Sensex, Nifty nudge higher; BPCL, Maruti Suzuki India, SAIL stocks gain

Stock Market News: The Indian indices ended ticking higher after trading range-bound throughout the intraday trade session. The BSE Sensex gained 42 points and closed at 40,487 levels while the 50-stock Nifty went up 16 points and closed at 11,937 after the Closing Bell trade session. Bank Nifty index went down 24 points and closed at 31,316 levels.

Speaking on the current stock market outlook Simi Bhaumik, a SEBI registered technical equity analyst said, "Market is overall bullish and Nifty has strong support at 11,850 levels. Any dip in the market should be seen as a major buying opportunity for the share market investors. So, buying on dips should be the strategy that a stock market investor should adopt until the Nifty is in the range of 11,850 to 12,100."

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Energy stocks led the bull run on Dalal Street as the BSE Energy index went up 1.06 per cent in the intraday trade session. Energy major Bharat Petroleum Corporation Ltd or BPCL share price skyrocketed 2.30 per cent, Energy major and Sensex heavyweight Reliance Industries shares added 1.13 per cent, shares of Panama Petrochem went northward 2.59 per cent while Hindustan Petroleum Corporation Ltd or HPCL shares added 2.2 per cent in the intraday trade.

Among the major Asian markets, the Japanese Nikkei 225 index scaled 0.33 per cent, South Korean Kospi went up 0.33 per cent, Hang Seng shed 0.01 per cent while the Shanghai market added 0.08 per cent.