Stock Market Today: Sensex, Nifty rise on ease in Coronavirus lockdown hopes; IndusInd Bank, DLF, Cummins India shares gain

Stock Market Today: Amid strong global cues from the Wall Street rally yesterday after the death toll in the US going down for two consecitive days, global indices responded positivelty to this US stock markte rally. Indian indices too rise sharply and remained in the green zone throughout the intraday trade session. BSE Sensex shot up 371 points and closed at 32,114 levels while NSE Nifty scaled up 98 points and closed at 9,380 levels. Bank Nifty surged 589 points and closed at 20,671 levels.

Speaking on the current maket scenario; Ruchit Jain, Technical Equity Analyst at Angel Broking said, "The index opened on a positive note around the 9,400 mark following the global cues. However, Nifty corrected from the opening levels in the first hour to test the low of 9260. For rest of the session, it crept higher and ended the day tad below 9400, with gains of over a percent. In last few sessions, Nifty has been consolidating and the range has narrowed with the passage of time. On the daily chart, the index has been trading in a ‘Wedge’ formation and prices are now approaching the apex of the pattern. Usually, breakout from such consolidations lead to a directional move and hence, a breakout beyond 9400 should lead to an upmove in the index towards 9600-9700. The recent under performing Bank Nifty too witnessed good momentum today and hence, stocks from this sector could see some catch up move to cover up the under performance. The immediate supports for Nifty are now placed around 9250 and 9140 and till these supports are intact, traders are advised to trade with a positive bias. As mentioned above, stocks from banking and the NBFC space which has recently showed under performance have showed some signs of relief move today. Hence, we could see some decent up move if the market moves higher and thus, short term traders should look for stocks form this sector from a momentum perspective.”

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Shares of Reliance Industries, Bajaj Finance, SBI, Axis Bank, IndusInd Bank, HDFC Bank, Sun Pharma, ICICI Bank, Infosys and Tata Motos were amon teh most trending stocks throughout the intraday trade session while shares of Housing Development Finance, Kotak Mahindra Bank, RBL Bank and Reliance Industries were among the most active stocks throughout the intraday trade session. 

Banking stocks continue to attract fresh buyers throughout the intraday trade session. Banking major IndusInd Bank share price skyrocketed 16.72 per cent, Axis Bank shares shot up 6.80 per cent, shares of RBL Bank suged 7.71 per cent, ICICI Bank stock price rose 3.54 per cent while Federal Bank stocks skyrocketed 7.64 per cent.

Realty stocks also witnessed some fresh buying in the intraday trade session. Realty major DLF share price soared 3.54 per cent, Prestige Estates Projects surged 4.42 per cent, shares of Sunteck Realty went up 2.44 per cent, Housing Development & Infrastructure stock price rose 1.68 per cent while Indiabulls Real Estate slide 3.81 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index went down 0.06 per cent, South Korean Kospi added 0.59 per cent, Hang Seng shot up 1.22 pe cent while Shanghai index shed 0.19 pe cent.

At Wall Street yesterday, Dow 30 shot up 1.51 per cent, Nasdaq surged 1.11 per cent, S&P 500 soared 1.47 per cent while SmallCap 2000 skyroicketerd 4.45 per cent.