Stock Market Today: Sensex, Nifty rebound; Tata Steel, Bharti Airtel, SAIL stocks gain

Stock Market Today: The Indian indices clocked fresh buying after bleeding in the opening bell trade session. The BSE Sensex rebound and clocked 161 points gain after the closing bell and closed at 36,724 levels. The 50-Stock Nifty index logged 38 points gain and closed at 10,836 levels after the closing bell. Bank Nifty index soar 266 points and regained the psychological 27,000 levels by closing at 27,090 levels.

Speaking on the Indian stock market trends Prakash Pandey, MD & CEO at Plutus said, "The stock market has shown some recovery after losing in the early morning trade. So, tomorrow morning the opening bell becomes important. If the Nifty opens above 10,850 and sustains above those levels, then we can expect fresh recovery in the share market and the psychological 11,000 levels would be the next target. However, if it opens below 10,850 levels and fails to break the resistance it is facing at 10,850, then we can expect around 70-75 points further selloff in the markets.

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Sterlite Technologie, Dr. Lal Pathlabs, Steel Authority of India Limited or SAIL, Bharti Airtel and Tata Steel were among the major stocks that gained in the intraday trade while Escorts, IDBI Bank, Reliance Communications, Ashok Leyland, ICICI Lombard and Maruti Suzuki India were among the major losing stocks after the closing bell.

Telecom stocks led the bull run on Dalal Street as the BSE Telecom index surged 1.87 per cent in the intraday trade session. Telecom major Bharti Airtel share price shot up 2.97 per cent, Optiemus Infracom shares went up 4.96 per cent, Vindhya Telelinks counter soar 2.34 per cent, Tata Communications share price scaled 1.63 per cent while Sterlite Technologies stock price skyrocketed 6.31 per cent.

Metal stocks also witnessed fresh buying in the intraday trade as the BSE Metal index went northward 1.64 per cent. Metal major Steel Authority of India (SAIL) share price shot up 6.57 per cent, shares of Tata Steel scaled 2.85 per cent, Vedanta shares added 2.24 per cent, Jindal Steel & Power share price jump 2.96 per cent while JSW Steel stock price rose 2.47 per cent today.

Among major Asian indices, the Japanese Nikkei 225 index added 0.18 per cent, South Korean's Kospi shot up 1.16 per cent, Hang Seng scaled 3.9 per cent while Shanghai markets went northward 0.93 per cent.