Sensex scales on ease in China-US trade tension, Nifty regains 11K; Tata Steel, Vodafone Idea, Sun Pharma stocks gain
The BSE Sensex scaled 263 points and closed at 37,332 levels while the 50-stock Nifty rose 74 points and regained the psychological 11,000 levels after closing at 11,021 levels.
Stock Market Update: On account of ease in ease in China-US trade war tension, the domestic investors started fresh buying that helped Sensex, Nifty and other Indian indices shot up after the closing bell session. The BSE Sensex scaled 263 points and closed at 37,332 levels while the 50-stock Nifty rose 74 points and regained the psychological 11,000 levels after closing at 11,021 levels. The Bank Nifty index scaled 122 points and closed at 27,427 levels. Jammu & Kashmir Bank, Vodafone Idea, Reliance Power, Reliance Infrastructure and Sun Pharma stocks were among the major gaining stocks in the closing bell while Edelweiss Financial Services, Cox & Kings, Coffee Day Enterprise or CCD, Reliance Communications and JK Cement shares were among the major losing stocks in the intraday trade session.
Giving a fundamental analysis of the Indian stock market Prakash Pandey, MD & CEO at Plutus said, "Ease in US-China trade war is the major reason for this fresh buying by the DIIs her in India. These investors have got a clue about how the FIIs would invest in coming days, especially when the bond yield has gone negative in the last decade of the global bond markets."
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Elaborating on the technical charts of the stock market after the closing bell session Simi Bhaumik, a SEBI registered technical equity analyst said, "Nifty is in the range of 10,900 to 11,250. I have been maintaining that 11,250 is strong resistance and once it breaks these levels, we can expect the next target of 11,450-500 levels. But, till it breaks these levels, a stock market investor should look every dip as a buying opportunity because overall the market is bullish."
Metal stocks clocked maximum gains after the closing session as the BSE Metal index logged around 2 per cent gains in the intraday trade. Metal major Tata Steel and Vedanta shares clocked around 3.25 per cent gains, National Aluminium Company or NALCO share price shot up 4.48 per cent, NMDC counter went up 4.4 per cent, Jindal Steel & Power share price went up near 3 per cent, JSW Steel scrip soar 2.83 per cent while Hindalco Industries counter went northward 2.64 per cent.
Healthcare stocks followed metal stocks closely as the BSE healthcare index went up around 1.97 per cent. Healthcare major Alembic share price shot up near 5 per cent, shares of Biocon scaled 3.27 per cent, Cadila Healthcare shares rose 2.46 per cent, Cipla counter added 1.74 per cent while Sun Pharma share price went northward 3.68 per cent.
Among the Asian major indices, the Japanese Nikkei 225 index shot up 1.27 per cent, South Korea's Kospi skyrocketed 1.78 per cent, Hang Seng index went off 0.2 per cent while the shanghai market closed 0.16 per cent down.
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