Narendra Modi speech: Sensex, Nifty zoom post PM’s address; these stocks shine at Dalal Street

Both Sensex and Nifty witnessed an immense rally after Prime Minister Narendra Modi addressed the nation on Wednesday and talked about India's latest satellite mission. At around 1248 hours, Sensex was trading above 216.17 points or 0.57% at 38,449.58. The 30-scrip index also touched an intraday high of 38,475.93. Similarly, the Nifty 50 was performing at 11,537.50 up by 54.25 or 0.47%, however, it has also touched an intraday high of 11,546.20. Apart from this, rupee also strengthened against US dollar benchmark index, by trading below 69-levels. 

Gainers list on Sensex was led by Yes Bank which was trading at Rs 269 per piece up by 6.03%, followed by IndusInd Bank at Rs 1,788.60 per piece higher by 4.26%, SBI at Rs 309.10 per piece up by 1.91%, Bajaj Finance at Rs 2,984.05 per piece up by 1.83% and Bajaj Auto at Rs 2,990 per piece above 1.31%. 

Other stocks like Vedanta, HCL Tech, Axis Bank, Kotak Bank, ONGC, ITC, Hindustan Unilever, ICICI Bank, Infosys, Bharti Airtel, Coal India, Sun Pharma and Larsen & Toubro also surged in the range of 0.21% to 1.30%. The losers list on Sensex involved marginal sellings in stocks like NTPC, Asian Paints, Hero Motocorp, M&M, Power Grid, Tata Motors, TCS and HDFC which were down by 0.05% to less than 1%. 

Addressing the nation, Modi said that India has shot down a low orbit live satellite, becoming the fourth nation in the world to have the capability to do so. 

While congratulating the citizens, Modi said, “In the journey of every nation there are moments that bring utmost pride and have a historic impact on generations to come. One such moment is today. India has successfully tested the Anti-Satellite (ASAT) Missile. Congratulations to everyone on the success of #MissionShakti.”

#LIVE | #PMNarendraModi का राष्ट्र के नाम संबोधन। https://t.co/FkpOnbo6r7

— Zee Business (@ZeeBusiness) March 27, 2019

Talking about the mission, Modi said, it was highly  complex one, conducted at extremely high speed with remarkable precision. It shows the remarkable dexterity of India’s outstanding scientists and the success of our space programme.

“India stands tall as a space power! It will make India stronger, even more secure and will further peace and harmony," he added. 

Earlier in the day, he had tweeted that he will be making key announcement on Wednesday, between 11:45 am to 12:00 pm. Following this markets were witnessing positive sentiments, as investors continued to make buying habit in their stocks.