Stock Market: Sensex, Nifty rise on strong global cues; MMTC, Tata Steel, SBI stocks gain

Stock Market News: The Indian indices nudged higher on strong global sentiments as both Asian and Wall Street shares nudged higher on lowering of new Coronavirus reports. The BSE Sensex rose 302 points and scaled at 41,518 levels while the 50-stocks Nifty added 88 points and climbed 12,196 levels. Bank Nifty index climbed 221 points and hit 31,522 levels.

Giving an outlook about the current stock market of India Simi Bhaumik, a SEBI registered technical equity expert said, "Overall the market is bullish but share market investors are advised to avoid taking any fresh position till Nifty is trading between 12,100 to 12,200. One should take a buy position when nifty is below 12,100 but above 12,050 as it has strong support at 12,050 levels."

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Metal stocks received maximum buying in the Opening Bell as the BSE Metal index shot up near 1.5 per cent. Metal major Vedanta and Tata Steel share price soared 2.13 per cent, SAIL or Steel Authority of India shares rose 1.75 per cent, JSW Steel rose 1.5 per cent while Hindalco Industries and NALCO rose to near 0.70 pre cent.

Banking stocks also witnessed some fresh buying as the BSE Bankex rose 0.83 per cent in the Opening Bell trade session. Banking major State Bank of India or SBI share price rose 1 per cent, Kotak Mahindra Bank shares added 1.15 per cent, ICICI Bank stock price added 1.07 per cent while Axis Bank stocks went up 1.29 per cent in the Opening Bell.

Among the major Asian markets, the Japanese Nikkei 225 index nudged 0.62 per cent higher from its previous closing, South Korean Kospi added 0.23 per cent, Hang Seng scaled 0.66 per cent while the Shanghai index went up 0.30 per cent.

Wall Street on yesterday went up on reports of the lowering of new Coronavirus cases. Nasdaq nudged 0.11 per cent northward while S&P 500added 0.17 per cent. But, Small-cap 2000 index at Wall Street shot up 0.62 per cent.