Stock Market Today: Sensex, Nifty rise on strong global cues; Cipla, IndusInd Bank shares gain

Stock Market Today: On account of strong global sentiments after the Wall STreet rally yesterday, the Indian indices opened on the higher side in the Opening Bell trade session. The BSE Sensex shot up 654 points to 30,548 levels while the NSE Nifty index soared 194 points to 8,943 levels. Bank Nifty skyrocketed 606 points to 19,553 levels.

Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "This rise in the Indian indices can be attribuited to the rally witnessed yesterday at the Wall Street. Nifty is currently at the support of 8,750 and strong support at 8,555. It is facing strong resistance at 9,050 levels as well. IF Nifty breaks this resistance and sustains aboe this level, then we can further expect around 9,350 to 9,400 level rally." However, he advised traders to book profit on every 6-7 per cent rise as much depends upon how US comes out of the Coronavirus fear and global indices can't afford any weakness at Wall Street.

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Shares of SBI, Reliance Industries, Cadila Healthcare, ICICI Bank, Tata Motors, IndusInd Bank, HFDC Bank, Axis Bank, Sun Pharma and Cipla were among the most trending stocks in the early morning trade session while shares of Housing Development Finance, Lupin, Axis Bank and HDFC Bank were amongthe most active stocks in the Opening Bell trade session.

Healthcare stocks witnessed fresh buying as teh BSE Healthcare index shot up over 4 per cent in the early morning trade session. Healthcare major Cipla share price skyrocketed 15 per cent, Aurobindo Pharma shares shot up 4.44 per cent, shares of Cadila Healthcare scaled up 4.51 per cent, GlaxoSmithKline Pharmaceuticals stock price rose over 7 per cent, Jubilant Life Sciences stocks rose 5 per cent while Pfizer counter added 2.43 per cent.

Banking stocks witnessed some fresh buying in the intraday trade as the BSE Banking index rose near 3 per cent in the early morning trade session. Banking major Axis Bank share price skyrocketed over 5 per cent, RBL Bank shares shot up 5.91 per cent, shares of ICICI Bank soared 5.2 per cent, IndusInd Bank stock price added 3.3 per cent, HDFC Bank stocks added 3.92 per cent while State Bank of India or SBI share price rose 3.61 per cent.

Among the major Asian indices, the Japanese Nakkei slipped 0.35 per cent, South Korean Kospi went up 1.37 per cent, Hang Seng surged 0.83 per cent while Shanghai market shot up 0.28 per cent in the early morning trade session.

At Wall Street yesterday, Dow 30 shot up 3.44 per cent, Nasdaq soared 2.58 per cent, S&P 500 added 3.41 per cent while SmallCap 2000 scaled up 3.60 per cent.