Stock Market: Sensex, Nifty rise on third straight session; MTNL, SBI, LIC Housing Finance stocks soar

The stock market of India continue to gain for the third straight session on Thursday. Extending the last two days'gain further, the BSE Sensex shot up 163 points and closed at 41,306 levels while the 50-stocks Nifty went up 48 points and closed at 12,137 levels. Bank Nifty index surged 302 points and closed at 31,304 levels.

Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical stock market expert said, "Overall market is bullish but one should avoid taking any position till Nifty is trading in the range of 12,100 to 12,200 as Nifty has support at 12,050 and strong resistance at 12,250. In fact one should take a buy position only when it is below 12,100 or once it breaks 12,250 and sustains above this level."

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Shares of SBI, Indiabulls, Reliance Industries, Eicher Motors, Yes Bank, Tata Motors, Tata Steel and IndusInd Bank were among the most trending stocks in the intraday trade while Piramal Enterprises, Bharti Airtel, Housing Development Finance and Bajaj Finance stocks were among the most active stocks throughout the intraday trade session. 

Telecom stocks received maximum fresh buying in the intraday trade as the BSE Telecom index rose over 1.9 per cent. Telecom major Mahanagar Telephone Nigam Ltd or MTNL share price skyrocketed 7.81 per cent, ITI shares soared 6 per cent, Reliance Communications stock price went up 3.90 per cent, Bharti Airtel stocks rose 2.52 per cent while Vodafone Idea stocks went down 2.48 per cent.

Banking stocks also witnessed some fresh buying in the intraday trade session. Banking major State Bank of India or SBI share price surged 3.30 per cent, YES Bank shares soared 2.39 per cent, RBL Bank stock price shot up 4.44 per cent, IndusInd Bank skyrocketed 4.49 per cent, Axis Bank and Federal Bank soared to the tune of 1.65 per cent while Kotak Mahindra Bank share price went down 0.90 per cent. LIC Housing Finance share price scaled 8.26 per cent after the Closing Bell trade session. 

Among the major Asian bourses, the South Korean Kospi skyrocketed 2.88 per cent, Japanese Nikke 225 soared 2.38 per cent, Hang Seng scaled 2.64 per cent while Shanghai went up 1.72 per cent in the intraday trade session.