Sensex, Nifty tick higher but remain range-bound, Suzlon Energy, YES Bank, Eicher Motors stocks gain

The stock market of India finally broke the losing streak and ticked higher on weekend trade session. The BSE Sensex rose 51 points but failed to break the 38,000 resistance while the Nifty-50 index closed above the psychological 11,250 levels. Bank Nifty index sustained above 29,000 by posting 282 point gains in the intraday trade. Suzlon Energy was the top gaining stock today as the stock registered around 15 per cent gains in Friday trade session. Phillips Carbon, YES Bank, Graphite India and IDFC First Bank were the other stocks that were in the top gaining shares today.

Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business, "The market is range-bound and has strong support at 11,250 having a strong resistance at around 11,400. So, I advise investors to maintain buy on dips as and when the market reaches around 11,270-75 levels but everything would depend on the Monday opening. If it manages to open above 11,250 then we can expect some recovery in the markets in coming to a few trade sessions."

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Auto stocks led the bull run on Dalal Street as the BSE Auto index gained near 2 per cent in the intraday trade. Auto major Eicher Motors share price shot up 4.65 per cent, shares of Hero MotoCorp and TVS Motor Company went up 3.18 per cent, Mahindra & Mahindra counter soar 2.94 per cent, Ashok Leyland scrip went northward  2.7 per cent, Bajaj Auto stocks rose 2.86 per cent while Bharat Forge shares scaled 1.3 per cent.

Banking stocks also witnessed some fresh buying as the BSE Bankex scaled 1.14 per cent today. Banking major Federal Bank share price went up 3.3 per cent, Yes Bank shot up near 9 per cent, shares of Kotak Mahindra Bank scaled 1.82 per cent, IndusInd Bank counter rose 1.7 per cent, ICICI Bank share price soar 2.5 per cent while Axis Bank counter added around 1 per cent on Friday.

Among Asian markets, the Japanese Nikkei 225 index dipped 0.45 per cent, South Korean Kospi went down 0.4 per cent, Hang Seng nosedived 0.69 per cent while Shanghai markts edged 0.24 per cent higher.