Stock Market Today: Sensex, Nifty rise on Wall Street rebound; Vodafone Idea, Vedanta, Sobha stocks rise

Stock Market Today: On account of Wall Street rebound on stimulus hopes to counter Coronavirus fear, the Indian shares opened in positive zone in the Opening Bell. The BSE Sensex rose 389 points and trade at 30968 levels while the Nifty index went northward 121 points and trade at 9088 levels. Shares of Yes Bank, Glenmark Pharma, Piramal Enterprises, Sun Pharma, Dr. Lal Pathlabs and Aurobindo Pharma were among the major gainers in the Opening Bell while shares of Equitas Holdings, KEI Industries, Future Retail, Au Small Finance Bank and Jubilant Foodworks were among the major losers in the intraday trad session.

Speaking on the Indian stock market's continuous bleed Prakash Pandey, MD & CEO at Plutus Advisors said, "Market is bearish because of the rise in Coronavirus fear. Nifty on yesterday closed below 9,000 levels, which means its immediate support is now 8,555." He said that on the upper side Nifty is facing resistance at 9,250. If the Nifty is able to break that upper resistance, only then bullish or bearish trend can be explained.

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Metal stocks led the bull run a the BSE Metal index rose 1.38 per cent in the Opening Bell today. Metal major Vedanta share price soared 2.27 per cent, Hindustan Zinc shares rose 1.75 per cent, shares of National Aluminium Company Ltd or NALCO added around 1 per cent while Jindal Steel & Power stock price rose around 0.75 per cent in the intraday trade session.

Tech and IT stocks also witnessed fresh buying in the Opening Bell. Tech and IT major Infosys share price surged 2.8 per cent, Tata Consultancy Services or TCS shares escalated 1.20 per cent, shares of Wipro soared 1.5 per cent, Vodafone Idea stock price skyrocketed 6.80 per cent while ITI stocks went up over 1 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index went up 1.27 per cent, Kospi dipped 0.48 per cent, Hang Seng ticked 0.06 per cent lower while the Shanghai market scaled 0.85 per cent.