Stock Market Today: On account of mixed global cues, the Indian indices opened sideways in the opening bell trade session on Wednesday. The BSE Sensex added 84 points and hit 34,997 mark while the NSE Nifty surged 21 points to 10,323 levels. The Bank Nifty shed 27 points and hit 21,342 mark 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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Telecom stocks led the bull run as the BSE Telecom index surged to the tune of near 1 per cent in the opening bell trade session. Telecom major Bharti Airtel share price shot up near 1 per cent, GTL Infrastructure shares soared 4 per cent, shares of Optiemus Infracom went northward 4.94 per cent, Reliance Communications stock price shot up 4.73 per cent while Vodafone Idea share price went down around 1 per cent.
In auto sector, Amara Raja Batteries share price went up 1.14 per cent, Ashok Leyland share price added 0.75 per cent, shares of Balkrishna Industries rose 1.13 per cent, Cummins India scaled up 0.79 per cent, Hero MotoCorp stocks added 0.89 per cent, TVS Motor Company counhter added 0.90 per cent while Tata Motors counter soared 0.97 per cent in the early morning trade session.
Among the major Asian indices, the Japanese Nikkei shed 0.31 per cent, South Korean Kospi surgfed 0.80 per cent, Hong Kong’s Hang Seng scaled up 0.52 per cent while Shanghai index shot up 1.17 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.