Author
Domestic benchmark indices Sensex and Nifty witnessed strong buying in afternoon trade on Dalal Street with bulls poised to extend rally to 5th session in a row. Bank stocks hogged the limelight.The S&P BSE Sensex opened nearly 300 points lower, and soon hit a low of 73,556 tracking losses in the US futures and Asian peers. The BSE benchmark, thereafter, erased losses and rallied to a high of 74,571 – up over 1,000 points from the day’s low led by aggressive buying in band stocks, mainly PSUs.The Sensex eventually ended the day with a gain of 486 points at 74,339. In the process, BSE index has rallied 1,849 points in the last five straight trading sessions.The NSE Nifty touched a high of 22,626, and finally settled 156 points higher at 22,559.Among the Sensex 30 shares, Axis Bank zoomed 6 per cent to Rs 1,127 as analysts upgraded the stock post Q4 performance.SBI hit a fresh all-time high and ended 5.2 per cent higher at Rs 813. Nestle India, Jindal Steel, NTPC, ITC and Sun Pharma were the other major gainers, up over 2 per cent each. HCL Technologies, Mahindra & Mahindra, IndusInd Bank, Bajaj Finserv and ICICI Bank also finished with prominent gains.On the other hand, Kotak Bank plunged 11 per cent after RBI instructed the private lender not to issue fresh credit cards.Titan, Hindustan Unilever and Bajaj Finance were the other notable losers.In the broader market, the BSE MidCap index index jumped 0.8 per cent, and the SmallCap added 0.6 per cent today.Expert Take: Dr. V K Vijayakumar, Geojit FinancialThe overarching trend of this market is its bullishness despite negative triggers. The rising bond yields in the US ( the 10-yr continues above 4.6%) and geopolitical tensions are not impacting the market at all. During the last seven days FIIs sold equity worth a massive Rs 25853 crores. But the DII buying overwhelmed this FII selling and the market continued its upward momentum. There are reports of Israel striking some sites linked to Hezbollah, but these will be ignored by the market unless it causes serious rector tensions.Global CuesOvernight, in US market ended on a flat note, but futures declined up to 1 per cent in post market trade as Meta stock plunged 16 per cent on weaker-than-expected revenue guidance.Tonight, apart from the big tech earnings, US investors will also seek direction the GDP numbers.Near home this morning, Nikkei, Straits Times, Taiwan and Kospi were down around 1 per cent each.Aparna DebAparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious abo…Read More
Source link
