Sensex rises over 150 points, fails to sustain above 36000 levels
BSE Sensex rose by 155 points, logging around 0.43 percent gain from the Friday closing while 50-strip benchmark Nifty logged 0.41 percent gain closing at 10,771.8 levels on Monday. Banking and metal stocks were the major beneficiary of this market rise in Indian sensitive index.
On account of a weak dollar and expected ease in US-China trade war, the BSE Sensex rose by 155 points, logging around 0.43 percent gain from the Friday closing while 50-strip benchmark Nifty logged 0.41 percent gain closing at 10,771.8 levels on Monday. Banking and metal stocks were the major beneficiary of this market rise in Indian sensitive index. Commenting upon the market rally, Shrikant Chauhan, Senior VP, Kotak Securities told Zee Business Online, "This rally is fueled by the banking and metal stocks. In the short-term perspective, Indian markets still look sound and in coming days Nifty may touch the levels of 10,850 to 10,900."
Asked about the reason for this rise, the Senior V-P of Kotak Securities said that expected ease in US-China trade stand-off and slide in the dollar against major emerging economy's currencies are one of the major reasons for this rise in BSE Sensex.
In the early morning trade, Sensex broke the 36,000-mark by making a high of 36,076.95 but the gain could stay only as long as investors started to book profit soon. In the forex market, the US dollar index was around 0.3 percent lower than its previous closing.
Similarly, Nifty once traded above the psychological 10,800 levels couldn't sustain that level for long. After making a high of 10,835.95 it started to slide down fast and came down below the 10,800 level soon making a low of 10,750.15. Nifty bank index logged near 0.4 percent gain by climbing 109.55 points from its Friday closing.
Taking cue from the upcoming US-China trade talks this week that may ease the trade war between the two countries, majority of the Asian markets showed signs of the bull run. Shanghai index was the major gainer that logged 0.77 percent. Among other major Asian bourses, Nikkei closed 477 points up logging 2.44 percent gain from its previous close, Hang Seng too logged over 200 points gain from the last trading session while Kospi gained 1.34 percentage points from the Friday closing.
TOP GAINERS:
1. Axis Bank: The bank was the best performer, as gained 3 per cent to close at Rs 638
2. Bhart Infratel: The stock remained second best surging 3 per cent to close st Rs 293
3. Tata Motors: It jumped to Rs 175, surging 2.43 per cent in the end
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TOP LOSERS:
1. Indiabulls Hsg: It lost 5 per cent during the day, to close at Rs 789
2. Bajaj Auto: The auto giant gave 3.19 per cent negative returns during the trading and closed at Rs 2,647
3. Eicher Motors: Another auto giant, took a dip of 1.54 per cent closin at Rs 19,795
Taking cue from the upcoming US-China trade talks this week that may ease the trade war between the two countries, majority of the Asian markets showed signs of the bull run. Shanghai index was the major gainer that logged 0.77 percent. Among other major Asian bourses, Nikkei closed 477 points up logging 2.44 percent gain from its previous close, Hang Seng too logged over 200 points gain from the last trading session while Kospi gained 1.34 percentage points from the Friday closing.
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