Sensex rises 226 points, Nifty ends at 12,253; Yes Bank, Jindal Steel & Power stocks gain

The stock market of India went northward on positive sentiments of the foreign institutional investors (FIIs). The BSE Sensex surged 226 points and closed at 41,613 mark while the Nifty-50 index soared 73 points and closed at 12,253 levels. Bank Nifty index 267 points after closing at 31,271 levels.

Speaking on the current stock market trends Simi Bhaumik, a SEBI registered technical share market analyst said, "Nifty is facing strong resistance at 12,300 mark. However, it has strong support at 12,050 also. So, I would advise stock market investors to avoid taking any position in 12,200 to 12,300 range. They should adopt buy on dips strategy and take buy position at around 12,100 levels." She said that market is overall bullish till it sustains above the 12,050 levels.

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Sadhana Nitro Chemicals, Binny, Yes Bank, SBI, Reliance Industries, IndusInd Bank, ICICI Bank, Larsen & Toubro, Tata Motors and Bharti Airtel stocks were among the most trending stocks in the intraday trade while shares of UltraTech Cement, Indiabulls, Axis Bank and HDFC Bank were among the most active stocks in the intraday trade session.

Banking stocks witnessed fresh buying on positive FIIs as the BSE Bankex soared around 0.92 per cent in the intraday trade session. Banking major Yes Bank share price skyrocketed near 4 per cent, Axis Bank shares soared 2.28 per cent, Federal Bank stock price surged 2.12 per cent, ICICI Bank stocks went up 1.75 per cent while RBL Bank share price dipped 2.86 per cent after the Closing Bell trade session.ICICI Bank Ltd.

Metal stocks led the bull run in the intraday trade session as the BSE Metal index rose around 0.99 per cent. Metal major Jindal Steel & Power share price skyrocketed 5.09 per cent, JSW Steel shares rose 1.67 per cent, Steel Authority of India Limited or SAIL stock price rose 1.39 per cent while Tata Steel rose 0.60 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index scaled 0.13 per cent, South Korean Kospi crashed 0.93 per cent, Hang Seng added 0.15 per cent while the Shanghai market dipped 2.75 per cent in the intraday trade.