Sensex, Nifty cheers New Year 2020; NTPC, SpiceJet, Adani Gas stocks gain

Stock Market: Indian indices closed in the green zone after trading range-bound on the first trade session of the year 2020. The BSE Sensex went up 52 points and closed at 41,306 levels while the Nifty-50 index soared 14 points and closed at 12,182 levels. Bank Nifty index shed 58 points and closed at 32,102 levels after the closing bell trade session.

Speaking on the current market scenario Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "The market is overall bullish. Since Indian indices are trading at its all-time high, buy on dips is the correct strategy to follow. Nifty is having strong support at 12,050 to 12,100 and has strong resistance at 12,400 to 12,500. So, one should keep on buying on dips and book profit when the Nifty index reaches around its resistance levels."

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Power stocks led the bull run on Dalal Street as the BSE Power index shot up 1.78 per cent in the intraday trade session. Power major Adani Power share price shot up 3.4 per cent, NTPC shares rose 2.02 per cent, shares of Power Grid Corporation of India rose 2.76 per cent, Reliance Infrastructure stock price skyrocketed 4.93 per cent while Tata Power Company stocks added 1.77 per cent after the closing bell trade session.

After the announcement of the National Infrastructure Pipeline project worth Rs 102 lakh crore, infra stocks witnessed some fresh buying in the intraday trade session. Infra major Adani Ports & Special Economic Zone share price scaled 3.14 per cent, Bharti Infratel shares rose near 1 per cent, KNR Constructions added 1.52 per cent, SREI Infrastructure Finance counter went up 9.58 per cent, SpiceJet share price soared 3.55 per cent while Tata Communications stocks added over half a per cent.

Among the major Asian markets, the Japanese Nikkei crashed 181 points and closed at 23,656.62 levels, South Korean Kospi ended 0.30 per cent down, Hang Seng dipped 0.46 per cent to 28,189.75 levels while the Shanghai markets soared 0.33 per cent and closed at 3,050.12 levels.