Stock Market Today: Sensex rises over 1200 points, Nifty tests 8,450 resistance; SBI, Apollo Hospitals, Ashok Leyland shares climb

Stock Market Today: On account of Wall Street rally signaling strong global cues, the Indian indices skyrocketed in the Opening Bell trade session. The BSE Sensex surged 1286 points at 28,877 levels while the NSE Nifty escalated 344 points at 8,427 levels. Bank Nifty rose 992 points and hit 18,241 levels in the Opening Bell trade session.

Speaking on the current stock market Prakash Pandey, MD & CEO at Plutus Advisors said, "The way world indices have responded to the Coronavirus, Indian indices have been worst hit as it has gone down around 35 per cent. So, in the coming few trade sessions, we are expecting 10-12 per cent rise at Nifty." However, he maintained that the rise won't be straight and advised traders to book profit on every 7-8 per cent rise.

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Shares of SBI, Reliance Industries, ITC, Sun Pharma, ICICI Bank, Tata Motors, HDFC Bank, Axis Bank, Bajaj Finance and Cipla were among the most trending stocks in the Opening Bell trade session while shares of Housing Development Finance, Kotak Mahindra Bank, Hindustan Unilever Limited or HUL and IndusInd Bank were among the most active stocks in the intraday trade session.

Banking stocks surged around 5.71 per cent in the Opening Bell trade session. Baking major State Bank of India or SBI share price rose to near 3 per cent, IndusInd Bank shares skyrocketed to near 15 per cent, shares of Axis Bank rose 6.6 per cent, HDFC Bank stock price added around 5 per cent, ICICI Bank stocks scaled up 6.51 per cent while Kotak Mahindra Bank share price surged 6.51 per cent in the early morning trade session.

Healthcare stocks also witnessed fresh buying as the BSE HEalthcare index added 4.11 per cent in the early morning trade session. Healthcare major Alembic Pharmaceuticals share price surged 4.82 per cent, Alkem Laboratories shares rose 3.32 per cent, shares of Apollo Hospitals Enterprise added 2.65 per cent, Aurobindo Pharma stock price went up near 5 per cent, Cipla stock price added around 3 per cent, Divi's Laboratories stocks went northward 3.22 per cent, Dr. Reddy's Laboratories counter scaled up 3.60 per cent while Glenmark Pharmaceuticals counter went up over 6.6 per cent.

Auto stocks also had some bull run s the BSE Auto index rose around 2.5 per cent in the intraday trade session. Auto major Ashok Leyland share price skyrocketed 3.93 per cent, Apollo Tyres shares rose 3.76 per cent, shares of Bajaj Auto surged 5.60 per cent, Cummins India stock price rose 3.76 per cent, Hero MotoCorp stocks skyrocketed 5.22 per cent while Mahindra & Mahindra counter went northward over 12 per cent.

Asian markets also witnessed some strong buying after the Wall Street rally yesterday. The Japanese Nikkei 225 index rose 0.87 per cent, South Korean Kospi went up 0.74 per cent, Hang Seng added 0.56 per cent while the Shanghai index surged 1.91 per cent in the early morning trade session.

At Wall Street yesterday, the Dow 30 index skyrocketed 7.73 per cent, Nasdaq scaled up 7.33 per cent while S&P 500 index went northward over 7 per cent. SmallCap 2000 index surged 8.69 per cent.