Sensex regains 41K, Nifty above 12,050 levels; Kotak Mahindra Bank, PNB Housing Finance stocks gain

Stock Market News: The Indian indices seem trying to come out of the week-long fut of Chinese Coronavirus fear in the Opening Bell trade session. The BSE Sensex soared 121 points at 41,035 levels while the Nifty-50 index scaled 36 points at 12,072 levels. Bank Nifty index shot up 261 points at 30,908 levels.

Speaking on the current stock market outlook Simi Bhaumik, a SEBI registered technical equity analyst said, "Market is overall bullish. 12,000 levels for Nifty is crucial and till the market sustains above these levels, my advice to the share market investors is to maintain buy on dips strategy." She said that banking, especially private bank stocks, metal and auto sectors are expected to outperform other sectors in coming trad sessions.

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Shares of Tata Motors, SBI, Reliance Industries, Kotak Mahindra Bank, Tata Steel, ICICI Bank, IndusInd Bank, Yes Bank, Escorts and HDFC Bank were among the most trending stocks in the Opening Bell trade session while stocks of Bajaj Finance, Bharti Airtel and Infosys were among the most active shares in the early morning trade session today.

Banking stocks led the bull run on Dalal Street as the BSE Bankex shot up 1.43 per cent in the Opening Bell trade session. Banking major Kotak Mahindra Bank share price skyrocketed 4.32 per cent, IndusInd Bank shares shot up 2.53 per cent, SBI or State Bank of India share price surged 0.76 per cent while Yes Bank stocks added over half a per cent. PNB Housing Finance share price surged near 1 per cent in the early morning trade session.

Among the major Asian indices, the Japanese Nikkei index soared over 1 per cent, South Korean Kospi edged 0.02 per cent up, Hang Seng shot up 0.24 per cent.

At the Wall Street yesterday, Dow 30 shot up 0.43 per cent, S&P 500 scaled 0.31 per cent, Nasdaq added 0.26 per cent.