The Indian stock market skyrocketed on strong global cues, especially after the positive signals coming out from the US-China trade deals. The BSE Sensex shot up 529 points and closed at 40,889 levels after the closing bell, but not before climbing to its life-time high of 40,931.71 levels. The Nifty-50 index soared 159 points and closed at 12,073 levels, which is a mere 30 points below its all-time high of 12,103. Bank Nifty index rallied 444 points and closed at 31,555 levels.

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Speaking on the current stock market scenario Simi Bhaumik, a SEBI expert technical equity analyst said, "The market is overall bullish and Nifty has managed to sustain above 12,050 levels which indicates a sharp rally in the 50-stock index in coming trading session. I expect Nifty to further scale up to 12,250 to 12,300 levels." She said that Bank Nifty has strong support at 31,500 and one can expect the banking index to first break 31,800 and then 32,000 levels.

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Indiabulls Housing Finance shares skyrocketed 12.13 per cent in the intraday trade after then closing bell. Shares of Aditya Birla Capital, L&T Finance Holdings, Bharti Airtel, Bharti Infratel, Jindal Steel and Power, Adani Green Energy, LIC Housing Finance were among the major gainers in the indtraday trade session while stocks of UCO Bank, Reliance Infrastructure, IIFL Finance, RITES, IDBI Bank, HDFC AMC, SREI Infrastructure and ONGC were among the major losers after the closing bell trade session.

Telecom stocks led the bull run on Dalal Street as the BSE Telecom index shot up 6.78 per cent in the intraday trade session. Telecom major Bharti Airtel share price skyrocketed 7.20 per cent, Bharti Infratel shares scaled 7.76 per cent, stocks of GTL Infrastructure went up 4.26 per cent, Reliance Communications stock price soared 4.55 per cent, Vodafone Idea stocks went northward 4.27 per cent while Tejas Networks counter added 1.12 per cent.

Metal stocks also witnessed some fresh buying in the intraday trade session as the BSE Metal index shot up 3.34 per cent. Metal major Tata Steel share price soared 4.99 per cent, Hindalco Industries shares shot up 4.60 per cent, Jindal Steel & Power stocks skyrocketed 6.51 per cent, JSW Steel counter added 3.58 per cent, National Aluminium Company or NALCO soared 3.84 per cent while Vedanta scrip rose 2.32 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index soared 0.78 per cent, South Korean Kospi skyrocketed 1.02 per cent, Hang Seng shot up 1.50 per cent while the Shanghai index scaled 0.72 per cent.