Stock Market Today: Sensex, Nifty rise on special package hopes; IndusInd Bank shares soar 45 pct

Stock Market: After the announcement of Rs 1.7 lakh crore welfare package for rural India by the finance minister Nirmala Sitharaman, the Indian indices bounceback on hopes that similar kind of package would be announced for the financial sector as well. The BSE Sensex skyrocketed 1,410 points and closed at 29,946 levels after the Closing Bell while the NSE Nifty-50 index shot up 323 points and closed at 8,641 levels. Bank Nifty also witnessed sharp recovery and closed 1,132 points up at 19,613 levels.

Speaking on the rise in Sensex and Nifty; Prakash Pandey, MD & CEO at Plutus Advisors said, "Indian indices have closed in the green zone for third straight trade session, which means it has taken strong support at around 8,300 levels provided there is no further weakness being shown by the Wall Street indices, especially Dow Jones and Nasdaq. This rise can be attributed to the speculation that after the Rs 1.7 lakh crore relief package for rural India, there would be a similar kind of relief package is coming for the financial sector too."

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Shares of SBI, Reliance Industries, IndusInd Bank, ICICI Bank, HDFC Bank, Axis Bank, Yes Bank, ITC, Tata Motors and Ashok Leyland were among the most trending stocks throughout the intraday trade session while shares of Housing Development Finance, IndusInd Bank, Bajaj Finance, Bharti Airtel and Kotak Mahindra Bank were among the most active stocks in the intraday trade session today.

IndusInd Bank shares soared the maximum by logging over 45 per cent intraday gains. The banking stock jumped from Rs 301.20 previous trade session's closing to Rs 436.95 per stock levels. Shares of Bandhan Bank, Ashok Leyland, Piramal Enterprises, Mahanagar Gas, Shriram Transport Finance, DLF, ICICI Lombard and Bharat Forge were among the major gainers in the intraday trade session while shares of Yes Bank, Vardhman Textiles, NIIT Technologies, MphasiS and Future Retail were among the major losers in the intraday trade.

Telecom stocks led the bull run on Dalal Street as the BSE Telecom index shot up over 10 per cent in the intraday trade. Telecom major Bharti Airtel share price skyrocketed over 8 per cent, GTL Infrastructure shares soared 4.35 per cent, Mahanagar Telephone Nigam Ltd or MTNL stocks went up 2.67 per cent, ITI stock price surged 2.5 per cent while shares of Reliance Communications rose around 1.5 per cent.

Banking and financial stocks witnessed fresh buying throughout the intraday trade session. Banking major Kotak Mahindra Bank share price shot up 7.66 per cent, Federal Bank shares soared over 9 per cent, Axis Bank stocks scaled up 4.82 per cent, HDFC Bank counter jumped 6.76 per cent while ICICI Bank shares rose 4.68 per cent. SBI share price also went up over 1.5 per cent.