Stock Market News: Sensex climbs 40K on Fed interest rate cut hopes, Bank Nifty above 30,000 levels
The BSE Sensex opened 109 points up at 39,940 levels while Nifty was up 39 points to 11,826 levels. The Bank Nifty index went northward 44 points to 29,917 levels.
Stock Market News: On account of Fed meeting and hopes of the 25 bps interest rate cut by Fed Chief, the Indian indices opened on higher side trading cautiously but soon gained momentum and the BSE Sensex crossed 40,000 levels. In the Opening Bell trade session, the BSE Sensex opened 109 points up at 39,940 levels and soon gathered momentum and scaled 40,000 levels. The Nifty-50 index is around 56 points up at 11,843 levels. Bank Nifty index also scaled 30,000 levels by logging 185 points gain from its yesterday's closing.
Speaking on the stock market outlook Prakash Pandey, MD & CEO at Plutus Advisors said, "This control in the rally at Indian indices is mainly caused by the stock investor's going neutral ahead of the US Federal Reserve meeting. However, the share market is overall bullish and Nifty is sustaining above the 11,730 levels which are an indication that it is poised to scale 12,000 in the coming few trade sessions." He said that Fed may cut interest rates by 25 bps and if the speculation comes correct, then the market would soon skyrocket as US-China trade talks are also giving some positive hopes to the global equity investors making an ideal situation for the FIIs to invest in Indian stocks.
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Shares of Rashtriya Chemicals, BHEL, ITI, Vodafone Idea, Reliance Infrastructure, Indiabulls Real Estate, Reliance Capital, JaiprakashAssociates and Force Motors were among the major gainers while the stocks of SREI Infrastructure, Lakshmi Vilas Bank, Bandhan Bank, Tata Motors and Eicher Motors were among the major losers in the Opening Bell trade session.
Telecom stocks were among the major beneficiaries of the Opening Bell rise as the BSE Telecom index went up around 0.94 per cent. Telecom major Vodafone Idea share price shot up 6.75 per cent, shares of ITI skyrocketed 14.37 per cent, Mahanagar Telephone Nigam Ltd or MTNL shares soared 4.9 per cent, Optiemus Infracom counter added 4.99 per cent while shares of Reliance Communications Bharti Airtel rose to the tune of 1.45 per cent.
Among major Asian markets, the Japanese Nikkei shed 0.43 per cent, Kospi went down 0.52 per cent, Hang Seng went off 0.28 per cent while the Shanghai bourses was down 0.44 per cent in the early morning trade session.
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