Stock Market Today: On account of the Reserve Bank of India (RBI) offer to the mutual fund houses and positive global sentiments, the Indian indices continued its rally in the early morning trade today. The BSE Sensex shot up 240 points to 32,335 levels while NSE Nifty went up 75 points to 9,456 levels. Bank Nifty ticked 6 points down to 20,677 levels.

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Speaking on the current market scenario Rohit Singre, Senior Technical Research Analyst, LKP Securities said, "Currently, Nifty is in the range of 9,000 to 9,500. If Nifty manages to breach its upper level and sustains above this level, then we can witness 10,000 levels soon. But, my advise is to book profit at around 10,000 levels as it is making a top-out there and there can be some profit-booking taking place." Singre also said that if the market manages to breach 9,500 then auto stocks may outperform other sector stocks. He said that the rise in Indian indices is because of the strong global sentiments and RBI's offer to teh mutual fund houses.

Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel Broking said, “The index opened on a positive note around the 9,400 mark following the global cues. However, Nifty corrected from the opening levels in the first hour to test the low of 9260. For rest of the session, it crept higher and ended the day tad below 9400, with gains of over a percent. In last few sessions, Nifty has been consolidating and the range has narrowed with the passage of time. On the daily chart, the index has been trading in a ‘Wedge’ formation and prices are now approaching the apex of the pattern. Usually, breakout from such consolidations lead to a directional move and hence, a breakout beyond 9400 should lead to an upmove in the index towards 9600-9700. The recent under performing Bank Nifty too witnessed good momentum yesterday and hence, stocks from this sector could see some catch up move to cover up the under performance. The immediate supports for Nifty are now placed around 9250 and 9140 and till these supports are intact, traders are advised to trade with a positive bias. As mentioned above,stocks from banking and the NBFC space which has recently showed under performance have showed some signs of relief move yesterday. Hence, we could see some decent up move if the market moves higher and thus, short term traders should look for stocks form this sector from a momentum perspective.”

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Shares of Reliance Industries, Axix Bank, IndusInd Bank, SBI, Bajaj Finance, Sun Pharma, Tata Motors, ICICI Bank, HDFC Bank and Biocon were among the most trending stocks in the early morning trade session. Shares of Housing Development Finance, RBL Bank, Kotak Mahindra Bank, Reliance Industries and IndusInd Bank were among the most active stocks in the intraday trade session. 

Metal stocks led the bull run on Dalal Street as the BSE Metal index shot up 1.67 per cent in the early morning trade. Metal major JSW Steel share price surged 2.45 per cent, Jindal Steel & Power shares went up 2.32 per cent, shares of Vedanta and Tata Steel shot up to the tune of 1.95 per cent, Hindalco Industries stock price rose 1.66 per cent while NMDC counter added 1.16 per cent.

Banking shares also witnessed some fresh buying in the ealy morning tade session. Banking major HDFC Bank share price shot up 2.45 pe cent, City Union Bank shares added 1.28 per cent, State Bank of India or SBI stock price went up near 1 per cent while Axis Bank share price crashed 4.10 per cent, IndusInd Bank shares went down 4.12 per cent while RBL Bank shares went down 2.65 per cent.

In telecom sector, Bharti Airtel share price rose 1.18 per cent, Reliance Communications or RCom share price skyrocketed 4.17 per cent, shares of HFCL added 1.47 per cent while Sterlite Technologies stock price went down 1.20 per cent.

Among the major Asian markets, Japanese Nikkei was closed due to festival. South Koream Koispi went up 0.83 per cent, Hang Seng rose 0.24 per cent while Shanghai index rose 0.44 per cent.