Stock Market: Sensex, Nifty rise as Coronavirus spread slows; SAIL, Aurobindo Pharma, Vodafone Idea
Stock Market News: On account of Coronavirus spread slowing down in China, the Indian share market surged after incurring a loss on the previous four straight sessions. The BSE Sensex rose 305 points and hit 41,200 levels while the Nifty index shot up 94 points at 12,086 levels. Bank Nifty index skyrocketed 297 points and hit 30,860 levels in the early morning trade session.
Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "Nifty is trading in the range of 11,900 to 12,250. If the Nifty sustains above 12,050, then one can take buy position at around 12,100 levels."
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Shares of AYM Syntex, SBI, Tata Steel, Tata Motors, Reliance Industries, Yes Bank and Bharti Airtel were among the most trending stocks in the intraday trade session while shares of Aurobindo Pharma, IRCTC, Kotak Mahindra Bank, Coal India, IndusInd Bank and Housing Development Finance were among the most active stocks in the Opening Bell trade session.
Metal stocks led the bull run in Opening Bell as the BSE Metal index went up 1.61 per cent. Metal major Steel Authority of India Ltd or SAIL stock price went up around 1.2 per cent, Vedanta share price soared 1.37 per cent, NMDC shot up 3.32 per cent, Jindal Steel & Power and JSW Steel shares added around 1.55 per cent while Tata Steel stocks added around 1 per cent in the Opening Bell trade session.
Banking sector also witnessed some fresh buying in the Opening Bell trade session, Banking major Federal Bank share price shot up 2.93 per cent, State Bank of India or SBI share price jumped 1.28 per cent, RBL Bank shares added 1.89 per cent, Kotak Mahindra Bank stocks added 1.37 per cent, Axis Bank scrip went up 1.62 per cent while shares of HDFC Bank, ICICI Bank and soared around 0.85 per cent.
Among the Asian markets, the Japanese Nikkei 25 index shot up 0.87 per cent, South Korean Kospi surged 0.02 per cent, Hang Seng went up 0.44 per cent while Shanghai index added 0.30 per cent.
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