Stock Market: Sensex rise 545 points, Nifty near 11,300; Yes Bank, Vedanta, Vodafone Idea stocks gain

Stock Market: On account of robust Wall Street gains yesterday, the Indian indices opened in the green zone. The BSE Sensex rose 545 points at 38,689 levels while the 50-stocks Nifty went up 161 points at 11,293 levels. Bank Nifty index surged 365 points at 29,233 levels.

speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "Nifty has strong resistance at 11,300 levels. If it sustains above this level, then we can expect it to touch 11,500 levels, but the overall sentiment of the market is bearish as Coronavirus impact is still looming around the global markets." Bhaumik suggested stock market investors adopt 'sell on rise' strategy in the current market scenario.

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Shares of SBI, Tata Motors, Indiabulls, Reliance Industries, Tata Steel, IRCTC, ICICI Bank, HDFC Bank and Infosys were among the most trending stocks while stocks of Housing Development Finance, Bajaj Finance, SBI, IRCTC and Dr. Reddy's Labs were among the most active shares among the intraday trade session.

Metal stocks witnessed fresh buying in the Opening Bell trade session as the BSE Metal index rose around 3 per cent. Metal major Vedanta share price skyrocketed 4.96 per cent, Tata Steel shares rose 2.66 per cent, Steel Authority of India Ltd or SAIL stock price added 2.29 per cent, JSW Steel stocks went up 3.68 per cent while Hindustan Zinc shares scaled 2.58 per cent.

Banking stocks also witnessed some signs of fresh intraday buying as the BSE Bankex rose around 1.29 per cent. Banking major Yes Bank share price surged 2.5 per cent, State Bank of India or SBI share price scaled 1.44 per cent, RBL stock price rose 3.17 per cent, ICICI Bank stocks added around 2 per cent, Federal Bank scrip went up 1.75 per cent while City Union Bank stocks went northward 1.79 per cent.

Among the major Asian indices, the South Korean Kospi skyrocketed 2.16 per cent in the Opening Bell trade session, Japanese Nikkei 225 index went up 0.26 per cent, Hang Seng soared 0.64 per cent while the Shanghai index shot up 1.36 per cent