Sensex skyrockets 634 points, Nifty above 12,200 levels; Experts predict beginning of pre-budget rally

The stock market of India skyrocketed in the intraday trade on ease in the US-Iran crisis. The BSE Sensex soared 634 points and closed at 41,452.35 after the Closing Bell while the 50-stock Nifty index went up 190 points and closed at 12,215.90 levels. Bank Nifty index went northward 718 points and closed at 32,092.40 levels.

Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "Nifty has closed above 12,200 and if it continues to rally on tomorrow and sustains above 12,110 levels at the weekend trade, then we can a pre-budget (#BUDGET2020ZEE) rally from next week as well."

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Auto stocks attracted fresh buying as the BSE Auto index shot up 2.64 per cent in the intraday trade. Auto major Tata Motors share price shot up 5.18 per cent, TVS Motor Company shares soared near 3 per cent, MRF stocks went up 3.05 per cent, Eicher Motors stock price went up 2.17 per cent, Bharat Forge scaled 3.92 per cent, Ashok Leyland counters went up 2.42 per cent while Apollo Tyres added near 2 per cent in the intraday trade.

Realty stocks attracted maximum buying as the BSE Realty index went up 2.83 per cent in the intraday trade session. Realty major DLF share price soared 4.81 per cent, Indiabulls Real Estate shares scaled 4.79 per cent, shares of Sunteck Realty skyrocketed 6.76 per cent while Oberoi Realty stock price went up 1.79 per cent.

In the banking sector, State Bank of India or SBI share price shot up 3.25 per cent, IndusInd Bank shares added 3 per cent, ICICI Bank stock price shot northward 3.8 per cent, Axis Bank shares scaled 2.56 per cent while HDFC Bank share price rose near 1.1 per cent.

Among the major Asian markets, the Japanese Nikke 225 index skyrocketed 2.31 per cent, Kospi rose 1.63 per cent, Hang Seng surged 1.68 per cent while the Shanghai market went up 0.91 per cent.