Stock Market: Sensex soars 692 points, Nifty climbs 190 points; Infosys, ONGC, ICICI Bank shares gain

Stock Market: On account of a relief rally after the heavy beating on Monday, the Indian indices ended in the green zone. The BSE Sensex ended 692 points up at 26,674 levels while the 50-stocks Nifty closed at 7,801 — 190 points up from its Monday closing. But, Bank Nifty ended in the red zone at 17,107 levels, 189 points below its Monday closing.

Speaking on the current market situation Saurabh Jain, AVP — Research at SMC said, "After the heavy bleeding that took place yesterday, this relief rally was expected. The entire market is looking at the government for a relief package as the majority of the industries are getting hit in this Corona lockdown and share market is expecting some special package announcement from the Government."

Speaking on the technicals of stock market Deepak Jasani, Head Retail Research at HDFC Securities said, "Technically, while the Nifty has bounced back, the short term trend remains down. The Nifty could resume its downtrend if the immediate support of 7512 is broken. Any pullback rallies could find resistance at 7893-8034."

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Shares of SBI, Reliance Industries, IndusInd Bank, HDFC Bank, Tata Motors, ICICI Bank, Infosys, Yes Bank, ITC, Axis Bank were among the most trending stocks throughout the intraday trade session while shares of Bajaj Finance, Housing Development Finance, Hindustan Unilever Limited, Infosys and HDFC Bank were among the most active stocks in the intraday trade session. 

IT stocks led the relief rally as the BSE IT index rose 6.95 per cent in the intraday trade session. IT major Infosys share price shot up 12.69 per cent, Hexaware Technologies shares soared 7.93 per cent, shares of Datamatics Global Services went northward 8.91 per cent, HCL Technologies stock price escalated 6.86 per cent, L&T Technology Services stocks skyrocketed around 12 per cent, MindTree rose 8.24 per cent, NIIT Technologies scrip jumped 18.87 per cent, Tata Consultancy Services or TCS shares rose 2.42 per cent while Wipro counter shot up 5.40 per cent.

Energy stocks also witnessed fresh buying as the BSE Energy index went up 4.26 per cent in the intraday trade session. Energy major and Sensex heavyweight Reliance Industries share price soared 6.70 per cent, Oil And Natural Gas Corporation or ONGC shares shot up 3.39 per cent, shares of GP Petroleums skyrocketed 11.69 per cent, Chennai Petroleum Corporation stock price added 1.89 per cent while Oil India counter added more than 1 per cent.

In the banking sector, RBL Bank share price skyrocketed 9.77 per cent, Kotak Mahindra Bank share price shot up 4.39 per cent, shares of ICICI Bank scaled up 4.47 per cent while SBI shares added near 1 per cent.

Among the major Asian indices, the Japanese Nikkei 25 index soared 7.04 per cent, South Korean Kospi skyrocketed 8.60 per cent, Hang Seng rose 4.46 per cent while the Shanghai market added 2.46 per cent in the intraday trade session.