Stock Market Today: Sensex, Nifty rise on strong global cues; Vedanta, DLF, DHFL stocks gain

Stock Market Today: On account of strong US job data, the majority of the Asian markets including Indian indices suged higher in the Opening Bell trade session. The BSE Sensex shot up 173 points at 38,583 levels while the 50-stocks Nifty went up 63 points after scaling at 11,314 levels. Bank Nifty went up 71 points and hit 28,730 levels.

Speaking on the Indian stock market Simi Bhaumik, a SEBI registered technical stock expert said, "Nifty has been trading in the range of 11,100 to 11,300. If Nifty sustains above 11,300 then we can expect it to touch 11,500 levels but the rise won't be fast as overall market sentiment is bearish due to the Coronavirus spread in India." She advised sell on rise rather than taking any buy position in the current market scenario and one must maintain stop loss while taking any buy or sell position.

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Shares of SBI, Tata Motors, SBI, Reliance Industries, HDFC Bank, ICICI Bank, Yes Bank, Cipla, Infosys, Sun Pharma and Tata Steel were among the most trending stocks in the Opening Bell trade session while stocks of IRCTC, Housing Development Finance, Tata Motors, TCS, Bajaj Finance and Tata Steel were among the most active stocks in the early morning trade session.

Shares of PC Jeweller, Oriental Bank of Commerce, Dewan Housing Finance Limited or DHFL, Syndicate Bank, Vedanta, GIC Housing Finance, Birlasoft and Reliance Capital were among the major gainers in the early morning trade session while shares of Vodafone Idea, Yes Bank, Suzlon Energy, Sunteck Realty, SpiceJet, Exide Industries and ICICI Bank were among the major losers in the Opening Bell trade session.

Metal stocks led the bull run on Dalal Street as the BSE Metal index shot up near 0.61 per cent. Metal major Vedanta share price soared 2.86 per cent, Tata Steel shares scaled 1.71 per cent, shares of Jindal Steel & Power shot up 1.65 per cent, JSW Steel stocks added 1.26 per cent, Hindustan Zinc stock price escalated 1.24 per cent while Hindalco Industries share price rose 0.50 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index rose 0.81 per cent, South Korean Kospi scaled 0.66 per cent, Hang Seng shot up 0.89 per cent while the Shanghai market surged 1.40 per cent in the Opening Bell trade session.

In the US markets, Wall Street ended on higher side yesterday on speacial package announcement by the House of Representatives and strong US job data. The Dow 30 zoomed 4.53 per cent, S&P 500 scaled 4.22 per cent, Nasdaq shot up 3.55 per cent while SmallCap 2000 went up 2.33 per cent.