Sensex, Nifty rise on US-China trade optimism; SBI, Tata Steel, Oberoi Realty stocks gain

Sensex, Nifty rise on US-China trade optimism; SBI, Tata Steel, Oberoi Realty stocks gain

Stock Market: Taking cue from the strong global markets, the Indian indices surged higher on the US-China trade optimism. The BSE Sensex skyrocketed 218 points to 38,098 levels while the 50-stock Nifty rose 60 points to 11,295 levels. The Bank Nifty index shot up 335 points to 28,348 levels.

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Speaking on the market trends SEBI registered technical equity analyst Simi Bhaumik said, "The market is trading in the range of 11,100 to 11,300. Once it breaks the 11,300 levels, one can expet it to touch 11,470-11500 levels."

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JaiprakashAssociates, Indian Overseas Bank, Reliance Power, Oberoi Realty, IDBI Bank and Suzlon Energy stocks were the major gainers in intraday morning trade session while Dewan Housing Finance Limited or DHFL, Indiabulls Housing Finance, Vodafone Idea, Tata Consultancy Service or TCS and Reliance Capital were the major losers in the opening bell trade session.

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Banking stocks led the bull run on Dalal Street as the BSE Banking index shot up 1.47 per cent in the opening bell trade session. Banking major State Bank of India or SBI share price shot up over 2 per cent, shares of Kotak Mahindra Bank rose 1.76 per cent, shares of HDFC Bank added 1.48 per cent, Axis Bank counter added 1.4 per cent, Yes Bank stock price jump 1.34 per cent while ICICI Bank stocks went up 1.38 per cent.

Among major Asian markets, the Japanese Nikkei shot up 1.02 per cent, South Korea's Kospi surged 1.13 per cent, Hang Seng skyrocketed 2.18 per cent while the Shanghai markets went up 0.44 per cent.

Written By: ZeeBiz WebTeam
Edited By: Asit Manohar
Updated: Fri, Oct 11, 2019
10:39 AM IST
New Delhi, ZeeBiz WebDesk
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