Stock Market Today: On account of strong global sentiments, the Indian indices opened on the higher side in the opening bell trade session on Tuesday. The BSE Sensex shot up 208 points and regained 35,000 levels after hitting 35,170 levels while the NSE Nifty gained 70 points to 10,388 levels. The Banbk Nifty index surged 217 points to 21,576 mark. Telecom, metal, auto and banking stocks were among the major gaining stocks in the early morning trade session.
Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, “Market is moving in the range of 10,200 to 10,420. If the NSE Nifty breaks the above range, then we can hope to witness another 70-80 points rally. However, the recent escalation in the India China standoff may loom over the markets.” 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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Among the major Asian markets, the Japanese Nikkei 225 index shot up 1.59 per cent, Soutyh Korean Kospi surged 1.49 per cent, Hong Kong’s Hang Seng added 0.84 per cent while Shanghai market soared 0.91 per cent.
At the Wall Street on Monday, US stocks finished noticeably higher, boosted by solid gains in Boeing shares. On Monday, the Dow Jones Industrial Average jumped 580.25 points, or 2.32 per cent, to 25,595.80. The S&P 500 was up 44.19 points, or 1.47 per cent, to 3,053.24. The Nasdaq Composite Index increased 116.93 points, or 1.20 per cent, to 9,874.15.