Sensex was up over 550 points at day's high
Sensex was up over 550 points at day's high

Sensex rises nearly 400 points; banking, metal stocks lead gains

  • ICICI Bank, IndusInd Bank and Kotak Bank were among top gainers in the banking pack
  • Vedanta and Tata Steel led gains among the metal stocks

Indian stock market indices Sensex and Nifty ended sharply higher today, with banking, auto and metal stocks leading the rebound. The Sensex rose 396 points to close at 38,989 while Nifty settled 1.2% higher at 11,573. ICICI Bank, IndusInd Bank and Kotak Bank were among top gainers in the banking pack while Vedanta and Tata Steel led gains among the metal stocks.

Asian stock markets were mostly higher today on optimism over a resolution to the trade war between the US and China. Worries about US presidential impeachment bid also ebbed.

US President Donald Trump on Wednesday said that said a deal to end a nearly 15-month trade war with China could happen sooner than people think, pushing Wall Street higher overnight.

Rohit Singre, senior technical analyst at LKP Securities, said: "Overall support for Nifty is coming near 11380-11300 zone. Any decisive break above 11570 zone will strongly make bulls active again."

On Bank Nifty, Rohit Singre said, the banking index has support in the 29,300-29,000 zone and resistance at 29,800-30,000 zone".

Ajit Mishra, vice president of research at Religare Broking, remains cautious. "We remain cautious on the markets as it is hovering around its peak levels and some consolidation can be expected in the near term. From medium to long-term perspective, outcome of RBI monetary policy and revival in corporate earnings will be crucial, as it is likely to dictate further market trend. On the global front, geo-political developments between US-Iran would be on investor’s radar, as well as any further escalation of US-China trade war would have an adverse impact on overall markets and economy," he said. (With Agency Inputs)

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