Closing Bell: Sensex, Nifty rise on the US Fed rate cut hopes; TCS, JSW Steel, Hero MotoCorp stocks gain

Opening Bell: The stock market of India ended on a higher note as the share market investors expect a rate cut from the US Federal Reserve. The BSE Sensex soared 266 points and closed at 38,823 levels while the Nifty 50 index shot up 84 points and closed at 11,582 levels. The bank Nifty index scaled 194 points and closed at 30,716 levels. Reliance Infrastructure, TCS and BEML stocks were the top gaining stocks while HEG, Graphite India, Suven Life Sciences, Greaves Cotton and Cox & Kings stocks were among the top losing stocks.

Speaking on the current market scenario Simi Bhaumik, SEBI registered technical equity analyst told Zee Business Online, "The market is trading range bound and its range is 11,400 to 11,600. It may become bullish once it breaks the 11,610 levels and sustains above these levels. Till then, buy on dips is the best strategy that I would recommend to the stock market investors.

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Auto stocks led the bull run on Dalal Street as the BSE Auto index shot up near 1.8 per cent in the intraday trade. Auto major Hero MotoCorp share price shot up 4.46 per cent, shares of Bharat Forge scaled 4.47 per cent, Tata Motors stocks went northward 3.63 per cent, TVS Motor Company counter went up 2.68 per cent, Mahindra & Mahindra counter added near 2 per cent, Maruti Suzuki India scrip added 1.33 per cent, Cummins India counter scaled 2.25 per cent while Bajaj Auto share price went northward 1.15 per cent.

Metal stocks also witnessed resh buying as the BSE Metal index rose around 1.81 per cent today. Metal major JSW Steel share price skyrocketed 4.88 per cent, shares of Vedanta went northward 2.59 per cent, Hindustan Zinc counter added 2.44 per cent, Hindalco Industries rose 2.16 per cent, Jindal Steel & Power stocks went northward 1.78 per cent, Steel Authority of India (SAIL) scrip went up 1.64 per cent while Tata Steel jumped 1.58 per cent.

Among Asian markets, the Japanese Nikkei 225 index soar 0.51 per cent, South Korean Kospi shot up 1.06 per cent, Hang Seng scaled 0.81 per cent while Shanghai market nudget 0.08 per cent northward.