Stock Market Today: Sensex tests 38K, Nifty sustains above 11,000 mark; Axis Bank, Sun Pharma Advanced shares gain

Stock Market Today: On account of strong global cues and Sensex heavyweight Reliance Industries Limited or RIL share price rally, the Indian indices opened around 0.75 per cent higher from its Tuesday close. The BSE Sensex shot up 323 points and tested 38,000 mark by touching 38,010 levels. The NSE Nifty also gained 90 points and hit 11,186 mark. Bank Nifty index surged 230 points and hit 21,720 levels.

Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "After breaking 10,950 levels and closing below 10,950 on Monday, the Indian indices have shown strong recovery as global indicators have remained strong. However, much will depend on the RBI credit policy coming on 6th August 2020. Till then market is expected to remain range-bound in 10,900 to 11,250." 

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Shares of Sun Pharma Advanced, Bharat Forge, PI Industries, Vakrangee, Jain Irrigation, Orient Cement, Info Edge (India), Hindalco Industries and Steel Authority of India Limited or SAIL were among the leading gainers in the early morning trade session while shares of Mangalore Refinery, Firstsource Solution, Narayana Hrudayalaya, Suzlon Energy and InterGlobe Aviation or IndiGo were among the leading losers in the early morning trade session.

Banking stocks received fresh buying as the BSE Banking index shot up over 1 per cent in the opening bell trade session. Banking major Axis Bank share price soared near 3 per cent, IndusInd Bank shares surged 2.24 per cent, shares of RBL Bank went northward 3.20 per cent, State Bank of India or SBI stock price rose 1.43 per cent while ICICI Bank stocks gained 1.60 per cent.

Amomg the major Asian indices, the Japanese Nikkei 225 index she 0.18 per cent, Kospi surged 1.07 per cent, Hong Kong's Hang Seng soard cent while the Shanghai index went up 0.31 per cent.

At Wall Street on Tuesday, Dow Jones index shot up 0.62 per cent, Nasdaq rose 0.35 per cent, S&P 500 went up 0.36 per cent while SmallCap 2000 soared 0.64 per cent.