Sensex, Nifty sustain pre-budget rally; RCom, ITI, IndusInd Bank stocks gain

The stock market of India sustained its pre-budget rally for the fourth straight session on Thursday. The BSE Sensex rose 76 points to 39,916 while the 50-stock Nifty added 23 points to 11,941 levels. The Bank Nifty index jumped 107 points to 31,489 levels. Manpasand Beverage, Reliance Communications aka RCom, Sharda Cropchem, Adani Green Energy and Lakshmi Machines were the top five gaining stocks in the morning session while Cox & Kings, Alembic Pharmaceuticals, M&M Fin.Services, TV18 Broadcast and L&T Infotech were top five losing stocks in the morning intraday trade session.

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Commenting on the market outlook of the Indian stock marketSimi Bhaumik, a SEBI registered technical equity expert said, "The market is overall bullish and it may show 12,100 to 12,300 levels before budget as the pre-budget rally is still expected to continue. The Bank Nifty has taken strong support at 31,100 and the index is expected to remain above these levels till the budget 2019."

Telecom stocks led the bull run on Dalal Street as the BSE Telecom index jumped over 0.6 per cent in the morning trade session. Telecom major Reliance Communications share price skyrocketed 4.89 per cent, shares of Mahanagar Telephone Nigam or MTNL shot up 2.59 per cent, Tata Teleservices (Maharashtra) rose 2.4 per cent while Bharti Airtel, ITI, Optiemus Infracom, Sterlite Technologies stocks were in the green zone with comfortable gains.

Banking stocks also witnessed some fresh buying in the morning as the Banking major YES Bank stock jumped 1.7 per cent while Axis Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank and State Bank of India stocks were up by around 0.75 per cent to 1 per cent.

Among Asian stocks, the Japanese Nikkei 225 index rose 0.27 per cent, South Korean Kospi added 0.02 per cent, Hang Seng went down 0.02 per cent while the Shanghai market went down 0.27 per cent.