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Stock Market Boom: Sensex Shoots Up 464 Points, Nifty Below 10,900 Mark

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On account of heavy buying in IT, metal, tech and energy stocks the BSE Sensex climbed 464 points to 36,318 while the 50-strip Nifty jumped by 149 points to 10,886. Experts are of the opinion that such rise in the Indian indices is because of the strong global cues and weakening dollar into the Forex market. Infibeam Avenues, Gujarat Gas, Godfrey Philips and J&K Bank stocks were the top gainers of the intraday trade while Dish TV India, Navkar Corp, Quess Corp and Aditya Birla Fashion stocks were among the top losing shares.

Extending its rally from previous trading sessions IT major Infosys gained by near 3.66 percent, Aptech gained by more than 6 percent, Firstsource Solutions shot up by around 7.5 percent while 8K miles Software Services went up by near 5 percent. Tech stocks Bharti Airtel and Cyient jumped by near 2 percent. Among energy shares Castrol India led from the front by logging around 5.75 percent, Gujarat Gas shot up by 7.55 percent and HPCL went up by more than 3 percent.

Anindya Banerjee, Analyst at the Kotak Securities told Zee Business online, “Indian market is trading into the range of 10,700 to 10,950 levels. The Bulls can have they’re run up to 11,000 marks if it sustains above 10,950 marks. However, such a scenario looks glim as there is a concern of rising fiscal deficit making the Indian rupee weaker.”

Asian stock indices too had a bull run today after weak opening in the morning session. Kospi closed 1.58 percent higher from its previous close, Hang Seng too closed more than 2 percent higher from Monday closer, Nikkei logged 0.96 percent gains from its yesterday close while Shanghai index went up by 1.36 percent.

Asian bourses opening weaker in the morning session was due to the concerns related to slumping in Chinese export numbers and eurozone crisis due to Brexit. On account of these reasons, Dow had closed 0.36 percent lower while Nasdaq went northward by around 0.94 percent on the first day of the week.

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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