Stock Market: Sensex, Nifty skyrocket on Fed's dovish stance on interest rate cut; TCS, Central Bank, ITI stocks gain

Stock Market News: On account of Fed chief's dovish stance on interest rate cut by 25 bps, the Indian indices extended its Diwali rally on Wednesday. The BSE Sensex rose 220 points after closing at 40,051 levels — above the psychological 40,000 levels — while the 50-stock Nifty soared 57 points and closed at 11,844 levels. Bank Nifty index shot up 114 points and closed at 29,987 levels after the Closing Bell trade session on Wednesday.

Speaking on the current stock market trends Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal said,"The 50-stock Nifty has sustained above 11,830 levels and it seems that it would soon hit the 12,000 levels by end of next week." He said that auto, tech and banking stocks would fuel the rally in the coming trade sessions.

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Central Bank of India share price skyrocketed 15.60 per cent in the intraday trade after the Closing Bell trade session. Shares of Sun Pharma Advanced, ITI, SREI Infrastructure, BHEL, Syndicate Bank, IndiGo, NBCC (India), GAIL and Bank of India were among the major gainers while stocks of IIFL Finance, Bharti Infratel, YES Bank, Hindustan Zinc, Birlasoft and Dr. Lal Pathlabs were among the major losers after the Closing Bell trade session.

Tech stocks witnessed fresh buying today as the BSE Tech index shot up 1.4 per cent in the intraday trade. Tech major ITI skyrocketed over 10 per cent, shares of TCS went up 2.86 per cent, Bharti Airtel shares rose 2.29 per cent, however, Vodafone Idea share price crashed over 1 per cent.

In the banking sector State Bank of India or SBI share price surged 3.42 per cent, RBL Bank shares soared 4.36 per cent while Axis Bank shot up 1.28 per cent. However, Yes Bank share price slipped 3.69 per cent. Energy major and Sensex heavyweight Reliance Industries Limited or RIL share price surged 0.79 per cent, shares of Oil India Limited shot up 3.71 per cent while Hindustan Petroleum Corporation Ltd or HPCL went up 2.52 per cent.

Among the major Asian markets, the Japanese Nikkei shed 0.57 per cent, Kospi crashed 0.59 per cent, Hang Seng went southward 0.44 per cent while the Shanghai market nosedived 0.5 per cent.