Stock Market observes a massive growth; bullish phase ahead

May 23 2019 03:36 PM
Stock Market observes a massive growth; bullish phase ahead

The BSE Sensex hit 40,000 marks for the first ever time, zooming nearly 900 points while the NSE Nifty crossed 12,000 level as counting for Lok Sabha Election 2019 showed NDA leading on more than 300 seats out of the 542.

The markets were lifted by gains in all the sectoral indices are led by banks, auto, energy, infra, metal, IT and pharma. The benchmark BSE Sensex yesterday closed 140 points higher at 39,110.21, bolstered by gains in banking and auto stocks. In similar movement, the broader NSE Nifty rose 28.80 points, or 0.25 per cent, to 11,737.90.

Investor sentiment turned positive this week after the most exit polls forecast a win for the Narendra Modi-led NDA, analysts said.

Top Sensex gainers in morning trade include IndusInd Bank, SBI, L&T, PowerGrid, Yes Bank, Kotak Bank, ICICI Bank, RIL, HDFC, Bharti Airtel and Axis Bank, rallying up to 7 per cent. Shares of Vedanta, ONGC, Bajaj Auto and Sun Pharma slipped up to 1.92 per cent.

Meanwhile, foreign institutional investors sold equity worth Rs 965.02 crore on Wednesday, while domestic institutional investors sold shares to the tune of Rs 157.75 crore, provisional data available with stock exchanges showed.

As per latest news, Stocks like Ujjivan Finance, Bank of Baroda, Shree cement, IndusInd Bank are witnessing long built up. Meanwhile, short built up is seen in ITC, HDFC Bank, Apollo Hospitals, Allahabad Bank. Raymond, MGL, Jubilant Food, Cipla saw short covering, according to data available on the NSE.

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