Stock Market Today: Sensex soars 995 points, Nifty above 9,300; Axis Bank, SAIL shares gain

Stock Market Today: On account of fresh buying by domestic institutional investors (DIIs), Indian indices shot up over 3 per cent from its yesterday closing. The BSE Sensex soared 995 points and closed at 31,605 levels while the NSE Nifty went northward 285 points and closed at 9,314 levels. Bank Nifty index skyrocketed 1270 points and closed at 18,710 levels. Banking and Finance, IT, metal, tech and energy stocks led the bull run on Dalal Street in the intraday trade.

Speaking on the curent market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "Nifty is facing resistance at 9,380 as it is trading in the range of 9,000 to 9,380." He said that market is mainly driven by the global triggers and hence share market investors should continue booking profit on every 5-6 per cent rise.

Deepak Jasani, Head Retail Research, HDFC Securities said, "Technically, the Nifty seems to have made an intermediate bottom at 8,806 on May 18 going by the extent of rise today. It could now face resistance at the downgap resistance of 9,351 and later  at 9,553. On falls it could take support at 9,179."

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Banking stocks led the fresh buying from the front as the BSE Banking index shot up over 7 per cent in the intraday trade session. Banking major Axis Bank share price soared 13.46 per cent, ICICI Bank shares shot up 8.97 per cent, shares of IndusInd Bank went northward 5.84 per cent, Kotak Mahindra Bank stock price rose 5.58 per cent while State Bank of India or SBI share price scaled up 4.76 per cent.

The BSE Metal index scaled up 2.65 per cent in the intraday trade. Metal major Steel Authority of India Ltd or SAIL share price surged 4.59 per cent, National Aluminium Company or NALCO shares rose 4.70 per cent, shares of Hindalco Industries added 3.17 per cent, JSW Steel stock price skyrocketed over 5 per cent while Tata Steel stocks added 2.66 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index soared 0.7 per cent, South Korean Kospi added 0.07 per cent, Hong Kong's Hang Seng shed 0.36 per cent while Shanghai market shed 0.34 per cent.

Yesterday at Wall Street, Dow 30 rose 2.17 per cent, Nasdaq added 0.17 per cent, S&P 500 shot up 1.23 per cent while SmallCap 2000 soared 2.88 per cent.