Sensex, Nifty sustains pre-budget rally; SAIL, Torrent Power, Suzlon Energy stocks gain

The BSE Sensex gained 157 points and closed at 39,592 while the 50-stock Nifty shot up 51 points to 11,847 levels. The index Bank Nifty skyrocketed 315 points and closed at closed above the psychological 31,000 levels at 31,162.

The market is range-bound and currently trading in a broader range of 11,650 to 11,950. Share market investors are advised to maintain buy on dips strategy, say experts. Photo: PTI

The stock market of India sustained its customary pre-budget rally that began yesterday. The BSE Sensex gained 157 points and closed at 39,592 while the 50-stock Nifty shot up 51 points to 11,847 levels. The index Bank Nifty skyrocketed 315 points and closed at closed above the psychological 31,000 levels at 31,162. Reliance Infrastructure, Suzlon Energy, Allahabad Bank, IFCI and Reliance Power were the top five gaining stocks in the intraday trade session while Cox & Kings, Bombay Burmah, Lux Industries, Dr. Lal Pathlabs and Deepak Fertilisers were the top five losing stocks today.

Speaking on the market outlook SEBI registered technical equity analyst Simi Bhaumik said, "The market is range-bound and currently trading in a broader range of 11,650 to 11,950. Share market investors are advised to maintain buy on dips strategy because overall the market sentiment is bullish."

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Metal stocks led the bull run on Dalal Street as the BSE Metal index shot up 2.88 per cent in the intraday trade. Metal major Steel Authority of India (SAIL) share price shot up 4.07 per cent, Jindal Steel & Power stocks went up 5.87 per cent, shares of Hindustan Zinc surge 4.27 per cent, Hindalco Industries counter jump 2.91 per cent, JSW Steel scrip rose 4.1 per cent, shares of Vedanta surge 4.4 per cent, Tata Steel share price added 2.59 per cent while NALCO rose 2.24 per cent.

Power stocks followed metal index closely as the BSE Power index jump 2.16 per cent today. Power major Torrent Power share price skyrocketed 4.12 per cent, shares of Reliance Infrastructure shot up 17.44 per cent, Tata Power Company counter added 3.7 per cent, Power Grid Corporation of India scrip rose 4.12 per cent, shares of JSW Energy added 3.58 per cent, GMR Infrastructure and BHEL rose around 1.65 per cent while Adani Power and Adani Transmission counters rose 1.58 and 0.7 per cent respectively.

Among Asian markets, the Japanese Nikkei 225 index shed 0.51 per cent, South Korean Kospi nudger 0.01 per cent higher, Hang Seng gained 0.13 per cent while the Shanghai index lost 0.19 per cent.

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