Sensex rises 400 points, Nifty tops 19,450 on firm Asian cues

economictimes.indiatimes.com:

Reliance Industries, banking and financial stocks. The S&P BSE Sensex was trading 401 points or 0.61% higher at 65,745. Nifty50 was trading at 19,474, up 118 points or 0.61% at around 9.48 am.

From the Sensex pack, Bajaj Finance, Tata Motors, Bajaj Finserv, UltraTech Cement, and Asian Paints opened with gains, while Wipro, Tata Steel, TCS, HUL, ICICI Bank, and Infosys opened with cuts. Shares of Vedanta dropped 3% after Taiwan's Foxconn withdrew from a $19.5 billion semiconductor joint venture with the company. Shares of APL Apollo Tubes opened 4% higher after the company's unit was granted incentives worth Rs 500 crore by the Chhattisgarh state government.

Sector-wise, Nifty Auto surged 0.76% and Nifty Financial Services rose 0.56%. Banks, FMCG, pharma, realty, consumer durables, and healthcare sectors also opened with gains. In the broader market, Nifty Midcap 100 rose 0.43%, and Nifty Smallcap 100 gained 0.39%.Experts View«The ongoing rally in the market is slowly moving from broad-based rally to specific stock-driven rally.

There are no major triggers that can take the rally much higher from the present levels. Global cues also are uncertain,» V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. «Markets will be closely watching the CPI and PPI data from the US due on 12th and 13th July.

This data will give an indication of the rate decision by the Fed on July 26th,» Vijayakumar added. Deepak Jasani, Head of Retail Research at HDFC Securities, said, «Nifty seems to be stuck in the trading range of 19300-19500. Breakout from this range on either side would decide the near term direction for the market.»Global MarketsAsian shares bounced on Tuesday as investors hoped this week's US inflation