Stock Market: Sensex, Nifty rise near 0.5 pct; Axis Bank, SAIL, NALCO shares gain

Stock Market: On account of strong global sentiments and fresh buying in banking and metal index, the Indian indices closed near half a per cent higher from its Monday close. The BSE Sensex shot up 186 points and closed at at 38,368 mark while the NSE Nifty rose 52 points and closed at 11,322 levels. Bank Nifty surged 326 points and closed at 22,227 mark.

Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "Market has managed to sustain above 11,250 and it can go up to 11,450 mark because the overall sentiment of the market is still bullish." She said that Bank Nifty has also managed to sustain above 22,100 mark. If it manges to break 22,250 mark and sustain above that level, then we can witness some 400-500 points rally at Bank Nifty as well.

Deepak Jasani, Head Retail Research at HDFC Securities said, "Nifty once again reacted after making a fresh recent high at 11374. However global cues suggest that some more upmove could be in offing in coming days."

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Metal index led the bull run on Dalal Street as the BSE Metal index shot up to the tune of 1.50 per cent. Metal major JSW Steel share price shot up 3.94 per cent, Jindal Steel & Power shares soared 4.76 per cent, shares of Steel Authority of India Ltd or SAIL went up 1.84 per cent, Tata Steel stock price went northward 1.84 per cent while National Aluminium Company or NALCO went up 1.87 per cent.

Banking stocks continue to attract fresh buying throughout the intraday trade session. Banking major Axis Bank share price shot up 3.96 per cent, IndusInd Bank shares soared 2.45 per cent, shares of RBL Bank went northward 2.24 per cent, HDFC Bank stock price rose 1.58 per cent while ICICI Bank stocks added 1.05 per cent.

Among the major asian markets, the Japanese Nikkei 225 index shot up 1.88 per cent, South Korean Kospi roared 1.35 per cent, Hong Kong's Hang Seng skyrocketed 2.11 per cent while the Shanghai index shed 1.12 per cent in the opening bell trade session.

At the Wall Street yesterday, Dow Jones rose 1.30 per cent, Nasdaq shed 0.39 per cent, SmallCap 2000 rose 1.03 per cent while S&P 500 added 0.27 per cent.