Stock Market: Sensex, Nifty extend rally for fourth straight trade session; IndusInd Bank, MRF shares gain

Stock Market: On account of $5 trillion aid by G-20 member nations to fight Coronavirus, the Indian indices extended its rally for the fourth straight trade session. The BSE Sensex skyrocketed 956 points to 30,903 levels while the NSE Nifty index soared 335 points to 8,976 levels. Bank Nifty index shot up 1,340 points to 20,954 levels.

Speaking on the current rise in the Indian share market Prakash Pandey, MD & CEO at Plutus Advisors said, "This rise can be attributed to two reasons. $5 trillion aid by the G-20 and yesterday's Rs 1.7 lakh crore relief for rural India. These two developments have gone down well among the investors as they are expecting a special package for the financial world in the near future. From now onwards, if the US markets don't show any kind f weakness, then Nifty can continue to hold its strong support of 8,300 levels."

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Shares of SBI, Reliance Industries, Tata Motors, ICICI Bank, HDFC Bank, IndusInd Bank, Yes Bank, Axis Bank, ITC and Bajaj Finance were among the most trending stocks in the Opening Bell while shares of HDFC Life, Lupin, Housing Development Finance and Bajaj Finance were among the most active stocks in the early morning trade session.

Banking stocks led the bull run as the BSE Bankex shot up over 5 per cent in the Opening Bell trade session. Banking major IndusInd Bank share price that skyrocketed around 45 per cent yesterday extended its rally in the early morning session and rose around 15 per cent. Axis Bank share price rose 10 per cent, Federal Bank shares soared 9.93 per cent, HDFC Bank and ICICI Bank rose 5.8 per cent, State Bank of India or SBI share price surged 6.74 per cent while Kotak Mahindra Bank stocks rose around 2.92 per cent.

Auto stocks also witnessed some fresh buying in the early morning trade session. Auto major Ashok Leyland share price shot up around 15 per cent, Tata Motors shares soared 6.64 per cent, Motherson Sumi Systems stock price rose 4.92 per cent, Maruti Suzuki India stocks added 3.74 per cent, Mahindra & Mahindra counter went up 4.80 per cent, MRF scrip added 3.86 per cent while Cummins India counter went up near 3 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index rose 2.11 per cent, South Korean Kospi went up 1.97 per cent, Hang Seng added 0.93 per cent while Shanghai index scaled 1.62 per cent.