Stock Market Today: Sensex, Nifty rise on strong global cues; Birlasoft, SBI shares gain

Stock Market Today: Following strong Wall Street rally on Tuesday, the Indian indices opened in the green zone on Wednesday. The BSE Sensex shot up 202 points and hit 38,730 levels while the 50-stocks NSE Nifty index soared 57 points to 11,443 levels. Bank Nifty index skyrocketed 199 points and hit 22,364 mark. 

Speaking on the current market scenario, SEBI registered technical equity analyst Simi Bhaumik said, "The market is overall bullish. The NSE Nifty has opened above 11,400 mark. If it sustains above this levels, then it can soon hit 11,500 mark." However, Bhaumik said that 11,500 will be a big hurdle and profit-bookin may take place at this level.

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Shares of SBI, Hero MotoCorp, Birlasoft, GAIL (India), ICICI Bank, Axis Bank, Sun Pharma, ITC, BAjaj Auto and Bharti Airtel were among the major gainers in the opening bell trade session while shares of Jamna Auto Industries, Amara Raja Batteries, Balrampur Chini, Vodafone Idea, HCL Technologies and Reliance Power were among the leading losers in the early morning trade session.

Auto stocks witnessed some fresh buying as the BSE Auto index shot up over 1 per cent in the opening bell trade session. Auto major Bajaj Auto share price shot up around 1.5 per cent, Ashok Leyland shares went up 1.39 per cent, shares of Balkrishna Industries went northward 1.25 per cent, TVS Motor Company stock price went up 1.28 per cent while Motherson Sumi Systems added around 1 per cent.

Among banking sector stocks, State Bank of India or SBI share price rose 1.798 per cent, ICICI Bank shares went up 1.20 per cent, shares of Federal BAnk went northward 2.04 per cent while Axis Bank shares added 0.64 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index went up 0.32 per cent, South Korean Kospi soared 0.78 per cent, Hong Kong's Hang Seng went off 0.04 per cent while the Shanghai index went down 0.30 per cent.

At  Wall Street on Tuesday, Dow Jones went off 0.24 per cent, Nasdaq went up 0.73 per cent, S&P 500 surged 0.23 per cent while SmallCap 2000 tanked 0.87 per cent.