Stock Market Closing Bell: Sensex, Nifty rise on fresh buying in banking, telecom stocks; Kotak Mahindra Bank, Vodafone Idea shares gain

Stock Market Closing Bell: On acccount of fresh buying in banking, finance and telecom stocks, the Indian indices closed around 0.85 per cent higher from its Friday close. The BSE Sensex soared 364 points and closed at 38,799 mark while the NSE Nifty closed at 11,466 after logging an intraday gain of 94 points. Bank Nifty skyrocketed 533 points and closed at 22,833 levels.

Speaking on the current market scenario; SEBI registered technical equity analyst Simi Bhaumik said, "The mraket today came close to 11,500 when it made an intraday high of 11,497 but couldn't break the resistance of 11,500. Now, tomorrow opening will be important as breakage of this strong 11,500 resistance will mean further 100-150 points upside movement at the 50-stocks index.:

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Telecom stocks also witnessed some fresh buying as the BSE Telecom index soared 1.65 per cent today. Telecom major Vodafone Idea share price shot up 6.57 per cent, Sterlite Technologies shares skyrocketed 14.78 per cent, shares Vindhya Telelinks appreciated 9.18 per cent, HFCL stock price went northward 3.66 per cent while Bharti Airtel share price went up 1.38 per cent.

Banking stocks led the bull run on Dalal Street as the BSE Banking index shot up 2.45 per cent in the intraday trade session. Banking major Kotak Mahindra Bank share price skyrocketed 3.35 per cent, IndusInd Bank shares jumped 3.40 per cent, shares of HDFC Bank rose 2.66 per cent, ICICI Bank added 2.30 per cent, Axis Bank share price appreciated 1.27 per cent while State Bank of India or SBI share escalated 1.36 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index shot up 0.28 per cent, South Korean Kospi skyrocketed 1.10 per cent, Hong Kong's Hang Seng jumped 1.74 per cent while Shanghai index went up 0.15 per cent.