Sensex tests 38K resistance, Bank Nifty soars over 150 points; Yes Bank, HPCL stocks gain

The stock market of India witnessed fresh buying on the morning trade session on Monday. The BSE Sensex scaled 160 points and regained psychological 38,000 levels in the intraday trade while the Bank Nifty index shot up 250 points to 29,5 levels. Manpasand Beverage, Eris Lifesciences, Yes Bank, ICICI Bank stocks were among the top gaining shares today while Indiabulls Real Estate, Indiabulls Housing Finance, Lakshmi Vilas Bank and Cox and Kings shares were among the top losing stocks today.

Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "market is range-bound and is cirrently trading in the range of 11,250 to 11,400. Investors are advised to maintain buy on dips strategy as the 11,250 is a heavy support and seems that the Nifty-50 index has held its support well." 

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Banking stocks led the bull run as the BSE Bankex index soar 0.65 per cent in the morning session. Banking major Yes Bank share price shot up around 6 per cent at the opening but failed to retain those gains and slipeed around 1.9 per cent, ICICI share price rose around 2.85 per cent while Axis Bank added near 0.9 per cent in the intraday trade.

IT stocks also witnessed some fresh buying in the morning session as the BSE IT index jump around 0.52 per cent. IT major HCL Technologies share price rose around 2 per cent, shares of Infosys added around 1 per cent, MosChip Technologies scrip rose 2.1 per cent, TVS Electronics stocks jump near 3 per cent, Tata Consultancy Services scrip added 1.4 per cent while Wipro share price went up 1.25 per cent.

Among major Asian markets, the Japanese Nikkei 225 index crashed 0.52 per cent, South Korean Kospi nosedived 1.89 per cent, Hang Seng dipped 1.29 per cent while Shanghai market ticked 0.14 per cent lower.