Stock Market Today: Sensex rises 1,289 points, Nifty near 8K; SBI, Castrol India, United Breweries shares gain

Stock Market Today: On account of positive Domestic Institutional Investors (DIIs), the Indian indices zoomed after receiving heavy bating yesterday. The BSE Sensex skyrocketed 1289 points to 27,271 levels while the NSE Nifty rose 382 points to 7,992 levels. Banking stocks fuelled the heavy rise in Indian indices as the Bank Nifty index rose 740 points to 17,657 levels.

Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "Markets have skyrocketed as the DIIs are positive towards the Indian markets. In the current scenario, the broad support for Nifty is at 7,500 while the immediate support is at 7,650. I would advise investors to avoid any short-selling and book profit on every 6-7 per cent rise.

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Shares of SBI, Reliance Industries, Tata Motors, Axis Bank, ICICI Bank, HDFC Bank, Tata Steel, Infosys, Bharat Heavy Electricals and Sun Pharma were among the most trending stocks in the Opening Bell trade session while shares of Housing Development Finance, Tata Consultancy Services or TCS, Bajaj Finance and ITC were among the most active stocks in the early morning trade session.

IT stocks led the bull run Dalal Street after a long time as the BSE IT index rose over 5 per cent in the early morning trade session. IT major HCL Technologies share price soared 7.58 per cent, Infosys shares rose to near 6.2 per cent, shares of Infibeam Avenues shot up 10 per cent, MindTree stocks rose 7.47 per cent, MosChip Technologies stock price escalated 8.84 per cent, NIIT counter scaled 9.67 per cent, Tata Consultancy Services or TCS share price soared 3.92 per cent while Wipro shares added 4.90 per cent.

Energy stocks also witnessed some fresh buying as the BSE Energy index was up around 1.5 per cent in the morning trade session. Energy major and large-cap Sensex heavyweight Reliance Industries share price rose 2.9 per cent, GP Petroleums shares rose 5.58 per cent, shares of Castrol India went up 3.15 per cent, Coal India stocks went up 1.3 per cent while Aban Offshore stock price rose to near 1.5 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index rose 4.72 per cent, South Korean Kospi shot up 5.22 per cent, Shanghai index added 1.48 per cent while Hang Seng soared around 3.5 per cent.

Yesterday at Wall Street indices, Dow 30 slipped 3.04 per cent, Nasdaq went off 0.27 per cent, S&P 500 dipped 2.93 per cent while SmallCap 2000 slide 1.45 per cent.