Sensex, Nifty skyrocket on positive FIIs, Bank Nifty soars 992 points; DHFL, IDBI Bank stocks gain

Closing Bell: The stock market of India broke all psychological barriers today after the budget surcharge waiver fuelling positive sentiments among the foreign institutional investors (FIIS). The BSE Sensex shot up 792 points and closed at 37,494 levels while the 50-stocks Nifty scaled 228 points and closed at 11,057 levels. Bank Nifty index climbed 992 points and closed at 27,951 levels.

Speaking on the current rise in the Indian stock market Prakash Pandey, Head of Research at Fairwealth Securities said, "This rise is caused by the budget surcharge waiver. As per the time cycle, Nifty will form a durable bottom in next 15-20 days. Till then, I advise share market investors to maintain buy on dips strategy."Pandey said that in downside risk is near 5 per cent while  upside potential in the market is around 40 per cent to 80 per cent in next 12 to 24 months."

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Swan Energy, Reliance Infrastructure, IDBI Bank, Indian Bank and DHFL stocks were among the major gaining shares while CG Power and Industries, Ashoka Buildcon, Ashoka Beverage, Vodafone Idea and JSW Steel stocks were among the major losing stocks in the intraday trade.

Financial and banking stocks led the bull run on Dalal Street today. Banking major Yes Bank share price soar around 5 per cent, shares of RBL Bank shot up 5.89 per cent, ICICI Bank shares shot up 4.49 per cent, HDFC Bank went higher around 4.3 per cent while Axis Bank counter roared near 3.1 per cent in the intraday trade.

Realty stocks witnessed fresh buying on the FII's positive sentiments as the BSE REalty index scaled over 3.5 per cent. Realty major DLF share price shot up 4.4 per cent, Indiabulls Real Estate shares skyrocketed 7.88 per cent, shares of Oberoi Realty climbed 5.57 per cent, Sobha scrips went up 6.6 per cent while Sunteck Realty share price surged 5.86 per cent in the intraday trade.

Among Asian markets, the Japanese Nikkei 225 index crashed 2.17 per cent, South Korean Kospi dipped 1.64 per cent, Hang Seng nosedived 1.91 per cent while Shanghai markets went off 1.17 per cent.