Sensex, Nfity trade range-bound on DHFL crisis; Reliance, Adani stocks bleed
The BSE Sensex edged 86 points higher after closing at 39,615 levels. The 50-stock Nifty went up 26 points and closed at 11,870 levels while the Bank Nifty shot up 209 points and closed at 31,086 levels.
On account of DHFL crisis hitting the NBFC and liquidity of the Indian markets, Indian indices trade range-bound throughout the day. The BSE Sensex edged 86 points higher after closing at 39,615 levels. The 50-stock Nifty went up 26 points and closed at 11,870 levels while the Bank Nifty shot up 209 points and closed at 31,086 levels. Reliance and Adani stocks bleed heavily in the intraday trade while Voltas, Hind Construction and Lakshmi Vilas Bank shares were among the top gaining stocks in the weekend trade session.
Speaking on the current market scenario Prakash Pandey, Head of Research at Fairwealth Securities said, "The market is not moving since yesterday due to the DHFL crisis. The asset book size of the crisis is to the tune of around Rs 1 lakh crore but the SBI has come forward to the rescue of the NBFC and hence we can expect some recovery into the market in next few sessions." He said that the market is range-bound and it's currently trading in between 11,800 to 11,950 citing, "Any dip of around 20-25 points from today's close would be a good buying option on Monday. Stock market investors can take a buy position at that levels for the target of 11,950 but must maintain a stop loss below 11,750 levels."
Adani and Reliance stocks led the blood bath at Dalal Street today as Adani Power share price went down 1.25 per cent while the Adani Adani Transmission stocks dipped 2.79 per cent. Among Reliance stocks, Reliance Infrastructure share price crashed 13.48 per cent, Reliance Power shares dipped 5.62 per cent while Reliance Industries aka RIL nosedived 1.21 per cent.
Power stocks went through heavy selloff as the BSE Power index went down around 0.75 per cent. Power major CG Power and Industrial Solutions share price nosedived 4.26 per cent, shares of JSW Energy dipped 2.85 per cent, GMR Infrastructure share price went off near 1 per cent, NTPC counter went down 1.03 per cent while Power Grid Corporation of India slides around 2 per cent.
Among Asian markets, Japanese Nikkei 225 index went up 0.53 per cent, South Korean Kospi edged 0.16 per cent higher, Hang Seng added 0.26 per cent while the Shanghai market crashed 1.17 per cent in Friday trade session.