Opening bell: Sensex tanks over 100 points, Nifty at 10,750 levels
The BSE Sensex slipped by over 250 points on Monday amid speculations of rising tension between the US and Iran. The BSE Sensex slipped by around 256 points to 30,544 mark while the 50-strip Nifty went down by over 70 points to points to 10,725 levels, a position where market experts have been suggesting a buy position with a stop loss of 10,725 levels. Stocks from the auto, banking, realty and infra sector were the major losers today's early session trade. Shares like DMART, Federal Bank were among the top losing stocks while Infosys was among the top gaining stocks list.
In telecom stock sector, Himachal Futuristic went down by more than 2.5 per cent, Tata Teleservices was also down by more than 2 per cent, OnMobile Global was down by around 1 per cent and Tata Communications was down by around 0.9 per cent. In the banking sector, a majority of the top gainers of last week's were in red zone. ICICI Bank was down by around 1 per cent, IndusInd Bank was down by more than 1 per cent, Axis Bank shares were down by near 2.5 per cent.
Maintaining her buy stand on banking stocks Simi Bhaumik, Technical Equity Analyst (officially registered with SEBI) told Zee Business online, "All banking sector share are fundamentally strong. Any dip in these stocks are fundamentally creating a buy option for the market investor."
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Among major Asian bourses, Japan's Nikkei was up by around 1 per cent but other markets were trading in red zone. Kospi was down by more than half a per cent, Hang Seng went northward by around 1.5 per cent, Shanghai index was down by more than 0.5 per cent.
On Friday, both Dow and Nasdaq had closed on lower note losing 0.02 per cent and 0.21 per cent respectively.