Sensex, Nifty rise on strong global cues; DHFL, Yes Bank, Adani Gas stocks gain

Stock Market News: On account of the strong global shares rally, the Indian indices went upward in the Opening Bell trade session. The BSE Sensex rose 119 points to 41,282 levels while the 50-stocks Nifty went northward 41 points to 12,167 levels. The Bank Nifty soared 200 points to 32,197 levels in the intraday trade.

Speaking on the market outlook Prakash Pandey, MD & CEO at Plutus Advisors said, "Nifty has strong support at 12,070 and a similar level of resistance at 12,300. So, in short, Nifty is trading in the range of 12,070 to 12,300 and expecting some weekend profit-booking before some rally in the first half of the intraday trade session."

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Shares of Dewan Housing Finance Limited or DHFL, ICICI Securities, SpiceJet, Yes Bank, Adani Gas, Reliance Infrastructure, Canara Bank and Aditya Birla Capital were among the major gainers in the Opening Bell trade session while stocks of SREI Infrastructure, Suzlon Energy, Whirlpool, MphasiS, ICICI Pru Life were among the major losers in the intraday trade.

Telecom stocks also witnessed some fresh buying in the Opening Bell as the BSE Telecom index added 0.93 per cent from its previous close. Telecom major Reliance Communications share price shot up 4.60 per cent, Mahanagar Telephone Nigam Ltd or MTNL shares soared 2.21 per cent, shares of GTPL Hathway went northward 2.41 per cent but Vodafone Idea was in the red zone by a whisker.

PSUs led the bull run on Dalal Street as the BSE PSU index went up 1.07 per cent in the intraday trade. PSU major Allahabad Bank share price skyrocketed 8.45 per cent, Power Finance Corporation Ltd or PFCL shares soared 4.14 per cent, shares of Punjab National Bank went northward 2.79 per cent, State Bank of India or SBI stock price rose 2.05 per cent while Gujarat Gas stocks added 1.61 per cent in the Opening Bell trade session.

Among the major Asian markets, the Japanese Nikkei 225 index shed 7.02 points at 23,917.00 levels, South Korean Kospi soared 0.70 per cent at 2,212.51 levels, Hang Seng skyrocketed 350 points to 28,215.00 levels. Shanghai markets went up 25 points and scaled at 3,032.81 levels.