Sensex sustains above 40K after hitting an all-time high, Bank Nifty above 30,000 levels
Stock Market News: On account of Fed rate cut by 25 bps and news of some more economic reforms in India, the Indian share market extended its post-Diwali rally for fourth straight trade sessions. The BSE Sensex hit its all-time high when it peaked at 40,392.22 levels in the intraday trade. However, the afternoon rise at the BSE Sensex got shortened after the short-covering in the F&O expiry today. After the Closing Session Sensex closed at 40,129 levels adding 77 points from its Wednesday closing. Nifty-50 index added 33 points after closing at 11,877 levels. Bank Nifty index went up 78 points and closed at 30,066 levels.
Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "The market has went up due to two reasons — first interest rate cut by the US Federal Reserve and secondly its short-covering in sell position in the F&O, which was expiring today." Pandey went on to add that overall the market is bullish and a stock market invstor can adopt buy on dips strategy citing, "There would be some correction once Nifty touches 12,000 levels and it may come down in the range of 11,700-11,800 — an ideal position for buying."
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After news of some fund generation, the Yes Bank shares skyrocketed 23.89 per cent in the intraday trade. Shares of Central Bank of India, SREI Infrastructure, HUDCO, JK Tyre & Industries, SBI, Tata Metaliks, Reliance Infrastructure and Reliance Capital were among the major gainers after the Closing Bell trade session while stocks of JaiprakashAssociates, ITI, Indiabulls Housing Finance, IndiGo, JSW Steel and Dr. Lal Pathlabs were among the major losers.
Realty stocks also witnessed fresh buying in intraday trade. According to the Zee Business TV exclusive report, this rise in real estate stocks in the intraday trade was mainly due to the government of India's planning to grant infra status to the real estate sector. The BSE Realty index went up 1.3 per cent today. Realty major Indiabulls Real Estate share price soared 4.92 per cent, shares of Prestige Estates Projects shot up 3.37 per cent, Oberoi Realty shares went up 2.77 per cent while DLF added 1.18 per cent after the Closing Bell trade session.
Tech stocks led the bull run on Dalal Street as the BSE Tech index rose around 1.97 per cent in the intraday trade session. Tech major Bharti Infratel share price soared 3.49 per cent, shares of Cyient went up 2.31 per cent, HFCL counter added 1.72 per cent while the ITI counter shed 4.52 per cent.
Among major Asian markets, the Japanese Nikkei went up 0.37 per cent, Kospi added 0.15 per cent, Hang Seng shot up 0.90 per cent while the Shanghai market shed 0.35 per cent.
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