Closing Bell: Sensex, Nifty shed on renewed US-China trade standoff, Bank Nifty plunges over 100 points
The BSE Sensex shed 86 points and closed at 38,736 levels while the Nifty 50 index went down 30 points to 11,552 levels. Bank Nifty index lost 115 points and closed at 30,601.
Closing Bell: After opening in the green zone in the morning trade session, the Indian indices finally succumb to the China-US trade standoff pressure and weekend selling pressure. The BSE Sensex shed 86 points and closed at 38,736 levels while the Nifty 50 index went down 30 points to 11,552 levels. Bank Nifty index lost 115 points and closed at 30,601. Balrampur Chini, Quess Corp, V-Guard India, Thyrocare Tech and Chennai Petroleum were among the top gaining stocks while Eris Lifesciences, Cox & Kings, Info Edge (India), Manpasand Beverage and CG Power and Industries were the top losing stocks in the intraday trade.
Speaking on the current market scenario Deepak Jasani, Head Retail Research, HDFC Securities said, "In India, markets behaved flat to mildly lower today in the intraday trade. Last week the Nifty closed at 10,811. Technically, the Nifty could now face resistance at 11,627-11,648 band, while 11,536 could provide support."
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Capital Goods stocks shed maximum as the BSE Capital Goods index lost 1.22 per cent in the intraday trade. Capital Goods major Sadbhav Engineering share price crashed 3.67 per cent, Lakshmi Machine Works stocks went down 2.65 per cent, Grindwell Norton scrip went off 1.25 per cent, Finolex Cables counter trimmed 1.73 per cent, Bharat Electronics shares cooled down 1.45 per cent while AIA Engineering share price went down 1.1 per cent.
Telecom stocks also witnessed heavy selloff pressure as the BSE Telecom index went down 0.97 per cent in the intraday trade. Telecom major Vindhya Telelinks share price nosedived 3.99 per cent, shares of Tata Communications crashed 2.5 per cent, Optiemus Infracom counter also went off 2.5 per cent, OnMobile Global counter went down 1.45 per cent, Bharti Airtel stocks went southward 1 pe cent while Bharti Infratel went down 0.77 per cent. But, GTPL Hathway share price soared 19.98 per cent and shares of Reliance Communications jumped near 5 per cent.
Among Asian stocks, the Japanese Nikkei 225 index nudged 0.2 per cent higher, South Korean Kospi edged 0.29 per cent up, Hang Seng added 0.14 per cent while the Shanghai Composite Index soar 0.44 per cent.