Stock Market: Bank Nifty rally lifts BSE Sensex, NSE Nifty; HDFC Bank, Vodafone Idea shares gain

Stock Market: Amid speculations of relaxation to telecom companies in AGR dues case ahead of the Supreme Court hearing, the banking and telecom stocks lift Indian indices on Friday. The BSE Sensex shot up 630 points and closed at 37,102 mark while the NSE Nifty soared 161 points after closing at 10,901 levels. Bank Nifty index surged 369 points and closed at 21,966 mark. Shares of oil and gas, banking, telecom, energy and consumer durable segment were among the major gainers in the intraday trade session.

Speaking on the reason for rise in the Indian indices Prakash Pandey, MD & CEO at Plutus Advisors said, "This rise can be attributed to combination of strong global sentiments and hopes of relaxation by Supreme Court in telecom AGR case ahead of its next hearing. Currently, NSE Nifty has closed above 19,850 mark that means it can showcase rally up to 11,150 to 11,200 levels." 

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Shares of Vodafone Idea, Bharat Petroleum, Orient Cement, Hindustan Aeronautics Limited, Muthoot Finance, Hindustan Copper, Sterlite Technologie and Tata Power were among the major gainers in the intraday trade session while shares of Vakrangee, ICICI Securities, MphasiS, Alkem Laboratories, VirlaSoft, Hindalco Industries, Hexaware Technologie and SpiceJet were among the leading losers today.

On speculation of the relaxation from the Supreme Court to telecom companies in their AGR dues, banking stocks continue to remaim bullish on the weekend trade as well. Banking major HDFC Bank share price shot up 3.46 per cent, City Union Bank shares soared 2.31 per cent, ICICI Bank stock price escpated 2.64 per cent, State Bank of India or SBI shares went up 1.13 per cent while RBL Bank counter added 1.62 per cent.

Among the major Asian markets, the Japanese Nikkei shed 0.32 per cent, South Korean Kospi shot up 0.80 per cent, Hong Kong's Hang Seng scaled up 0.47 per cent while the Shanghai index went down 0.13 per cent.

At Wall Street yesterday, Dow Jones went down 0.50 per cent, NAsdaq tanked 0.73 per cent, SmallCap 2000 crashed 0.90 per cent while the S&P 500 went off 0.34 per cent.