BSE Sensex soars 300 pts on last hour buying; Nifty50 above 10,800; HDFC twins, banking stocks lead gains

By: | Published: June 22, 2018 4:30 PM

The BSE Sensex surged by 308.87 points to record an intra-day high of 35,741.26 points on bargain-hunting by investors, while the NSE Nifty50 climbed 95.9 points to an intra-day high of 10,837 points.

global stocks, us stocks, stock marketsLast hour buying on the domestic bourses sent the BSE Sensex soaring by over 300 points and NSE Nifty50 almost 100 points higher.

Last hour buying on the domestic bourses sent the BSE Sensex soaring by over 300 points and NSE Nifty50 almost 100 points higher. According to market experts, good buying in the HDFC twins and most banking stocks added to the upward trajectory of both the key indices. The benchmark BSE Sensex settled at 35,689.60 points, up 257.21 points or 0.73%. The Nifty50 of the National Stock Exchange rose by 80.75 points or 0.75% to close at 10,821.85 points.

“Nifty saw a thrust in the final hour of trade as the HDFC twins added some steam and helped the index enits’s day above its previous days high. Eventually, it has formed a Long Legged Doji on the weekly scale & a sustained move above 10,900 should open the gates towards 11,060 for the coming week else expect the consolidated/constrained move to continue within 10,900-10,700,” Sacchitanand Uttekar, Assistant Vice-President, Research at Tradebulls, told FE Online.

The BSE Sensex surged by 308.87 points to record an intra-day high of 35,741.26 points on bargain-hunting by investors. Blue chips like Sun Pharma, M&M, HDFC, HDFC Bank, Axis Bank, SBI, ITC and Bharti Airtel witnessed robust buying activity. The NSE Nifty50 climbed 95.9 points to an intra-day high of 10,837 points. The Nifty Bank index closed 1.02% higher. Top five gainers on the BSE were Sun Pharma (up 3.91%), M&M (up 2.87%), HDFC (up 2.54%), Axis Bank (up 2.22%) and SBI (up 1.69%).

RIL (down 1.94%), Coal India (down 0.99%), Wipro (down 0.77%), TCS (down 0.44%) and Adani Ports (down 0.23%) were the top five losers on the BSE. “Reliance was the worst performing stock for the session after a considerable rally the stock has witnessed hitherto. Banks fared well in trade today. The indices have reached a neutral territory and look undecided at this point, the break or bounce in the markets could happen closer to expiry. For now, we would recommend holding a wait and watch approach and would not advocate entering fresh positions at the current juncture,” said Nikhil Kamath, Co-Founder, Zerodha.

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