Sensex, Nifty soar on ease in China-US trade fever, Fed rate cut hopes; Jet Airways, Reliance Capital stocks bleed

The stock market of India advanced on ease in China-US trade war tension and Federal Reserve's rate cut hopes. The BSE Sensex shot up 291 points to 39,337 while the 50-stock Nifty soar 85 points to 11,777 levels. The index Bank Nifty rose 267 points to 30,618 levels. Can Fin Homes, Navkar Corporation, Tata Steel, NMDC and Deepak Fertilisers were among the top gaining stocks while Jet Aiways, Reliance Capital, Jain Irrigation, IRB Infrastructure and Jammu & Kashmir Bank were among the top losing stocks in the early morning trade.

Commenting upon the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business online, "Overall the market is bullish but range-bound. In terms of Nifty, the market is trading in the range of 11,700 to 11,850. I would advise stock market investors to maintain buy on dips strategy till it trades in this range."

Metal stocks led the bull run on Dalal Street as the BSE metal index shot up 1.92 per cent. Metal major Jindal Steel & Power share price scaled 4.36 per cent, Tata Steel soar 3.79 per cent, Steel Authority of India (SAIL) shot up 2.73 per cent, Vedanta counter added around 1.5 per cent, NMDC shares were up around 2.85 per cent, Hindalco Industries scrip scaled over 2 per cent, NALCO added 1.36 per cent while Hindustan Zinc was 0.8 per cent higher.

Following the metal stocks closely, realty stocks also witnessed heavy buying in the morning trading session. Realty major DLF shot up 3 per cent, Oberoi Realty share price rose 2.09 per cent, Godrej Properties counter was up around 2.02 per cent, Prestige Estates Projects scrip went up 1.17 per cent while Sobha Developers shares added 1.38 per cent.

Among Asian markets, the Japanese Nikkei 225 index shot up 1.66 per cent, South Korean Kospi soar 1.01 per cent, Hang Seng skyrocketed 2.39 per cent while the Shanghai index went northward 1.5 per cent.