Closing Bell: Sensex, Nifty soar due to investors' short covering on tomorrow's F&O expiry; RIL, HPCL, BPCL stocks gain

Stock market today witnessed heavy buying forced by F&O expiry falling on tomorrow as lot of market investors had to short cover their positions. The BSE Sensex rose 489 points after closing at 39,054 levels while the 50-stock Nifty index soars 150 points and closed at 11,726 marks. The Nifty Bank index rose 381 points and closed at 29,860 levels. Shares of HPCL, BPCL and Sensex heavyweight Reliance Industries were among the major stocks that witnessed a huge surge in the intraday trade on Wednesday.

Giving idea about such rise into the Indian stock market Prakash Pandey, Head of Research at Fairwealth Securities said, "The rise in Indian stock market is mainly caused by the short coverings caused by the F&O expiry on tomorrow. He said that overall thge market is bullish but there can be some profit booking on tomorrow and share market investors are advised to book profit whent the Nifty touches the 11,790 to 11,780 levels. If Nifty sustain above 11,790 the an investor can take a buy position for the target of 12000 maintaining stop loss at 11,680." Prakash Pandey of Fairwealth Securities said that if Nifty goes down from the current levels tomorrow then an investor can buy at around 11,500 levels.

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Oil and gas index led the bull run on Dalal Street today. The index added around 2.32 per cent in the intraday trade on Wednesday. Oil and gas major Hindustan Petroleum Corporation Ltd or HPCL soar over 6 per cent, shares of Bharat Petroleum Corporation Ltd or BPCL surge near 3.7 per cent, Indian Oil Corporation Ltd or IOCL went northward over 2.5 per cent, ONGC counter rose 2.74 per cent while the GAIL counter went up 1.75 per cent.

Following oil and gas index closely, the BSE Energy index surge over 2 per cent today. Energy major Reliance Industries surge 1.89 per cent, shares of Aegis Logistics went up 4.19 per cent, Deep Industries stocks soar 2.27 per cent while Chennai Petroleum Corporation Ltd counter went up over 2.55 per cent.

Telecom stocks also witnessed heavy buying on Wednesday. Telecom major Bharti Airtel and Bharti Infratel stocks rose around 2.6 per cent, shares of GTL Infrastructure shot up 2.2 per cent while Tejas Networks Ltd counter soar around 3.2 per cent. However, Sterlite Technologies share price bleed 6.89 per cent, shares of Reliance Communications Ltd crashed over 4.5 per cent while GTL Ltd stocks dipped around 4.25 per cent.

At Asian merkets, Japanese Nikkei 225 index went down a0.35 per cent, South Korean Kospi crashed 0.88 per cent, Hang Seng nosedived over half a per cent while the Shanghai index nudged 0.09 per cent higher.