai markets soared 0.46 per cent.
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