Stock Market: Sensex, Nifty rise on positive DIIs; SBI, Adani Gas shares gain

Stock Market: The BSE Sensex skyrocketed 597 points and regained psychological 29,000 levels by hitting 29,038.07-mark. The NSE Nifty index soared 159 points to 8,440 levels.

Stock Market: Market has strong support at 8,300 and the support is expected to remain maintained until and unless there are no further signs of weakness in the US markets. Photo: Reuters

Stock Market: On account of positive domestic institutional investors (DIIs), the Indian indices opened on the higher side in the Opening Bell trade session. The BSE Sensex skyrocketed 597 points and regained psychological 29,000 levels by hitting 29,038.07-mark. The NSE Nifty index soared 159 points to 8,440 levels. Bank Nifty jumped 312 points to 19,094 levels.

Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "Market has strong support at 8,300 and the support is expected to remain maintained until and unless there are no further signs of weakness in the US markets."

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Shares of Tata Motors, SBI, Reliance Industries, HDFC Bank, ICICI Bank, Axis Bank, Tata Steel, Cipla, Infosys and Hindustan Unilever were among the most trending stocks in the Opening Bell trade session while shares of Housing Development Finance, Bajaj Finance and IndusInd Bank were among the most active stocks in the early morning trade session.

Banking stocks led the bull run in the Opening Bell trade session as the BSE Banking index shot up near 3.34 per cent. Banking major State Bank of India or SBI share price scaled up 1.75 per cent, Axis Bank shares soared 2.71 per cent, shares of Federal Bank went up 2.33 per cent, City Union Bank stocks added 1.95 per cent while HDFC Bank and ICICI Bank share price escalated to the tune of 1.80 per cent.

Energy stocks also witnessed some fresh buying as the BSE Energy index shot up 2.20 per cent in the Opening Bell trade session. Energy major Reliance Industries share price soared 2.32 per cent, Adani Gas shares went up 1.85 per cent, shares of Bharat Petroleum Corporation Ltd or BPCL escalated 2.95 per cent, Castrol India stock price added 1.89 per cent, Hindustan Oil Exploration Company stocks went northward near 2 per cent, Hindustan Petroleum Corporation Ltd or HPCL and IOCL shares scaled up to near 1.25 per cent while Mangalore Refinery And Petrochemicals shares shot up 2.45 per cent.

Among the major Asian markets, the Japanese were up 0.20 per cent, South Korean Kospi scaled 1.75 per cent, Hang Seng added 1.21 per cent while Shanghai index went up 0.42 per cent in the Opening Bell trade session.

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