Stock Market: Sensex, Nifty gain on positive DIIs; Bharat Petroleum, Tata Communications, CCI stocks gain

Stock Market: The Indian indices gained in opening bell on positive domestic institutional investors (DIIs). The BSE Sensex gained 198 points at 38,865 while the 50-stock Nifty rose 60 points to 11,535 levels. The Bank Nifty index soared 392 points to 29,495 levels.

Speaking on the current market trends Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business Online, "Overall the market is bullish and Nifty has strong support at 11,450 and is facing resistance at 11,650. Auto, banking and finance and metal stocks would be the drivers of Indian indices in coming trade sessions."

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Shipping Corporation, Deepak Fertilisers, Bharat Petroleum, Container Corporation of India or CCI, YES Bank, Tata Communications and Reliance Power stocks were among the major gaining shares in the opening bell while Reliance Capital, Vodafone Idea, Indiabulls Real Estate, Lakshmi Vilas Bank, Dewan Housing or DHFL stocks were among the major losing stocks in the intraday trade.

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Oil and Gas stocks led the bull run on Dalal Street as the BSE Oil and Gas index rose 2.2 per cent in the opening bell. Oil and Gas major Bharat Petroleum Corporation Ltd or BPCL share price skyrocketed 7.33 per cent, shares of Hindustan Petroleum Corporation Ltd or HPCL soared 5.78 per cent, Indian Oil Corporation Ltd or IOCL shares shot up 5.09 per cent while Indraprastha Gas scrip added 1.2 per cent.

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After bleeding badly on Monday, the banking stocks had a sigh of relief today as the BSE Banking index went up around 1.15 per cent in the opening bell session. Banking major YES Bank share price shot up 5.31 per cent, shares of Federal Bank went up 2.16 per cent, Axis Bank shares surged around 1.95 per cent while State Bank of India or SBI, RBL Bank, ICICI Bank and HDFC Bank added mroe than 1 per cent.

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Among major Asian indices, the Japanese Nikkei 225 index soar 0.70 per cent, South Korean Kospi added 0.48 per cent, Hang Seng rose 0.53 per cent while the Shanghai markets crashed 0.92 per cent.