Stock Market: On account of fresh buying in the banking, finacial and energy stocks, the Indian indices registered sharp gains after the closing bell. The BSE Sensex shot up 470 points and closed at 35,386 levels while the NSE Nifty soared 116 points after closing at 10,418 mark. Bank Nifty index regained the psychological 22,000 marek in the intraday trade session but finally ended 521 points up at 21,891 levels.
Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, “Market has been moving in the range of 10,200 to 10,420. If the NSE Nifty breaks the above range in the opening bell on tomorrow, we can hope to witness another 70-80 points rally.” Pandey said that for fresh rally into the markets, banking stocks, espcailly the private banks hold key. He said that HDFC Bank has closed over 200 DMA and it may bring some fresh rally in the Bank Nifty index and said, “One should avoid taking any fresh position in the PSU banks but private bank stocks like HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Axis Bank are giving positive bias.”
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Banking stocks led the bull run at Dalal Street as the BSE Banking index soared 2.65 per cent in the intraday trade session. Banking major Axis Bank share price soared 6.40 per cent, State Bank of India or SBI shares shot up 3.42 per cent, shares of IndusInd Bank scaled up 3.68 per cent, ICICI Bank stock price escalated 3.12 per cent while HDFC Bank scrip added 1.34 per cent.
Energy stocks also witnessed some fresh buying as the BSE Energy index went northward to the tune of 1.73 per cent. energy major and Sensex heavyweight Reliance Industries Ltd. or RIL share price skyrocketed oer 2 per cent, Adani Gas shares surged 4.35 per cent, shares of Bharat Petroleum Corporation Ltd or BPCL scrip added 1.52 per cent, Hindustan Petroleum Corporation Ltd or HPCL counter rose 2.98 per cent while Oil India counter added 1.39 per cent.
Among the major Asian indices, the Japanese Nikkei shed 0.75 per cent, South Korean Kospi went off 0.08 per cent, Hong Kong’s Hang Seng scaled up 0.52 per cent while Shanghai index shot up 1.70 per cent.
At Wall Street yesterday, Dow Jones shot up 0.85 per cent, Nasdaq surged 1.87 per cent, S&P 500 went northward 1.54 per cent while SmallCap 2000 escalated 1.30 per cent.