Market updates: Nifty share price closed above 12200 and Sensex rises 635 pts

Sensex & Nifty Share Price today: Indian share market opened in the green today and later it extended its early gain. The market closed in a positive note. The correction in crude oil and appreciation in rupee has boosted the sentiment of the market. 

Yesterday, the Wall Street has jumped after Trump’s remark that Iranian missile strike on Iraq base had not harmed any US troops. On the other hand, the World Bank has cut India’s growth for FY20 to 5% from 6% estimated earlier but said it will likely recover at 5.8% in the next financial year. 

 

Nifty Share Price Today: 

In the end, the Nifty share price gained 190.55 points and at 12215.90 while Sensex gained 634.61 points and at 41452.35. Both the Nifty and Sensex gained around 1.6% today whereas the Bank Nifty gained 2.30% or 718.75 points and closed at 32092.40.

The top five gainers in Nifty50 stocks are Bharti Infratel, JSW Steel, Tata Motors, ICICI Bank and IndusInd Bank. The losers in the Nifty50 stocks are TCS, Coal India, HCL Tech, Britannia, and NTPC.

The Nifty midcap 100 index gained 245.35 points or 1.44% and closed at17319.65. Whereas the Nifty smallcap 100 index gained 2.10% or 123.35 points and closed at 6005.85.

The gainers in the Nifty midcap stocks are NBCC, Voltas and the losers are Max Financial, Reliance power. In the Nifty smallcap space the gainers are Bombay Dyeing, Linde India and the loser are Suzlon Energy, MMTC Ltd.

Among the sectors, almost all the major sectors in NSE gained 1 to 3% except the IT & software sector, it closed in red today.

The FIIs are the seller consecutively for the last four days. FIIs sold Rs 431.11 crores and DIIs bought Rs 419.22 crores in the cash segment today.

Shares price of Metal companies gained after the government eases coal and mining norms. Metal shares like JSW Steel, Tata Steel, SAIL, Hindalco gained today. The government likely to launch an integrated steel hub for 5-6 states this week and the states are West Bengal, Odisha, Jharkhand, Chattisgarh, and Andhrapradesh.

 

Stocks in news

Alembic Pharma has successfully completed the USFDA inspection at Aleor Dermaceuticals. The share price of Alembic Pharma gained 0.89% and closed at Rs 558.25 per share 

Bharti Airtel has launched its QIP worth $2 billion at a floor price of Rs 452.09. The stock price of Bharti Airtel has gained 0.27% and closed at Rs 460.10 per share.

Macquarie has maintained an outperform rating at Stride Pharma with a target price of Rs 525 per share. It expects its EPS to improve in to manyfold in FY19-22. The stock price of stride pharma gained 2.86% and closed at 392.10.

Morgan Stanley expects strong growth in retail and telecom business of Reliance Industries, It has retained an overweight rating with a price target of Rs 1753. The share price of RIL gained 2.30% and closed at Rs 1548.

The Jet Airways share price locked at 5% upper Circuit on the report that the company has received a second expression of Interest (EOI) from an unidentified high net worth domestic non-aviation company. The share price of Jet Airways closed at Rs40.75 per share 

 

Banking and Finance Stocks in News

Indiabulls Finance has offered premature redemption of its NCDs. The share price of India Bulls Housing Finance gained 4.06% and closed at Rs  322.70 per share.

The share price of Yes Bank gained ahead of board meeting. It is scheduled tomorrow to discuss fundraising. The share price of yes Bank gained 2.71% and closed at Rs 47.30 per share.

The global research firm BofAML has upgraded the stock of IndusInd Bank to Buy and raised the price target to Rs 2000 from Rs 1500 per share. The share price of IndusInd Bank gained 3.36% and closed at Rs 1507.65 per share

Crude and Rupee Updates today

Brent crude oil future is trading lower today after yesterday’s fall. It is currently at 7.30 pm trading at $65.14 per barrel. The brent crude oil future is trading 0.50% lower than the previous close. The Indian rupee is closed at Rs 71.21 against the US dollar, it was closed 0.67% higher against the US dollar.

Conclusion:

Indian share market closed in strong gains today due to global market rally and US-Iran tension eases. The Nifty and Sensex share price jumped and ready to touch a new record high in the coming days. 

There is also a development in US-China trade deals, the phase-one trade agreement may get signed in the next week. This can boost market sentiment further. We may also see a pre-budget rally from the next week.

 

Traders can follow our Nifty and Bank Nifty technical levels for tomorrow here and weekly market reports.

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Editor’s Desk