Sensex, Nifty skyrocket on US-China trade talk optimism; Vodafone Idea, Ashok Leyland, ICICI Bank stocks gain

Stock Market: The Indian indices finally ended its losing streak after bleeding profusely for six straight trade sessions. The stock market experts are of the opinion that the rise is because of the dovish stance taken by China ahead of the US-China trade talks taking place from tomorrow. The BSE Sensex skyrocketed 645 points and closed at 38,177 levels while the 50-stock Nifty index shot up 186 points and closed at 11,313 levels in the closing bell session. The Bank Nifty index skyrocketed 1018 points and closed at 28,785 levels.

Speaking on the current market trend Sumeet Bagadia, Executive Director at Choice Broking said, "The market is overall bullish and Nifty has closed above 11,300 levels, which had been its strong resistance. If the Nifty opens above the 11,300 levels and sustains above this level, then we can expect Nifty to touch 11,500 in the coming trade sessions."

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Vodafone Idea, Delta Corp, Ashok Leyland, Shriram Transport Finance, Bharti Airtel, Tata Power, ICICI Bank and Adani Gas stocks were the major gaining stocks in the intraday trade while Dewan Housing Finance Limited or DHFL, Reliance Capital, Yes Bank, Lakshmi Vilas Bank, Hero MotoCorp, Titan Company and Suzlon Energy stocks were the major losing shares in the intraday trade.

Telecom stocks led the bull run on Dalal Street as the BSE Telecom index shot up 4.92 per cent after the closing bell. Telecom major Vodafone Idea share price skyrocketed over 14 per cent, shares of Bharti Infratel surged 5.55 per cent, Bharti Airtel shares surged 5.2 per cent, GTPL Hathway stock price rose to near 7 per cent while Reliance Communications or RCom rose over 4 per cent today.

Baking stocks also witnessed fresh buying in the intraday trade as the BSE Bankex shot up 3.67 per cent. Banking major IndusInd Bank share price soared 5.45 per cent, shares of ICICI Bank skyrocketed 4.88 per cent, State Bank of India or SBI shares went northward 4.78 per cent, HDFC Bank stock price rose 3.44 per cent while Axis Bank counter went up near 2 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index shed 0.61 per cent, south Korean Kospi soared 1.21 per cent, Hang Seng went off 0.81 per cent while the Shanghai markets added 0.39 per cent.