Sensex, Nifty slide on weak Chinese data; Banking, Telecom stocks under heat
The BSE Sensex dipped 71 points to 38,980 levels while the 50-stock Nifty index went down 23 points to 11,562 levels. The Bank Nifty index crashed 97 points to 28,892 levels.
Stock Market News: Tracking the weak Chinese data after the UK and the European Union struck a long-awaited Brexit deal, the Indian indices went down in the Opening Bell Session. The BSE Sensex dipped 71 points to 38,980 levels while the 50-stock Nifty index went down 23 points to 11,562 levels. The Bank Nifty index crashed 97 points to 28,892 levels.
Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "Overall the market is bullish and it has sustained above 11,500 which indicates further upside movement for around 11,650 levels. Stock Market investors are advised to maintain buy on dips strategy till Nifty is in the range of 11,500 to 11,650."
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BHEL, Hindustan Copper, Adani Green Energy, L&T Infotech, National Aluminium Corporation Limited or NALCO, Adani Power and Indiabulls Real Estate stocks were among the major gainers in the Opening Bell trade session while Lakshmi Vilas Bank, Bharat Forge, Bandhan Bank, Spicejet and PNB Housing Finance shares were among the major losers in the Opening Bell session.
Banking stocks feel the early morning pinch as the DIIs indulged in heavy selloff while the FIIs went neutral as they were expected to cheer the BREXIT deal outcome but due to the weak Chinese data, FIIs went neutral. Banking major RBL Bank share price crashed 1.26 per cent, shares of IndusInd Bank went down 0.61 per cent, ICICI Bank stock price went southward 0.6 per cent while Yes Bank and Kotak Mahindra Bank shares were also in the red zone.
Among major Asian markets, the Japanese Nikkei added 0.15 per cent, South Korean Kosi went down 0.33 per cent, Hang Seng went down 0.15 per cent while the Shanghai markets crashed 0.59 per cent in the morning trade session.