Stock Market Today: Sensex, Nifty rise on positive global sentiments; Vodafone Idea, Axis Bank shares gain
Stock Market Today: The BSE Sensex shot up 208 points and regained 35,000 levels after hitting 35,170 levels while the NSE Nifty gained 70 points to 10,388 levels.
Stock Market Today: On account of strong global sentiments, the Indian indices opened on the higher side in the opening bell trade session on Tuesday. The BSE Sensex shot up 208 points and regained 35,000 levels after hitting 35,170 levels while the NSE Nifty gained 70 points to 10,388 levels. The Banbk Nifty index surged 217 points to 21,576 mark. Telecom, metal, auto and banking stocks were among the major gaining stocks in the early morning trade session.
Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "Market is moving in the range of 10,200 to 10,420. If the NSE Nifty breaks the above range, then we can hope to witness another 70-80 points rally. However, the recent escalation in the India China standoff may loom over the markets." Pandey said that for fresh rally into the markets, banking stocks, espcailly the private banks hold key. He said that HDFC Bank has closed over 200 DMA and it may bring some fresh rally in the Bank Nifty index and said, "One should avoid taking any fresh position in the PSU banks but private bank stocks like HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Axis Bank are giving positive bias."
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Shares of Force Motors, HUDCO, SREI Infrastructure, JP Associates, Reliance Capital, Suzlon Energy, Reliance Power and IDBI Bank were among the major gainers in the early morning trade session while shares of Omaxe, Central Bank of India, Parag Milk Foods, Adani Green Energy and Magma Fincorp were among the major losers in teh opening bell trade session today.
Telecom stocks led the bull run as the BSE Telecom index shot up 1.50 per cent in the intraday trade session. Telecom major GTL Infrastructure share price surged near 4 per cent, Tata Communications shares soared 3.60 per cent, shares of Vodafone Idea was up near 1 per cent, Reliance Communications stock price scaled up by near 5 per cent while Mahanagar Telephone Nigam Ltd or MTNL stocks went up around 1.4 per cent.
Among banking stocks, Axis Bank share price shot up to the tune of 2 per cent, State Bank of India or SBI shares added 1.45 per cent, shares of City Union Bank went northward 1.49 per cent, ICICI Bank counter went up 1.46 per cent while IndusInd Bank stock price rose around 1.55 per cent.
Among the major Asian markets, the Japanese Nikkei 225 index shot up 1.59 per cent, Soutyh Korean Kospi surged 1.49 per cent, Hong Kong's Hang Seng added 0.84 per cent while Shanghai market soared 0.91 per cent.
At the Wall Street on Monday, US stocks finished noticeably higher, boosted by solid gains in Boeing shares. On Monday, the Dow Jones Industrial Average jumped 580.25 points, or 2.32 per cent, to 25,595.80. The S&P 500 was up 44.19 points, or 1.47 per cent, to 3,053.24. The Nasdaq Composite Index increased 116.93 points, or 1.20 per cent, to 9,874.15.
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