Stock Market News: Sensex rise 221 points, Nifty tests 12,000 levels; DLF, ICICI Bank, DHFL stocks gain

Overall the market is bullish and has a strong support base at 11,900 levels. It seems that it is heading for 12,000 levels in the coming few trade sessions, say experts. Photo: Reuters

Stock Market News: On account of strong global cues and positive domestic institutional investors the Indian indices witnessed huge rally in the intraday trading session. The BSE Sensex rose 221 points and closed at 40,469 levels while the 50-stock Nifty added 48 points and closed at 11,966 levels after testing the psychological 12,000 levels. Bank Nifty surged 389 points to 30,609 levels on account of some positive news coming in for the ICICI Bank.

Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "Overall the market is bullish and has a strong support base at 11,900 levels. It seems that it is heading for 12,000 levels in the coming few trade sessions. So, my advice to the stock market investors is to maintain buy on dips strategy till it sustains above the 11,900 levels."

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Shares of Reliance Power, PC Jeweller, Corporation Bank, Sun Pharma Advanced, Dewan Housing Finance Limited or DHFL, Indiabulls Real Estate, DLF, Reliance Capital and Lakshmi Vilas Bank were among the major gainers in the intraday trade while stocks of Titan Company, Vodafone Idea, Bajaj Electricals, Prism Johnson, Apollo Tyres, SREI Infrastructure and Aurobindo Pharma were among the major losers after the Closing Bell trade session.

Realty stock led the bull run on Dalal Street as the BSE Realty index shot up 2.6 per cent in the intraday trade session. Realty major Indiabulls Real Estate share price soared 4.95 per cent, shares of Housing Development & Infrastructure Ltd or HDIL surged 4.82 per cent, Sobha stocks rose 4.08 per cent, DLF stock price scaled 3.45 per cent, Godrej Properties stocks added 3.06 per cent while Oberoi Realty stocks added near 1 per cent in the intraday trade.

Banking stocks also witnessed some fresh buying on some positive news flash in regards to the ICICI Bank. Baking major ICICI Bank share price scaled 2.64 per cent in the intraday trade after the Closing Bell trade session, shares of RBL Bank jumped 1.89 per cent, IndusInd Bank shares rose 1.74 per cent, HDFC Bank stock price added 1.42 per cent, Axis Bank counter added 1.29 per cent while Yes Bank shares rose 0.59 per cent after the Closing Bell trade session on Wednesday,

Among the major Asian markets, the Japanese Nikkei 225 index added 0.22 per cent, Kospi ticked 0.07 per cent higher, Hang Seng nudged 0.02 per cent up and Shanghai index dipped 0.43 per cent in the intraday trade session.

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