Stock Market Today: Sensex rises 538 points, Nifty above 10K; banking, power, telecom stocks gain

Stock Market Today: On account of strong global cues, positive foreign institutional investors (FIIS) and domestic institutional investors (DIIs) the Indian indices opened more than 1.5 per cent higher in the Opening Bell today. The BSE Sensex skyrocketed 538 points and hit 34,363 levels while the NSE Nifty soared 169 points and climbed 10,148 levels. Bank Nifty index climbed 595 points and escalated 21,126 levels. Banking and finance, power and telecom stocks were among the major beneficiaries in the opening bell bull run.

Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "Nifty has climbed 10,000 levels and if it sustains above 10,100 levels then we can expect further 150 to 200 points rally at the NSE Nifty." On stocks that may fuel the upcoming markets Bhaumik said that private banks and NBFCs are expected to outperform other stocks because they have received the maximum beating during the bearish days.

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Shares of SBI, Reliance Industries, Axis Bank, ICICI Bank, HDFC Bank, Housing Development Finance, Tata Motors, IndusInd Bank, Indian Oil and Tata Steel were among the most trending stocks in the intraday trade session while shares of Bajaj Finance, Kotak Mahindra Bank, Britannia Industries and Bharti Airtel were among the most active stocks in the Opening Bell.

Banking stocks emerged major beneficiaries of the fresh rally in the Indian stock markets. Banking major Axis Bank share price shot up 4.27 per cent, ICICI Bank shares soared 4.88 per cent, shares of IndusInd Bank skyrocketed 3.33 per cent, HDFC Bank stock price rose 2.92 per cent while Kotak Mahindra Bank stocks added 2.29 per cent in the early morning trade session.

In power sector, GMR Infrastructure share price surged near 4 per cent, Adani Power shares rose 2.61 per cent, shares of KEC International went up 4.03 per cent, Reliance Infrastructure stock price went up 1.96 per cent while Siemens counter went northward 1.33 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index soared 0.89 per cent, South Korean Kospi skyrocketed 2.71 per cent, Hong Kong's Hang Seng shot up 1.28 per cent while Shanghai market added 0.43 per cent.

At Wall Street yesterday, Dow Jones ended 1.05 per cent higher, Nasdaq rose 0.59 per cent, S&P 500 shot up 0.82 per cent while SmallCap 2000 added 0.65 per cent.