Sensex sustains above 39K, Nifty Bank tanks 248 points; Yes Bank, Vodafone Idea, Indiabulls stocks bleed
The BSE Sensex lost 35 points but closed above 39,000 levels at 39,031 while the 50-stock Nifty lost 6 points after closing at 11,748 levels. Nifty Bank index 248 points after closing at 29,764.
Stock Market of India traded sideways in the whole intraday trade on Tuesday after the weak Chinese data. The BSE Sensex lost 35 points but closed above 39,000 levels at 39,031 while the 50-stock Nifty lost 6 points after closing at 11,748 levels. Nifty Bank index 248 points after closing at 29,764. Yes Bank share price crashed over 29 per cent, Vodafone Idea stocks crashed around 5.5 per cent while Indiabulls Real Estat share price nosedived 8.36 per cent on Tuesday.
Speaking about the stock market outlook Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business online, "Overall the market is bullish and it is trading in the range of 11,500 to 11,750. Stock Market investors are advised to follow buy on dips strategy and take a position on every 100-150 points correction at Nifty."
Telecom stocks led the bear run on Dalal Street as the BSE Telecom index lost around 2.22 per cent on Tuesday. Telecom major Vodafone Idea share price crashed 5.5 per cent, share price of OnMobile Global dipped 4.9 per cent, GTL Ltd and GTL Infrastructure stocks bleed 4.8 and 4.3 per cent respectively, Bharti Infratel scrip went off 3.6 per cent while Bharti Airtel share price went down more than 1.5 per cent today.
Realty stocks followed the telecom stocks closely as the BSE Realty index lost around 2.18 per cent in the intraday trade. Realty major Indiabulls Real Estate crashed 8.36 per cent, Godrej Properties share price went down 3.2 per cent, Oberoi Realty went down near 2 per cent, Sobha Developers stocks went off near 2.9 per cent while the Sunteck Realty went southward 2.4 per cent.
In banking sector Yes Bank share price crashed over 29 per cent, share price of IndusInd Bank dipped over 5 per cent, Bank of Baroda counter nosedived 5.6 per cent while Federal Bank scrip went off over 3 per cent.
Asian stock market witnessed heavy sell-off after the announcement of weak Chinese trade data. Japanese Nikkei 225 index lost 0.22 per cent, South Korean Kospi went off 0.58 per cent, Hang Seng crashed 0.65 per cent while Shanghai index added over half a per cent.