Stock Market: Sensex, Nifty jump on Fed rate cut; DLF, Cummins India, DHFL stocks gain
The BSE Sensex rose 159 points to 40,211 levels while the Nifty-50 index shot up 45 points to 11,889 levels. The Bank Nifty index scaled 158 points to 30,143 levels.
Stock Market News: On account of 25 bps interest rate cut by the US Federal Reserve — third rate cut in 2019 — Indian indices extended its post-Diwali rally on fourth straight trade session. The BSE Sensex rose 159 points to 40,211 levels while the Nifty-50 index shot up 45 points to 11,889 levels. The Bank Nifty index scaled 158 points to 30,143 levels.
Commenting on the Indian stock market scenario Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal said, "The market is overall bullish and Nifty seems to be heading for 12,000 levels in the coming week." He advised stock market investors to adopt buy on dips strategy as every dip would be a buy opportunity from now till any other major trigger emerges into the stock market.
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JK Tyre & Industries share price skyrocketed above 10 per cent in the Opening Bell trade session. Shares of SREI Infrastructure, Central Bank of India, Syndicate Bank, Reliance Infrastructure, Reliance Capital and Dewan Housing Finance Limited or DHFL were among the major gainers in the Opening Bell while stocks of Vodafone Idea, BHEL, ITI, Yes Bank, Sun Pharma Advanced, Bharti Airtel and IDBI Bank were among the major losers.
Realty stocks led the bull run on Dalal Street as the BSE Realty index shot up near 2.5 per cent in the Opening Bell trade session. Realty major DLF share price soared 4.41 per cent, shares of Indiabulls Real Estate shot up 4.07 per cent, Prestige Estates Projects shares gained 2.77 per cent, Godrej Properties stocks rose 2.14 per cent while Sunteck Realty stock price scaled 1.69 per cent.
Among major Asian markets, the Japanese Nikkei index shot up 0.26 per cent, Kospi jumped 1.12 per cent, Hang Seng soared 1.18 per cent while the shanghai markets were down 0.09 per cent.
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