Sensex tanks over 200 points, Nifty below 11,000 levels; Tata Steel, IDBI Bank, Hero MotoCorp stocks bleed
The BSE Sensex opened 239 points down at 37,072 levels while the 50-stock Nifty opened 78 points down at 10,950 levels. The Bank Nifty index slipped 288 points to 27,731 levels.
The Indian indices seems to head for the weekend profit booking as the stock market of Indian was trading range-bound in the morning opening bell. The BSE Sensex opened 239 points down at 37,072 levels while the 50-stock Nifty opened 78 points down at 10,950 levels. The Bank Nifty index slipped 288 points to 27,731 levels.
Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "Markets have opened below 11,000 levels but the Sensex is still above 37,000 levels. So, I am expecting some profit booking in the markets and the immediate support for the market is 10,900."
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Reliance Capital, Mangalore Refinery, IIFL Holdings, Inox Wind and Cadila Healthcare stocks were the major gainers in the morning trade session while IDBI Bank, Indiabulls Housing Finance, SREI Infrastructure, Coffee Day Enterprise or CCD were the major losers in the intraday trade.
Metal stocks bleed maximum as the BSE metal index lost around 0.7 per cent. Metal major Vedanta corrected to the tune of 2.59 per cent, Tata Motors share price went down 1.9 per cent, Steel Authority of India (SAIL) counter went southward 2.15 per cent, NALCO went down 1.91 per cent, Jindal Steel & Power share price crashed 2.65 per cent, JSW Steel scrip went off 2.15 per cent while Hindalco Industries stocks nosedived near 3 per cent.
Among Asian markets, the Japanese Nikkei 225 index ticked 0.07 per cent higher, South Korean Kospi slipped 0.7 per cent, Hang Seng nudged 0.63 per cent up while the Shanghai index soar 0.68 per cent.