Sensex, Nifty tick higher on ease in US-Iran tension, crude oil dip; Yes Bank, Vedanta, MCX stocks gain

The stock market of India ticked higher in the morning trade session on ease in Us-Iran tension in the Middle East that helped crude oil slip near 3 per cent. The BSE Sensex gained 44 points and sustained above psychological 39,000 levels while the Nifty 50 index inched 11 points up and sustained above the cruicial 11,650 levels. The Bank Nifty index went 45 points up at 30,616 levels. Yes Bank, KNR Constructions, MCX and Ajanta Pharma stocks were the top gaining shares in the morning trade while DCB Bank, Suzlon Energy, Manpasand Beverage and Cox & Kings were the top losing stocks in the intraday trade session.

Speaking on the current market scenario Prakash Pandey, Head of Research at Fairwealth Securities said, "The market is in a broader range of 11,450 tp 11,750 with a heavy resistance at 11,620. Since the Nifty has sustained above the 11,620 levels, now it looks to go further upside up to 11,750 levels."

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Power stocks witnessed some fresh buying in the early morning trade. Power major Thermax share price surge 1.3 per cent, Reliance Infrastructure stocks soar 1.25 per cent, shares of Tata Power Company went up near 0.9 per cent, Siemens and BHEL shares added around 0.4 per cent while Adani Transmission scrip jump 0.63 per cent.

The metal index witnessed some buying in the early morning trade but finally failed to retain the market bulls. Metal major Vedanta was up around 1.5 per cent in the opening bell but it finally came down and was up by near 0.3 per cent. Hindustan Zinc counter was up 0.72 per cent. NDMC and National Aluminium Company stocks were up by over half a per cent.

Among Asian shares, the Japanese Nikkei 225 index crashed 0.52 per cent, south Korean Kospi nosedived 0.89 per cent, Hang Seng went down 0.35 per cent while the Shanghai index ticked 0.05 per cent lower.