Sensex skyrockets 453 points, Nifty scales 122 points; Yes Bank, Tata Motors, Indiabulls Housing Finance stocks gain

Stock Market News: On account of strong global cues, positive domestic institutional investors (DIIs) and foreign institutional investors (FIIs) the Indian indices skyrocketed over 1 per cent in the intraday trade on Thursday. The BSE Sensex surged 453 points after closing at 39,052, regaining the psychological 39,000 levels. The 50-stock Nifty rallied 122 points to 11,586 levels, breaking the 11,500 resistance. The Bank Nifty index went northward 455 points after closing at 28,989 levels.

Speaking on this rise at Indian stock market Prakash Pandey, MD & CEO at Plutus Advisors said, "The 50-stock Nifty has broken the psychological 11,500 levels with a big margin. Now, the market is in the range of 11,500 to 11,650 and hence I recommend share market investors to maintain buy on dips strategy as there would be some profit booking tomorrow as it is weekend trade session."

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Auto stocks led the bull run as the BSE Auto index shot up 2.93 per cent after the closing bell. Auto major Tata Motors share price skyrocketed 13.35 per cent, shares of Motherson Sumi Systems scaled 12.23 per cent, TVS Motor Company shares escalated 8.42 per cent, Eicher Motors scrip rose 7.74 per cent, Bharat Forge went up 4.69 per cent while Bajaj Auto share price added 3.89 per cent.

Banking stocks also witnessed fresh buying by both DIIs and FIIs as the BSE Banking index shot up near 1.6 per cent in the intraday trade. Banking major YES Bank share price skyrocketed over 15 per cent, RBL Bank shares soared 12.32 per cent, shares of IndusInd Bank went up 5.18 per cent, State Bank of India stocks went northward 3.73 per cent while Axis Bank scrip added 2.46 per cent.

Among the major Asian markets, the Japanese Nikkei index slid 0.09 per cent, South Korean Kospi shed 0.23 per cent, Hang Seng surged 0.69 per cent while the Shanghai markets went down 0.05 per cent in the intraday trade.