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Stock Market Today: Sensex, Nifty rise on Wall Street rally; Bharti Airtel, HDFC Bank shares gain

Stock Market Today: On account of strong global cues after the Wall Street rally yesterday, the Indian indices opened on the higher side in the opening bell today. The BSE Sensex went up 345 points to 30,374 levels while the NSE Nifty soared 104 points at 8,928 levels. Bank Nifty index went up 323 points to 17,896 levels. Telecom, banking, auto, oil, energya ande gas stocks were among the major gainers in the opening bell trade session.

Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, “Nifty is currently trading in the broader ragne of 8,700 to 9,100. There can be some rise in the Indian indices on the recent rally at the Wall Street indices on Coronavirus vaccines hopes. At Indian indices, Nifty is facing resistance at 9,100, if it manages to break this level and sustain above, then we can expect it to scale up to 9,380 levels soon.” However, Pandey advised investors to continue booking profit on every rise of 5-6 per cent.

Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel Broking said, “After breaking rock solid support of 9000, some sort of long liquidation was expected but the initial move was so swift that we got deceived by a contradictory pattern on charts. Hence, going forward we need to see whether we get any follow through selling and in the process, the said pattern (Bullish Wolfe wave) gets negated or not. For the coming session, 8800-8750 would now be seen as crucial support and any decisive move below this would certainly negate the hopes of any recovery, at least for a while. On the flipside, 8920 followed by 9000 remains to be an immediate hurdle now. The global markets are trading with a positive bias and we are likely to see a gap up opening. It would be crucial to see how markets react around the 9000 levels and if we have to regain any strength, we need to reclaim 9000 convincingly.”

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Shares of Reliance Industries, SBI, Bajaj Finance, Bharti Airtel, ICICI Bank, HDFC Bank, Cipla, Axis Bank, Tata Motors and IndusInd Bank were among the most trending stocks in the opening bell trade session while shares of Siemens, Housing Development Finance, TCS, Reliance Industries and SBI were among the most active stocks in the early morning trade session.

Telecom stocks led the bull run in the opening bell as the BSE telecom index rose 3.93 per cent. Telecom major Bharti Airtel share price shot up 4.80 per cent, Vodafone Idea shares rose over 1 per cent, shares of Optiemus Infracom soared near 4 per cent, Mahanagar Telephone Nigam Ltd or MTNL share price rose 1.19 per cent while HFCL stocks added 0.93 per cent in the early morning trade session.

Banking stocks also witnessed some fresh buying in the early morning trade session as the BSE Banking index rose around 1.25 per cent. Banking major HDFC Bank share price rose 1.06 per cent, ICICI Bank shares added 1.29 per cent, shares of Kotak Mahindra Bank went up 1.52 per cent, Can Fin Homes stock price added 1.92 per cent, Dolat Investments stocks rose 4.42 per cent while IndusInd Bank shares went down over 3 per cent.

Among the major Asian indices, the Japanese nikkei 225 index soares 1.76 per cent, Kospi scaled up 1.83 per cent, Hang Seng shot up 1.75 per cent while Shanghai market added 0.53 per cent.

At Wall Street yesterday, Dow 30 surged 3.85 per cent, Nasdaq soared 2.44 per cent, S&P 500 skyrockted 3.15 per cent while SmallCap 2000 shoot up 6.39 per cent.

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