Stock Market Today: Sensex, Nifty rise on strong global cues; Bharti Airtel, Tata Steel shares gain
Stock Market Today: The BSE Sensex shot up 285 points and hit 34,266 levels while the NSE Nifty went up 93 points at 10,122 levels. Bank Nifty index went up 280 points to 20,671 levels.
Stock Market Today: On account of positive global sentiments, the Indian indices soared around 0.8 per cent in the opening bell today. The BSE Sensex shot up 285 points and hit 34,266 levels while the NSE Nifty went up 93 points at 10,122 levels. Bank Nifty index went up 280 points to 20,671 levels. Telecom, metal, energy, auto and tech stocks were among the major gainers in the early morning trade.
Speaking on the current market scenario, Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "If the NSE Nifty sustains above 10,100 levels then we can expect it to hit 10,400 levels soon. However, if it slips below 10,100 then it may go down up to 9,900 to 9,800 levels."
Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel Broking said, "The Nifty was in a process of recovering in the last couple of hours on the weekly expiry day (courtesy to IT space); but on the other hand, the Bank Nifty had its own plans. The banking index was completely unmoved and eventually ended with a decent cut. In our sense, whatever decline or profit booking we witnessed in the last two days, it was necessary and would be construed as a healthy sign if we have to extend the recent rally. For Nifty, momentum traders holding longs should now maintain a strict stop loss below 9,900, in fact the same can be used to create fresh positions as well. As long as we are holding this support, the possibility of extending this rally towards 10,150-10,200 or beyond, cannot be ruled out."
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Telecom stocks led the bull run as the BSE Telecom index shot up over 1.5 per cent. Telecom major Vodafone Idea share price soared 6.37 per cent, Tejas Networks shares shot up 8.72 per cent, shares of Mahanagar Telephone Nigam Ltd or MTNL skyrockted 5.6 per cent, Bharti Airtel stock price added 1.24 per cent while Reliance Communications stocks went up 2.41 per cent.
In metal sector, Tata Steel share price skyrocketed 3.81 per cent, Steel Authority of India Ltd or SAIL shares soared 2.41 per cent, shares of Hindalco Industries added 2.49 per cent, JSW Steel stocks went up 2.81 per cent while Hindustan Zinc stock mprice rose 1.43 per cent.
Among the major Asian indi9ces, the Japanese Nikkei went up 0.33 per cent, KJospi soared 0.89 per cent, Hang Seng ticked 0.09 per cent higher while Shanghai index shged 0.30 per cent in the early morning trade.
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