Sensex, Nifty bounce back on ease in US-Iran tension; SAIL, SBI, ITI stocks gain

The stock market of India bounced back on strong global cues, especially after some sign of ease in Iran-US standoff. However, market experts are of the opinion that 12,000 is a critical level in Nifty and 31,500 in Bank Nifty index. Investors are advised to keep an eye on these two crucial levels in Nifty and Bank Nifty index. The BSE Sensex gained 451 points at 41,128 levels while the 50-stock Nifty surged 136 points at 12,129 levels. Bank Nifty index went up 555 points at 31,792 levels.

Giving technical outlook of the Indian indices; Simi Bhaumik, a SEBI registered technical equity analyst said, "Global markets are strong but Bank Nifty is showing weakness. If it sustains above 31,350 levels then we can expect Nifty to sustain above 12,000 levels otherwise weakness in banking stocks will drag down Nifty below 12,000 levels and if that happens then we can witness some more weakness in the markets."

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Metal stocks led the bull run on Dalal Street as the BSE Metal index rose 1.65 per cent in the Opening Bell trade session. Metal major Steel Authority of India Ltd. or SAIL share price shot up 2.79 per cent, Jindal Steel & Power shares went northward 2.52 per cent, shares of National Aluminium Company or NALCO rose 1.95 per cent, Vedanta stock price soared 2.72 pr cent while Tata Steel stocks scaled near 2 per cent in the intraday trade session.

After receiving a heavy beating yesterday, Banking stocks witnessed some short-coverings in the Opening Bell trade session as the BSE Bankex went up 1.72 pre cent. Banking major State Bank of India or SBI share price shot up 2.35 per cent, Yes Bank shares soared 2.44 per cent, RBL Bank went up 3.10 per cent, HDFC Bank stock price went northward 2.42 per cent while the ICICI Bank shares added 1.61 per cent.

Among the Asian markets, the Japanese Nikkei 225 index rose 306 points at 23,511.50 levels, South Korean Kospi went up 0.76 per cent at 2,171.37 levels, Hang Seng surged 147 points to 28,374.00 levels while the Shanghai markets soared 0.36 per cent at 3,094.44 levels.