Stock Market: Sensex rise on telecom, energy stock gains; Nifty near 12,000 levels

The stock market of India continued its rally on buying in telecom, oil and energy stocks. The BSE Sensex rose 194 points and scaled at 40,663 levels while the Nifty-50 index jumped 48 points to 11,989 levels. Bank Nifty index added 45 points to 31,281 levels. Nifty Futures was 5 points up at 11,992 levels.

Speaking on the market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "The market is overall bullish and has strong support at 11,850. It has opened above the 11,950 levels in the Opening Bell and if the Nifty sustains above 11,950 then we can expect the 50-stock index to hit 12,000 and may be 12,100."

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Telecom stocks continued to lead the bull run on Dalal Street as the BSE telecom index went up 2.85 per cent in the Opening Bell Trade Session. Telecom major Vodafone Idea share price once again skyrocketed 28.57 per cent from its previous closing. Shares of Bharti Airtel gained 1.94 per cent, GTL Infrastructure counter added 4.76 per cent, ITI shares went up 1.332 per cent, Reliance Communications stock price rose 3.45 per cent while Tejas Networks stocks shot up 12.89 per cent.

Energy stocks also witnessed fresh buying as the BSE Energy index went up near 2 per cent in the Opening Bell. Energy major and Sensex heavyweight Reliance Industries share price skyrocketed 3.59 per cent. Shares of Coal India rose 2.05 per cent, Bharat Petroleum Corporation Ltd or BPCL shares were up 1.25 per cent while Hindustan Petroleum Corporation Ltd or HPCL shot up 3.13 per cent in the Opening Bell.

Among major Asian markets, the Japanese Nikkei 225 index went down 0.82 per cent, South Korean Kospi crashed 1.10 per cent, Hang Seng went down 0.64 per cent while the Shanghai markets were down 0.38 per cent.