Sensex, Nifty rise on US-China trade talk optimism; JSW Steel, Vodafone Idea, Indian Overseas Bank stocks gain
The BSE Sensex rose 136 points and closed at 40,301 levels while the 50-stock Nifty added 50 points and closed at 11,941 levels. The Bank Nifty index ticked 2 points and closed at 30,333 levels.
Stock Market News: On account of the rise in optimism in US-China trade talks and strong US job data, the Indian indices witnessed a rise in the intraday trade. The BSE Sensex rose 136 points and closed at 40,301 levels while the 50-stock Nifty added 50 points and closed at 11,941 levels. The Bank Nifty index ticked 2 points and closed at 30,333 levels.
Speaking on the Indian stock market Simi Bhaumik, a SEBI registered technical equity analyst said, "Indian market is overall bullish and every dip should be seen as a buying opportunity. Currently, the Nifty has sustained above the 11,900 levels and 12,000 is its immediate target. In Bank Nifty also, I expect some 300 to 350 more rally in the coming days as it has taken strong support at 30,000 levels."
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Indian Overseas Bank share price skyrocketed 10.63 per cent after the Closing Bell. Shares of Reliance Power, Jindal Steel and Power, Suzlon Energy, Force Motors, JK Lakshmi Cement, Adani Power and Reliance Infrastructure were among the major gainers after the Closing Bell while GIC Housing Finance, Ajanta Pharma, Cadila Healthcare, SREI Infrastructure, Delta Corp, Dilip Buildcon and Apollo Hospitals stocks were among the major losers in the intraday trade.
Metal stocks led the bull run on Dalal Street as the BSE Metal index rose 2.87 per cent in the intraday trade. Metal major Jindal Steel & Power share price shot up 11.31 per cent, shares of JSW Steel went northward 5.29 per cent, Steel Authority of India or SAIL shares added 3.46 per cent, Vedanta stocks rose 2.88 per cent while Tata Steel rose 2.33 per cent.
Telecom stocks also witnessed some fresh buying in the intraday trade as the BSE Telecom went up 2.27 per cent in the intraday trade. Telecom major Vodafone Idea share price scaled 4.88 per cent, Mahanagar Telephone Nigam Ltd or MTNL shares shot up 4.96 per cent, shares of Bharti Infratel went up 6.07 per cent, Vindhya Telelinks counter added 6.61 per cent while Bharti Airtel stock price soared 1.11 per cent in the intraday trade session.
Among the major Asian markets, the Japanese Nikkei 225 index shed 0.33 per cent, Hang Seng skyrocketed 1.65 per cent, Kospi soared 1.43 per cent while the Shanghai markets added 0.58 per cent in the intraday trade after the Closing Bell.
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