Sensex rebounds 445 points, Nifty above 12,150 levels; JSW Steel, SBI stocks gain

The stock market of India skyrocketed in the Opening Bell trade session on news of ease in Iran-US tension that fuelled crude oil and gold prices in a recent fortnight. The BSE Sensex shot up 445 points hitting 41,263.23 levels while the Nifty-50 index soared 138 points at 12,163.60 levels. Bank Nifty index surged 499 points at 31,873.25 levels.

Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "If the Nifty index closes above 12,111 levels and sustains above this level for next few sessions, then we can say that the fear of bear run is over and fresh buying can be initiated above 12,300 levels."

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Metal stocks led the bull run as the BSE Metal index shot up near 1.75 per cent in the Opening Bell trade session. Metal major JSW Steel share price shot up 3.85 per cent, Hindalco Industries shares gained near 2 per cent, Tata Steel stock price shot up 1.80 per cent, National Aluminium Company or NALCO stocks rallied 1.57 per cent, Hindustan Zinc counter went up near 1.5 per cent while Steel Authority of India or SAIL shares went northward near 1.4 per cent.

Banking stocks witnessed fresh buying in the morning trade session as the BSE Bankex went up 1.40 per cent. Banking major State Bank of India or SBI share price rose to near 2 per cent, RBL Bank shares shot up 3.27 per cent, IndusInd Bank stock price went up 2.14 per cent, ICICI Bank share price rose 1.84 per cent, Federal Bank stocks scaled 1.50 per cent while Axis Bank share price rose 1.39 per cent.

Among the major Asian markets, the Japanese Nikkei soared 452 points, Kospi shot up over 1.05 per cent while the Hang Seng market went up more than 1.1 per cent in the Opening Bell trade session.