Stock Market: Sensex regains 30K, Nifty climbs 708 points; IndusInd Bank, BPCL, Maruti Suzuki India shares rise

Stock Market: On account of strong global cues after the Wall Street rally yesterday, the Indian indices responded positively logging around 9 per cent rise in the intraday trade session. The BSE Sensex skyrocketed 2,476 points and closed at 30,067 levels while the NSE Nifty shot up 708 points and closed at 8,792 levels. Bank Nifty regained 19K by closing at 19,062 levels — 1,813 points above from the previous closing.

Speaking on the current stock market Prakash Pandey, MD & CEO at Plutus Advisors said, "The way world indices have responded to the Coronavirus, Indian indices have been worst hit as it has gone down around 35 per cent. So, in the coming few trade sessions, we are expecting 10-12 per cent rise at Nifty." However, he maintained that the rise won't be straight and advised traders to book profit on every 7-8 per cent rise.

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Amar Ambani, Senior President and Head of Research, YES Securities said, “Indian equities are significantly up today, following positive cues from global markets, consecutive days of decline in intensity of covid-19 cases and reports from banking sector on healthy growth in advances as well as comfortable deposit position. However, this big up move is on a smaller base vis-à-vis where markets were around three months back. A rally on the Nifty to 10500 is possible in the next four weeks, where it will face still resistance. The year 2020 will continue to see high volatility even in the aftermath of the health crisis. It will be a great time to lap up stocks with a 3-year horizon but only after sufficient liquidity is kept aside for emergencies.”

Shares of SBI, Reliance Industries, ICICI Bank, IndusInd Bank, Bajaj Finance, Cipla, Tata Motors, HDFC Bank, ITC and Bandhan Bank were among the most trending stocks throughout the intraday trade session while share of Hindustan Unilever Limited or HUL, Housing Development Finance, Axis Bank, IndusInd Bank and Sun Pharma were among the most active stocks in the intraday trade session.

Banking stocks led the bull run at Dalal Street as the BSE Baking index shot up 10.70 per cent in the intraday trade session. Banking major InusInd Bank share price skyrocketed over 2 per cent, Axis Bank shares shot up 19.41 per cent, shares of ICICI Bank surged 13.82 per cent, HDFC Bank stock price scaled northward 10.18 per cent, State Bank of India or SBI stocks gained 6.15 per cent while Kotak Mahindra Bank scrip rose 5 per cent.

Energy stocks were also not too far behind bankign stocks in attracting fresh buyers as the BSE Energy index soared over 10 per cent in the intraday trade session. Energy major and Sensex heavyweight Reliance Industries share price shot up 11.89 per cent, PSU stock Bharat Petroleum Corporation Ltd or BPCL shares soared 10.81 per cent, shares of Castrol India went up 4.62 per cent, Hindustan Petroleum Corporation Ltd or HPCL stock price scaled up 8.66 per cent while ONGC counter added 4.58 per cent.

Auto stocks also witnessed fresh buying in the intraday trade as the BSE Auto index went up near 9.49 per cent in the intraday trade session. Auto major Maruti Suzuki India share price surged 13.41 per cent, Bajaj Auto shares soared near 12 per cent, shares of Mahindra & Mahindra skyrocketed 14.44 per cent, Hero MotoCorp stock price scaled up 11.83 per cent while MRF stocks added over 5 per cent in the intraday trade session.

Among the major Asian indices, the Japanese Nikkei 225 index soared 2.01 per cent, South Korean Kospi surged 1.77 per cent, Hang Seng shot up 2.12 per cent while Shanghai market jumped 2.21 per cent.