Stock Market: Sensex rebounds 232 points, Nifty closes at 9,270; Bharti Airtel, HDFC Bank stocks gain

Stock Market Today: After opening on the weaker note in the Opening Bell trade session, the Indian indices rebound on the strong global cues. The BSE Sensex rose 232 points and closed at 31,685 levels while the NSE Nifty went up 65 points at 9,270 levels. Bank Nifty scaled 422 points up at 19,694 levels. Banking and finance, telecom and auto stocks were among the major beneficiaries of the fresh buying in the intraday trade session.

Speaking on the current market scenario; Prakash Pandey, MD & CEO at Plutus Advisors said, "Market is in the range of 8,900 to 9,350. If the NSE Nifty manages to break above 9,400 and sustains above that then we can expect it to head for next top-out klevels for 10,800. However, in case it breaks below 8,900 and sustains below this, then it can furtehr go down up to 8,555 to 8,300 levels." 

Deepak Jasani, Head Retail Research, HDFC Securities said, "Technically, while the Nifty has bounced back, the underlying short term trend remains down. Further downsides are likely once the immediate support of 9117 is broken. Any pullback rallies could find resistances at 9347-9450."

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Shares of SBI, Reliance Industries, Tata Motors, ICICI Bank, HDFC Bank, Axis Bank, IndusInd Bank, Bajaj Finance, Bharti Airtel and Hindalco Industries were among the most rrending stocks in the opening bell while shares of Housing Development Finance, Asian Paints, Hindustan Unilever Limited or HUL, Bharti Airtel and Reliance Industries were among the most actie stocks in the early morning trade session.

Banking stocks led the bull run as the BSE Banking index rose over 2.25 per cent. Banking major HDFC Bank and ICICI Bank share price surged around 3.80 per cent, City Union Bank shares rose 2.87 per cent, shares of Federal Bank rose 1.98 per cent, IndusInd Bank stock price rose 1.6 per cent while RBL Bank soared 7.61 per cent.

Telecom stocks also rose around 2.3 per cent in the intraday trade session. Telecom major Bharti Airtel share price rose 3.45 per cent, GTPL Hathway shares rose 4.57 per cent, shares of Vodafone Idea rose 3.38 per cent, Aksh Optifibre stocks rose 4.96 per cent while Reliance Communications stock price crashed 4.35 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index crashed 2.84 per cent, South Korean Kospi added 1.76 per cent, Hang Seng went up 1.13 per cent while Shanghai index scaled up 0.63 per cent.

At Wall Street yesterday, Dow 30 rose 0.56 per cent, Nasdaq soared 1.13 per cent, S&P 500 escalated 0.90 per cent, fuelled by healthcare stocks SmallCap 2000 rose 0.63 per cent.