Sensex, Nifty show roller-coaster trade on neutral FIIs; Castrol India, Bharti Airtel stocks gain
The BSE Sensex added 12 points and closed at 41,945 levels while the Nifty-50 index went off 3 points and closed at 12,352 levels.
The stock market of India remained range-bound as foreign institutional investors (FIIs) goes neutral ahead of the Budget 2020 presentation. The BSE Sensex added 12 points and closed at 41,945 levels while the Nifty-50 index went off 3 points and closed at 12,352 levels. Bank Nifty index continued to trade weak and lost 262 points after closing at 31,590 levels.
Speaking on the stock market trends Simi Bhaumik, a SEBI registered technical stock analyst said, "Market is overall bullish and facing strong resistance at 12,400 levels. If it manages to clear this hurdle, then we can expect further upside movement of around 100 points and hit 12,500 before the Budget 2020 presentation." She said that Bank Nifty is showing weakness and there can be further correction taking place in the Bank Nifty index and it may go up to 31,000 levels.
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Energy stocks led the bull run on Dalal Street as the BSE Energy index went up 1.79 per cent in the intraday trade. Energy major and Sensex heavyweight Reliance Industries Ltd or RIL share price surged 2.79 per cent, Castrol India shares soared 3.64 per cent, shares of Hindustan Oil Exploration Company Ltd went up 4.51 per cent while GP Petroleums stocks went northward 3.06 per cent.
Telecom stocks witnessed some potential buying in the intraday trade as the BSE Telecom index shot up 1.49 per cent. Telecom major Bharti Airtel share price shot up 5.42 per cent, Mahanagar Telephone Nigam Ltd or MTNL shares surged 4.96 per cent, Reliance Communications stok price scaled 4.49 per cent, Sterlite Technologies stocks skyrocketed over 7 per cent while Vodafone Idea shares crashed over 25 per cent.
Among major Asian markets, the Japanese Nikkei 225 index surged 0.45 per cent, Kospi added 0.11 per cent, Hang Seng soared 0.60 per cent while Shanghai markets went up 0.09 per cent.
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