Sensex soars 147 points, Nifty hits all-time high of 12,311.20; DLF, SAIL, MCX stocks gain

Stock Market News: On account of ease in the US-Iran tension and positive domestic institutional investors (DIIs), the Indian indices skyrocketed for second straight trade session. The BSE Sensex shot up 147 points after closing at 41,599.72 levels while the 50-stocks Nifty index rose 40 points and closed at 12,256.80 levels but not before making its all-time high of 12,311.20. Bank Nifty index nudged 5 points down and closed at 32,097.40 levels.

Speaking on the share market outlook Sumeet Bagadia, Executive Director at Choice Broking said, "Market is overall bullish. Nifty is trading in the range of 12,150 to 12,350. Any dip in the market should be seen as an opportunity to buy." Bagadia said that Bank Nifty will also witness some upside momentum as it is also trading in the range of 31,700 to 32,200 levels. He said that ICICI Bank and Kotak Mahindra Bank shares can be the engine for today's pull in the Bank Nifty index.

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Nagaraj Shetti, Technical Research Analyst, HDFC securities said, "The Nifty shifted into a consolidation today at the new all-time high of 12311 levels and closed higher. A small negative candle was formed today with upper and lower shadow at the the new high. Technically, formation of high wave at the key overhead resistance or at new highs could be considered as a confusion state of mind among investors. This pattern could lead to a reversal pattern on the confirmation. Nifty formed a positive candle with long lower shadow in this week, which indicates a strong comeback of bulls from the lower levels. The overhead key resistance of 12350-400 remains intact on the upper side and we expect consolidation or minor downward correction in the market for the next week."

Shares of KNR Constructions, Centrum Capital, Sun Pharma Advanced, Alkem Laboratories, MCX and Welspun Corp were among the major gainers in the intraday trade session while stocks of Suzlon Energy, Reliance Capital, Reliance Infrastructure, Reliance Power, Yes Bank, ITI and Indiabulls Real Estate were among the major losers in the intraday trade.

Realty stocks led the bull run as the BSE Realty index rose 1.86 per cent in the intraday trade. Realty major Oberoi Realty share price rose 3.53 per cent, DLF shares added 2.66 per cent, shares of Prestige Estates Projects skyrocketed 4.73 per cent, Sobha stocks jumped 2.59 per cent while Godrej Properties stock price rose 1.28 per cent.

Metal stocks witnessed fresh buying and the BSE metal index rose 1.20 per cent. Metal major SAIL or Steel Authority of India Limited share price surged 2.99 per cent, Hindustan Zin shares rose 2.62 per cent, Vedanta stocks scaled 1.14 per cent while Tata Steel added 0.97 per cent in the intraday trade.

Among the major Asian indices, the Japanese Nikkei 225 index soares 110 points and closed at 23,850.57 levels, South Korean Kospi shot up 0.91 per cent and closed at 2,206.39 levels, Hang Seng went up 77 points and closed at 28,638.20 levels.