Closing bell: Sensex tanks 156 points, Nifty below 10,750 levels
On account of soaring US-Iran tension and slipping dollar index, Sensex closed 156 lower at 35,853 levels while the Nifty slippped 57 points lower at 10,737 — below psychological levels of 10,750. Stocks from banking, metal, infra, oil, gas and energy sector were among the top losers while IT stocks try to pare the losses incurred at the Indian indices. Shares of Jet Airways, Symphony, Strides Pharma and Yes Bank were among the top gainer while Avenue Supermart, Dish TV India, Federal Bank, Gail India, IL&FS Transportation were the top losers in today's intraday trade.
Commenting upon the heavy selling at the Indian indices Anindya Banerjee, Analyst at Kotak Securities told Zee Business online, "Nifty would trade in the range of 10,750 to 10,900. If it goes further down then there can be further down slide into the Indian markets while any further swing above 10,900 would be a good news for the bulls operating at the Indian markets." He said that resistance at this levels can be attributed to various reasons that includes rising fiscal deficit, rupee slipping against the US dollar in the Forex market and sluggish economic growth registered into the Indian markets." Anindya went on to add that if the Brent Crude Oil prices further shoots and touches the $70 per barrel levels, there can be furthr selling into the Indian indices. However, he said that such a time looks bleak as investors are in wait and watch situattion till the Indian general elections get over. On Monday Forex trade, Indian rupee gained by near 0.53 percent against the green back, posting a robust 37 paise gains from its previous close.
Jet Airways shares soar by more than 16 per cent, Stride Pharma logged near 6 per cent gains while Yes Bank registered around 6.5 per cent. Among top losing stocks; Avenue Supermarts tanked by near 11 percent, Dish TV India went down by around 5.75 percent while Federal Bank and Wipro corrected by around 4.5 per cent. IT majors Infosys and MindTree went northward by around 2.75 per cent while L&T Technologies Services closed moe than 1 per cent higher from its previous close.
Asian markets too went red on Monday's intraday trade sessions. Kospi closed 0.53 per cent lower at 2,064; Shanghai index went southward by 0.71 per cent at 2,535; Heng Sang went down by 1.38 per cent to 26,298. On Friday, Dow and Nasdaq had also went down on slipping dollar index. Dow closed 0.02 per cent lower at 22,995 while Nasdaq closed 0.21 per cent down at 6,971 levels.
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