Stock Market Today: Sensex, Nifty rebound after rout; Vedanta, ONGC, Yes Bank stocks gain

Stock Market Today: On account of strong global cues, the Indian indices rebound in the intraday Opening Bell after successive beating sessions. The BSE Sensex opened 232 points up at 28,520 levels while NSE Nifty was 83 points up at 8,346 levels in the early morning trade session. However, banking stocks continue to bleed even in this rebound of Dalal Street. Bank Nifty shed 200 points and hit 19,882 levels in the morning trade session.

Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "Nifty yesterday broke down below 8,000 but closed above 8,000 levels that indicate its current trade range between 7,800 to 8,550. I would advise people to book profit on every 6-7 per cent bounceback and avoid taking any short position in current markets."

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Shares of Tata Motors, SBI, Reliance Industries, Yes Bank, HDFC Bank, ITC, Bajaj Finance, IndusInd Bank and Indiabulls were among the most trending stocks in the Opening Bell trade session while shares of ICICI Bank, Housing Development Finance, Bajaj Finance and ITC were among the most active stocks in the morning trade session.

Metal stocks led the bull run as the BSE Metal index soared 3.43 per cent in the morning bell. Metal major Vedanta share price soared 2.89 per cent, Steel Authority of India Ltd or SAIL shares shot up 2.78 per cent, shares of Tata Steel 2.28 per cent, JSW Steel stock price skyrocketed 4.12 per cent, Hindustan Zinc stocks scaled 2.56 per cent while stocks of Hindalco Industries jumped 1.86 per cent.

Energy stocks also witnessed fresh buying in the early morning trade session as the BSE Energy index shot up 3.48 pre cent. Energy major and Sensex heavyweightReliance Industries share price escalated 2.39 per cent, Oil And Natural Gas Corporation or ONGC shares soared 4.34 per cent, shares of Indian Oil Corporation Ltd or IOCL went up 1.19 per cent while GP Petroleums stocks rose 3.28 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index shed 1.04 per cent, South Korean Kospi rose 3.89 per cent, Hang Seng soared 2.37 per cent while the Shanghai index added 0.47 per cent. 

Yesterday at the Wall Street indices, Dow Jones closed 0.95 per cent higher from its previous close, Nasdaq ended 2.3 per cent higher while S&P 500 added 0.47 per cent.