Sensex rises 917 points, Nifty near 12,000 mark; Metals, oil, gas stocks gain

Stock Market: On account of slide in the global crude oil prices, the Indian indices pares its losses of Saturday and Monday trade sessions. The BSE Sensex skyrocketed 917 points and closed at 40,789 levels while the Nifty-50 index surged 271 points and closed at 11,979 levels. Bank Nifty index shot up 663 points and closed at 30,686 levels.

Speaking on the current market scenario Simi Bhaumik, a SEBI registered tax and investment expert said, "Nifty has strong support at 11,800. But, 12,000 is crucial. if Nifty breaks the 12,000 levels and sustains above this level, then we can expect fresh 150 to 200 points upside movement in coming trade session."

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Shares of SBI, Titan Company, Tata Motors, IRCTC, Reliance Industries, ITC, Yes Bank, and HDFC Bank were among the most trending stocks while shares of Indiabulls, ICICI Bank, Bajaj Finance and Piramal Enterprises were among the most active stocks in the intraday trade session.

Metal stocks led the bull run on Dalal Street as the BSE Metal index rose over 3 per cent in the intraday trade session. Metal major Jindal Steel & Power share price skyrocketed 5.46 per cent, shares of NMDC soared 5.19 per cent, Steel Authority of India Ltd or SAIL stock price scaled 3.91 per cent, Tata Steel stocks went up 3.70 per cent, Vedanta counter added 3.17 per cent while Hindalco Industries share price rose 3.82 per cent after the Closing Bell trade session.

Among the major Asian markets, the Japanese Nikkei 225 index surged 0.49 per cent, south Korean Kospi shot up 1.84 per cent, Hang Seng soared 1.21 per cent while the Shanghai index scaled 1.34 per cent in the intraday trade session.