Sensex loses 39K, Nifty trades sideways; Infosys, Cadila Healthcare, PC Jeweller stocks dip
The BSE Sensex 50 points after closing at 38,981, below psychological 39,000 levels. The 50-stock Nifty index went down 23 points to 11,723 while bank Nifty index 56 points after closing at 29,708 levels.
On account of weak global cues and neutral future and option (F&O), the Indian stock market trade range-bound throughout the intraday trade on Thursday. The BSE Sensex 50 points after closing at 38,981, below psychological 39,000 levels. The 50-stock Nifty index went down 23 points to 11,723 while bank Nifty index 56 points after closing at 29,708 levels. Infosys shares went down 2.68 per cent, Cadila Healthcare shares dipped over 3 per cent while PC Jeweller counter went off 4.67 per cent.
Speaking on the market trends Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business, "The market is trading range-bound and the index Nifty is trading in between 11,500 to 11,750. Since the overall market is bullish, investors are advised to follow buy on dips strategy."
IT stocks led the bear run on Dalal Street today as the BSE IT index went down around 1.84 per cent. IT major Infosys went down 2.68 per cent, HCL Technologies share price dipped near 2 per cent, NIIT Technologies counter went off 1.4 per cent, Ramco Systems crashed 3.2 per cent while Rolta India counter crashed 3.77 per cent. Tata Elxsi share price dipped 3.67 per cent while TCS shares went southward 1.8 per cent.
Consumer durable stocks followed IT stocks closely as the BSE Consumer durable index went down near 1 per cent. Consumer durable major PC Jeweller went down 4.33 per cent, shares of VIP Industries went southward near 2 per cent, TTK Prestige and Symphony stocks went down around 0,85 per cent, Crompton Greaves Consumer Electricals counter slipped 1.4 per cent while Blue Star stock wend off around 0.35 per cent.
Asian markets also witnessed tepid trade as Japanese and Chinese markets are closed today. South Korean Kospi added 0.42 per cent, Shanghai index added over half a per cent.