Stock Market Today: Sensex rises 1,861 points; Nifty regains 8K; Castrol India, Bharti Airtel, Maruti Suzuki shares gain
Stock Market Today: BSE Sensex skyrocketed 1,861 points and closed at 28,535 levels while the NSE Nifty rose 516 points after closing at 8,317 levels.
Stock Market Today: On account of fresh buying in the energy, auto and telecom stocks by the domestic institutional investors (DIIs), the Indian indices ended in the green zone on second straight trade session. The BSE Sensex skyrocketed 1,861 points and closed at 28,535 levels while the NSE Nifty rose 516 points after closing at 8,317 levels. After receiving a heavy beating in the previous week, Bank Nifty finally got some buying momentum and clocked 1,373 points gain after closing at 18,481 levels.
Speaking on the current stock market of India; Saurabh Jain, AVP — Research at SMC said, "Such rises in the Indian indices can be termed as relief rally as the entire market is looking at the government for a relief package as the majority of the industries are getting hit in this Coronavirus lockdown and share market is expecting some special package announcement from the Government."
Highlighting the technicals of the Indian stock market Deepak Jasani, Head Retail Research, HDFC Securities said, "Technically, while the Nifty has bounced back, the short term trend remains down. The Nifty could resume its downtrend if the immediate supports of 8174-7966 are broken. Any further pullback rallies could find resistance at 8377-8576."
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Shares of Reliance Industries, SBI, Axis Bank, HDFC Bank, ICICI Bank, Infosys, Yes Bank, IndusInd Bank, Tata Motors and ITC were among the most trending stocks throughout the intraday trade session while shares of Housing Development Finance, Larsen & Toubro, Bajaj Finance and Reliance Industries were among the most active stocks in the intraday trade session.
Led by Reliance Industries Ltd or RIL share price rise to the tune of 13.46 per cent, Energy stocks led the bull run on Dalal Street. Castrol India share price soared over 13 per cent, Hindustan Oil Exploration Company shares registered 8.89 per cent rise, shares of Jindal Drilling & Industries skyrocketed 9.98 per cent, Panama Petrochem stock price went up 10 per cent while Oil India stocks added 2.90 per cent.
Telecom stocks also had some fresh buying opportunities throughout the intraday trade session. Telecom major Bharti Airtel share price shot up 5.4 per cent, Bharti Infratel soared 5.61 per cent, shares of GTL Infrastructure surged 4.55 per cent, GTPL Hathway stock price went up 5.28 per cent, Mahanagar Telephone Nigam Ltd or MTNL counter rose 2.9 per cent while Reliance Communications stocks jumped 4.62 per cent.
Auto stocks also fuelled the bull run at Indian indices as the BSE Auto index surged 4.59 per cent in the intraday trade session. Auto major Maruti Suzuki India share price skyrocketed 12.23 per cent, MRF shares shot up 8.33 per cent, shares of Balkrishna Industries scaled 12.46 per cent up, Bosch stock price soared 7.85 per cent, Mahindra & Mahindra stocks rose 3.156 per cent while Apollo Tyres counter added 2.46 per cent.
Among the major Asian indices, the Japanese Nikkei 225 index skyrocketed 8.13 per cent, South Korean Kospi soared 5.89 per cent, Hang Seng scaled 3.81 per cent while Shanghai indices added 2.17 per cent in the intraday trade session.
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