Stock market news: On account of Supreme Court ruling against the NCLAT on Essar Steel insolvency case, paving way for ArcelorMittal's bid to buy the steel ginat company and giving relief to the public sector banks, the Indian indices pares the heavy losses it came across after heavy selloff in IT, Auto and Power sector stocks. The BSE Sensex rose 70 points and closed at 40,356 levels while the Nifty-50 index rose 23 points to 11,895 levels. The Bank Nifty index surged 258 points and closed at 31,008 levels, scaling the 31,000 levels.
Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "Overall the market is bullish and has strong support at 11,850. In current market scenario, it seems that the market is in range of 11,850 to 11,970-980. Breakage on any side will decide the further bullish or bearish trend in the markets."
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Vodafone Idea share price skyrocketed 26 per cent while shares of Corporation Bank, IIFL Finance, Central Bank, Bharti Airtel, SBI, Jamna Auto Industries, Bank of India, Lakshmi Vilas Bank and Apollo Tyres were among the major gainers. Fortis Healthcare share price bleed 8.65 per cent while shares of Reliance Capital, Dewan Housing Finance Limited or DHFL, Reliance Power, PC Jeweller and Future Retail were among the major losers in the intraday trade.
On account of heavy buying in Vodafone Idea the telecom index led the bull run on Dalal Street as the BSE Telecom index rose over 8 per cent. Telecom major Vodafone Idea soared 26 per cent, Bharti Airtel share price surged 9.58 per cent, shares of Bharti Infratel went up 9.46 per cent while GTL Infrastructure counter added 2.44 per cent.
On account of Supreme Court ruling in favour of the Essar Steel against the NCLAT ruling, banking stocks witnessed heavy buying in the second half of the intraday trade session. Banking major State Bank of India or SBI share price rose 5.19 per cent, shares of City Union Bank added 2.27 per cent, while Kotak Mahindra Bank stock went up 1.6 per cent.
Among the major Asian markets, the Japanese Nikkei 225 index rose 0.70 per cent, Kospi soared 1.07 per cent, Hang Seng added 0.01 per cent while the Shanghai market slipped 0.64 per cent in the intraday trade.