Stock Market News: On account of Fed rate cut hopes in the next few weeks, the Indian indices skyrocketed in the Opening Bell trade session. The BSE Sensex surged 747 points at 39,044 levels while the 50-stocks Nifty soared 202 points and climbed at 11,404 levels in the early morning trade session. Bank Nifty index shot up 440 points at 29,606 levels.
Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, “Overall market is bullish. Currently, it is facing resistance at 11,500 levels but has strong support at 11,250. Once, it breaks the upper resistance, we can expect further 150-200 points upside movement but till then, every dip should be seen as a buying opportunity.”
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SBI, Tata Motors, Reliance Industries, Indiabulls, Tata Steel, HDFC Bank, Bharti Airtel, Axis Bank shares were among the most trending stocks in the intraday trade session while shares of Bajaj Finance, ICICI Bank, Kotak Mahindra Bank, IRCTC and Housing Development Finance were among the most active stocks in the Opening Bell trade session.
Metal stocks led the bull run on Dalal Street as the BSE Metal index rose over 2.5 per cent in the Opening Bell trade session. Metal major Steel Authority of India Ltd or SAIL share price surged 2.67 per cent, Vedanta shares added 1.84 per cent, National Aluminium Company or NALCO shares rose 1.34 per cent, JSW Steel stock price scaled 2.08 per cent while Hindustan Zinc stock price went up 1.51 per cent.
Banking stocks also witnessed some fresh buying as the BSE Bankex rose 1.18 per cent in the Opening Bell trade session. Banking major State Bank of India or SBI share price rose 1.60 per cent, RBL Bank shares added 2.80 per cent, ICICI Bank share price scaled 3.55 per cent, IndusInd Bank stock price shot up 1.11 per cent while Federal Bank stocks rose 1.05 per cent.
Among the major Asian markets, the Japanese Nikkei 225 index rose 1.60 per cent, South Korean Kospi surged 1.22 per cent, Hang Seng rose 0.85 per cent while the Shanghai index shot up over 3.25 per cent.