Sensex rises 411 points, Nifty skyrockets 119 points; Spicejet, ICICI Securities, DHFL stocks gain
Stock market news: On account of positive FIIs and breakthrough in the China-US trade talks, the Indian indices followed the global bourses and surged more than one per cent in the intraday trade. The BSE Sensex soared 411 points and closed at 41,575 levels while the 50-stocks Nifty index shot up 119 points and closed at 12,245 levels. Bank Nifty index also witness fresh buying in the intraday trade session and skyrocketed 414 points after closing at 32,412 levels.
Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "This rise in stocks market is mainly caused by the FIIs pumping money in the Indian equity market. FIIs money is being put into the Indian indices through the mutual fund asset managers which is a part of their NAV management. So, I expect this rally to take a pause after 31st December 2019." Pandey advised share market investors to go stock specific instead of index specific strategy.
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ICICI Securities share price surged 18.84 per cent in the intraday trade. Shares of Allahabad Bank, IDFC, Spicejet, MRF, Bank of Baroda, Dewan Housing Finance Limited or DHFL, JK Tyre & Industries and LIC Housing Finance were among the major gainers in the intraday trade session while stocks of Jain Irrigation, Reliance Capital, JaiprakashAssociates, Vodafone Idea, Adani Green Energy, Suzlon Energy and Yes Bank were among the major losers in the intraday trade session.
Energy stocks led the bull run throughout the intraday trade as the BSE Energy index scaled 1.74 per cent. Energy major and Sensex heavy weight Reliance Industries share price surged 1.81 per cent, Selan Exploration Technology shares skyrocketed 14.73 per cent, Bharat Petroleum Corporation Ltd or BPCL shares went up 2.71 per cent, Chennai Petroleum Corporation counter went up 3.79 per cent, Coal India stocks added 3.21 per cent while Hindustan Petroleum Corporation Ltd or HPCL stock price went northward 2.43 per cent.
In the banking sector, State Bank of India or SBI share price rose 2.21 per cent, ICICI Bank shares scaled 1.83 per cent, Federal Bank stocks rose 2.98 per cent while Axis Bank share price shot up 3.38 per cent after the Closing Bell trade session.
Among the major Asian markets, the Japanese Nikkei 225 index shed 87 points after closing at 23,837.72 levels, South Korean Kospi scaled 0.29 per cent and closed at 2,204.21 levels, Hang Seng skyrocketed 1.30 per cent and scaled at 28,225.42 levels while Shanghai markets slipped 0.08 per cent at 3,005.04 levels.
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