Sensex, Nifty rise on positive DII sentiments; Indiabulls Real Estate shares gain 12 pct

The stock market of India witnessed some fresh buy positions by the domestic institutional investors (DII) that helped Indian indices went northward in the intraday trade. The BSE Sensex rose 278 points and close at 37,393 levels while the 50-stock Nifty index surge 100 pointts after closing at 11,257 levels. Bank Nifty index went up 238 points and closed at 28,855 levels. Realty, basic material, power, oil and gas stocks were the major gaining stocks but Indiabulls real estate emerged the show stopper in the intraday trade gaining over 12 per cent.

Commenting on the current market trend SEBI registered technical equity analyst Simi Bhaumik said, "Market is range-bound and is trading in the range of 11,100 to 11,300 levels. It has strong support at around 11,030 levels and any dip in the market should be taken as a buying opportunity taking a stop loss at around its support of 11,030 levels."

Oil and Gas stocks led the bull run today as the BSE Oil and Gas index shot up around 1.6 per cent in the intraday trade. Oil and Gas major Hindustan Petroleum Corporation Ltd or HPCL shot up over 5 per cent, Bharat Petroleum Corporation Ltd or BPCL share price surged 4.6 per cent, Indian Oil Corporation Ltd or IOCL stocks went up 3.78 per cent while Oil And Natural Gas Corporation or ONGC counter went northward over 2 per cent.

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Real estate stocks witnessed some fresh buying by the DII as the BSE Realty index went up over 1.5 per cent in the intraday trade session. Realty major Indiabulls real estate share price scaled 12.33 per cent, the share price of Phoenix Mills went up over 5 per cent while Sunteck Realty stock price shot up 2.46 per cent.

The metal stock also had some bull run today as the BSE Metal index rose near 1.5 per cent today. Metal major JSW Steel shot up 3.24 per cent, shares of Steel Authority of India  or SAIL surged 3.9 per cent, Vedanta counter went up 2.13 per cent, National Aluminium Company or NALCO went northward near 2 per cent while Hindalco Industries shares added 1.3 per cent.

Among Asian markets, the Japanese Nikkei 225 index lost 0.63 per cent, South Korean Kospi went down 1.2 per cent, Hang Seng nudged 0.02 per cent northward while Shanghai market surge 0.58 per cent.