Sensex sustains above 40K after range-bound trade, Nifty tests 11,900 resistance; SAIL, MTNL, IFCI stocks gain

Stock Market News: On account of cancellation of the US-China trade talks and political jitters in the US relating to President Donald Trump's impeachment the Indian indices trade sideways in the intraday trade. The BSE Sensex sustained above the psychological 40,000 levels logging 35 points gain after closing at 40,165 levels. Nifty-50 index edged 13 points higher and closed at 11,890 levels. Bank Nifty index scaled 264 points and closed at 30,330 levels.

Elaborating upon the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "Overall the market is bullish and Nifty is facing stiff resistance at 11,900 levels. Once it breaks these levels then we can expect it to went past 12,000 soon. However, if it fails to break that levels then every dip should be seen as a buying opportunity till it sustains above 11,800 levels." Bhaumik said that Bank Nifty index is also bullish and it may soon hit the 30,700 to 30,800 targets and banking shares like HDFC, SBI and IndusInd Bank will be the major drivers that will lift Bank Nifty to that levels.

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Shares of IFCI, Vodafone Idea, Dilip Buildcon, Bharti Infratel, Steel Authority of India Limited or SAIL, Jindal Steel and Power, IndusInd Bank and Indiabulls Real Estate were among the major gainers after the Closing Bell while stocks of YES Bank, Dr. Lal Pathlabs, Centrum Capital, Just Dial, TVS Motor, TCS and HUDCO were among the major losers in the intraday trade.

Metal stocks led the bull run on Dalal Street as the BSE Metal index shot up 2.38 per cent in the intraday trade. Metal major Steel Authority of India Ltd pr SAIL share price shot up 6.14 per cent, shares of Jindal Steel & Power soared 5.9 per cent, Tata Steel shares scaled 4.18 per cent, JSW Steel counter added 3.86 per cent, Vedanta stocks scaled 3.71 per cent while Hindalco Industries share price went northward 3.14 per cent.

Among major Asian markets, the Japanese Nikkei shed 0.33 per cent, Kospi soared 0.8 per cent, Hang Seng scaled 0.72 per cent and Shanghai markets shot up 0.99 per cent.