Stock Market Today: China Stimulus Plus Spurs Risk-On

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IT Stocks Lead Massive Rally In Stock Market Today

By S Jha

New Delhi, October 14: Nifty on Monday reclaimed the psychological level of 25k. The 50-share index soared by 163 points to close at 25127.

Sensex also sharpy rose by 591 points. The 30-share index is now just a kiss away from 82k level.

Bank Nifty was resilient. The Banking index gained 644 points on Monday. The banking index is also now staring at 52k level.

Chinese stock market led the Asian rally on Monday. China equity market rose by two per cent.

The gains in the Asian markets came amid remarks of Chinese Finance Minister Lan Foan that more will be done to boost the economy. China already has unveiled rate cut, as well as stimulus package.

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The recent meeting of the Chinese Communist Party (CCP) also laid much emphasis on improving economy. The thrust is to boost the property market.

Lan was quoted saying in reports that the government is mulling fresh measures to boost the economy. His remarks made on Saturday buoyed the investors all across Asia.

The US bourses had closed with strong gains on Friday. The crude oil also subsided amid receding fear of a regional war in the Middle East.

The IT index turned showstoppers for the stock market on Monday. Wipro gained over four per cent.

The IT giant was reacting over the news break that it will issue bonus share. Wipro will announce financial results of the second quarter on Thursday, October 17.

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The IT stocks extended their gains on Monday. The likes of Persistent Systems and Zensar Technology were in demand.

The recently-listed Bajaj Housing Finance came under pressure on Monday. The scrip tanked by almost five per cent. But Aptus Value Housing Finance extended gains. This scrip is steadily gaining. Shares of Aptus Value Housing Finance ended the day higher by over seven per cent on Monday.

The jewellery stocks again made gains. Kalyan Jewellers and the recently-listed PN Gadgil made gains on the street.

Railway stocks showed some life in day’s trade. Shares of Texmaco Rail and Engineering gained over five per cent. Shares of Titagarh Wagons also gained over two per cent. Jupiter Wagons too rose by three per cent on Monday.

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Logistics firm Sanghvi Movers has also been in action for the past few days. It gained seven per cent on Monday.

Nifty Resistance levels are 25154, 25168, and 25190. Nifty support levels are 25119, 25097, and 25083.

Bank Nifty resistance levels are 51907, 51948, and 52023. Bank Nifty support levels are 51790, 51715, 51674.

Disclaimer: This article makes no recommendation for buy of sell of shares of any company.

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