Stock Market: Sensex rise 581 points, Nifty skyrockets 159 points; Tata Motors, SAIL, Yes Bank stocks gain
Stock Market News: On hopes of progress in the US-China trade talks, the Indian share market registered robust growth in the intraday trade after the Closing Bell. The BSE Sensex skyrocketed 581 points and closed at 39,831 levels while the Nifty-50 index soared 159 points to 11,786 levels. The Bank Nifty index shot up 356 points and closed at 29,873 levels.
Speaking on the current rise in Indian indices Prakash Pandey, MD & CEO at Plutus Advisors said, "This rise is mainly caused by the hope of progress in the US-China trade talks. Following the Wall Street rally yesterday, the majority of the global indices have gone up and hence this rise in Indian indices can be attributed to these strong global cues as well." Pandey said that the Nifty has sustained above 11,730 and now it is heading for 12,000 levels in the coming trade sessions as the market is still bullish.
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Tata Motors share price skyrocketed to near 17 per cent in the intraday trade. Stocks of Indiabulls Housing Finance, Shipping Corporation of India, Dilip Buildcon, ITI, Tata Steel, JSW Steel, YES Bank and Reliance Infrastructure were among the major gainers after the Closing Bell session while shares of Vodafone Idea, Apollo Hospitals, Dewan Housing Finance Limited or DHFL, Lakshmi Vilas Bank, Reliance Power and IndiGo were among the major losers in the intraday trade.
Auto stocks led the bull run in the intraday trade at Dalal Street as the BSE auto index soared 4.34 per cent today. Auto major Tata Motors share price skyrocketed 16.32 per cent, shares of Motherson Sumi Systems rose 7.68 per cent, Maruti Suzuki India shares went northward 4.49 per cent, Mahindra & Mahindra counter added 3.17 per cent, Bosch scrip soared 6.61 per cent while Ashok Leyland stock price surged 4.34 per cent.
Metal stocks also witnessed fresh buying as the BSE metal index surged 4.19 per cent. Metal major Tata Steel share price shot up 6.37 per cent, shares of JSW Steel went up 6.68 per cent, Steel Authority of India Limited or SAIL counter scaled 4.84 per centJindal Steel & Power counter added 4.38 per cent while Hindalco Industries stock price surge near 1 per cent.
Among major Asian markets, the Japanese Nikkei went up 0.47 per cent, Kospi nudged 0.04 per cent lower, Hang Seng slipped 0.39 per cent while the Shanghai index dipped 0.87 per cent.