Stock Market: Sensex, Nifty rise after US oil recovery; Vodafone Idea, Bharti Airtel stocks gain

Stock Market: On account of recovery in WTI crude oil prices, Indian indices opened in the green zone today. The BSE Sensex rose 130 points and hit 30,757 levels while the NSE Nifty regained 9,000 levels after gaining 23 points in the early morning trade session. Bank Nity index shed 174 points and hit 19,234 levels. 

Speaking on the current market scenario, Prakash Pandey, MD & CEO at Plutus Advisors said, "Overall the market sentiment is bearish as the market is moved by the Wall Street perormance. Currently, the rise is because of the recovery in the WTI Crude oil prices but it can be short-lived as due to the lockdown demand for oil has gone down drastically. Currently, Nifty has immediate support at 8,850 and has strong support at 8,555. It is facing resistance at 9,200 levels."

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Shares of Reliance Industries, SBI, ICICI Bank, HDFC Bank, Tata Motors, Bajaj Finance, Aurobindo Pharma, ICICI Bank, Axis Bank, IndusInd Bank and Sun Pharma were among the most trending stocks in the intraday trade session while shares of Housing Development Finance, Dr. Reddy's Labs, SBI and Reliance Industries were among the most active stocks in the intraday trade session.

Enegy stocks led the bull run as the BSE Energy index soared over 4 per cent in the early morning trade session. This rise in Energy idnex was mainly due to the rise in the energy major Reliance Industries shares that rose near 5.9 per cent. Rest of the energy stocks were either in the red zone or on the slightly higher side from previous close. Castrol India share price was down near 2 per cent, Coal India stocks were down 2.20 per cent, Deep Industries shares were down 7.68 per cent, ONGC counter crashed 7.8 per cent while Oil India counter dipped 7.20 per cent.

IT and stocks also witnessed some fresh buying as the BSE IT index went up around 0.82 per cent. IT major NIIT share price soared over 7 per cent, Infosys shares went up 1.41 per cent, Mastek counter added 2.96 per cent, TCS added 0.6 pe cent while Wipro dipped mnea 1 per cent. Vodafone Idea after soaring over 7 per cent witnessed profit booking and finally saettled down arounds 1.5 per cent up in the opening bell trade session.

Among the major Asian indices, the Japanese Nikkei 225 index went down 1.30 per cent, South Korean Kospi dipped 0.41 per cent, Hang Seng went down 0.61 per cent while the Shanghai market went off 0.16 per cent.