On account of political will power shown by Narendra Modi and Amit Shah on article 370 abolition in Jammu and Kashmir, the stock market investors are expecting the same political will on the economic front and it got reflected at Dalal Street when the Indian indices soar despite weak global cues. The BSE Sensex rose 277 points and closed at 36,976 levels while the 50-stock Nifty added 85 points and closed at 10,948 levels. Bank Nifty index jump 374 points and regained the psychological 28,000 levels after closing at 28,022 levels. DHFL (31 per cent gain), SRF, Jamna Auto Industries, Jammu & Kashmir Bank and Vakrangee stocks were the top gaining stocks in the intraday trade while Vodafone Idea, Cox & Kings, CCD and Manpasand Beverage stocks were the top losing stocks in the intraday trade.

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Giving outlook about the Indian stock market Prakash Pandey, Head of Research at Fairwealth Securities said, "The Narendra Modi government's move to scrap article 370 in J&K by proposing the J&K Reorganisation Bill has gone down well among the stock market investors and in coming three-four trade sessions, we can expect around 300-400 points recovery at Nifty. But, before making such recovery Nifty will first make a low and then start scaling as we witnessed post-Pulwama air strikes." He went on to add that market has a cue that post-J&K Reorganisation Bill, the government expenditure in the state defense which is to the tune of around Rs 1 lakh crore would go down and hence the fiscal deficit is expected get under control. However, all depends upon the performance of the Chinese currency's performance in coming days as the Chinese market is a lead indicator for the emerging markets and current US-China standoff is affecting not just China but the entire emerging market including India.

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Hailing Amit Shah and Modi 2.0 Government for the J&K move Rajiv Singh, CEO at Karvy Stock Broking said, "The government has displayed strong political will and decisiveness to take difficult decisions, in order to fulfill one of its poll promises related to J&K. We hope that the government will display similar commitment while acting on the economy to improve both its short term as well as long term prospects. We expect that Government will take similar bold moves in case of addressing economic slowdown, recent taxation measures which have dampened sentiment and go ahead with difficult legislations on land reforms, labour reforms and privatisation of PSUs." He said that while the move on "one nation, one law" has a short term negative impact on the market, there are larger reasons for the decline today.  Asian markets have declined sharply in the morning, largely because of the Chinese currency depreciating past the important mark of 7 to the Dollar, S&P 500 futures imply a 1 per cent decline at the time of writing. However, we believe that the downside is now limited and the Nifty will stay in the range of 10,500 to 11,200 in the near term.

Telecom stocks led the bull run on Dalal Street as the BSE Telecom index soar near 1.9 per cent. Telecom major Bharti Airtel share price skyrocketed 3.26 per cent, shares of ITI shot up 5.34 per cent, Reliance Communications stocks went up 4.62 per cent, Vindhya Telelinks counter went northward 7.38 per cent but Vodafone Idea share price crashed to the tune of near 7 per cent in the intraday trade.

Realty stocks also witnessed some fresh buying as the BSE Realty Index registered more than 1.5 per cent gains. Realty major Indiabulls Real Estate share price shot up 3.94 per cent, Housing Development & Infrastructure stocks soar 3.35 per cent, shares of Prestige Estates Projects scaled 2.5 per cent, DLF went northward near 1.7 per cent while Sobha Developers stocks went up more than 1 per cent.

Indian indices were able to close in green even after the weak global cues. Among Asian markets, the Japanese Nikkei 225 index crashed 0.65 per cent, South Korean Kospi dipped 1.51 per cent, Hang Seng went down 0.67 per cent while Shanghai markets went off 1,56 per cent.