Stock Market Today: Sensex, Nifty skyrockets over 2 pct on Coronavirus treatment trial hopes

Stock Market Today: On account of strong global sentiments after the newsbreak of Coronavirus treatment trial in the US, the Indian indices joined the global equity rally in the Opening Bell. The BSE Sensex shot up 697 points to 33,417 levels while the NSE Nifty soared 199 points to 9,753 levels. Bank Nifty went northward 593 points at 21,684 levels. Metal, auto, IT and banking stocks led the bull run on Dalal Street in the early morning trade session.

Speaking on the rise in Indian indices; Pakash Pandey, MD & CEO at Plutus Advisors said, "This rise is due to the positive sentiments coming in from the Coronavirus treatment trial newsbreak in the US. Apart from this, crude oil prices have also gone up, which is also a good sign for the gloal equity markets. Currently, Nifty is sustaining above 9,500 and it may hit 10,000 levels soon. But, I will advise investors to book profit at around this levels as the market is making top-out at this level."

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Shares of Reliance Industries, SBI, Tata Motors, HDFC Bank, AXIS Bank, Bajaj Finance, Infosys, ICICI Bank, Glenmark Pharma and HUL were among the most trending stocks in the intraday trade session while shares of Housing Development Finance, Kotak Mahindra Bank, Tata Motors and HUL were among the most active stocks in the intraday trade session.

Metal stocks attracted fresh buying from the FIIs (foreign institutional investors) that lifted the BSE metal index around 3.4 per cent. Metal major Vedanta share price skyrocketed 5.5 per cent, JSW Steel shares shot up 5.67 per cent, shares of Tata Steel soared 4.71 per cent, Steel Authority of India Ltd or SAIL and Hindalco Industries stock price went up 4.45 per cent, NMDC counte added near 3 per cent while National Aluminium Company or NALCO counter went northward around 2.59 per cent.

Auto stocks also witnessed some fresh buying as the BSE Auto index went up around 5 per cent in the early morning trade session. Auto major Ashok Leyland share price skyrocketed near 9 per cent, Tata Motors soared over 12 per cent, shares of Motherson Sumi Systems went northward 8.23 per cent, Maruti Suzuki India satock price scaled up 6.24 per cent, Mahindra & Mahindra stocks jump 5 per cent, Eicher Motors scrip added 3.93 per cent while Bharat Forge counter escalated over 8 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index, reopening after the festival break on Wednesday, soared 2.78 per cent, South Korean Kospi went up 0.70 per cent, Hang Seng added 0.28 per cent while Shanghai index shot up 1.30 per cent.