Stock Market: Sensex, Nifty nudge high as investors await Maharashtra, Haryana government formation

Stock Market News: On account of some fresh triggers coming out after Maharashtra and Haryana assembly poll outcome as Congress, NCP and other parties are planning to stop BJP-led government formation in the two states. The BSE Sensex rose 37 points to 39,058 levels while the Nifty-50 index nudged 1 point to 11,583 levels. Bank Nifty index rose 288 points to 29,395 levels.

Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "Overall the market is moving in an upward direction and currently it is trading in the range of 11,500 to 11,700. Any further upward trend can be expected once the Nifty breaks the 11,700 levels and sustains above that. Right now, I would advise stock market investors to maintain buy on dips strategy."

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Shares of YES Bank, PNB Housing Finance, SBI, Castrol India, Cochin Shipyard, Shriram Transport Finance and Reliance Infrastructure were among the major gainers after the Closing Bell trade session while shares of Sterlite Technologies, InterGlobe Aviation or IndiGo, Reliance Power, SpiceJet, Piramal Enterprises and Indiabulls Housing Finance were among the major losers in the intraday trade.

Banking stocks received fresh buying today as the BSE Banking index rose over 1 per cent after the Closing Bell. Banking major YES Bank share price skyrocketed 7.97 per cent, shares of State Bank of India of SBI zoomed 7.19 per cent, RBL Bank rose 3.33 per cent while ICICI Bank share price shot up 3.18 per cent today.

Among major Asian markets, the Japanese Nikkei rose 0.22 per cent, South Korean Kospi nudged 0.11 per cent up, Hang Seng slipped 0.49 per cent while the Shanghai market rose 0.48 per cent.