Sensex, Nifty slip on weak US retail data; Yes Bank, PNB Housing Finance, Deepak Fertiliser stocks gain
The BSE Sensex shed 4 points at 38,594 levels while the 50-stock Nifty went down 9 points to 11,454 levels. The Bank Nifty index added 51 points and went up to 28,590 levels.
Stock Market: On account of weak global cues coming in from the crucial BREXIT Summit and weak US retail data, the Indian indices inched lower. The BSE Sensex shed 4 points at 38,594 levels while the 50-stock Nifty went down 9 points to 11,454 levels. The Bank Nifty index added 51 points and went up to 28,590 levels.
Speaking on the current market scenario Sumeet Bagadia, Vice President at Choice Broking said, "Market is trading in the range of 11,300-11,500. It has strong resistance at 11,500. Till the Nifty trades in this range my suggestion to stock market investors is to continue with buy on dips strategy." However, Bagadia maintained that once the Nifty breaks the 11,500 resistance, there can be another 125-150 points upside movement can be expected.
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General Insurance Corporation, Hathway Cable & Data, Deepak Fertilisers, PNB Housing Finance, YES Bank, Force Motors and Oberoi Realty stocks were the major gaining shares in the Opening Bell trade session while Vodafone Idea, Reliance Capital, Lakshmi Vilas Bank, Indiabulls Real Estate, Dewan Housing Finance Corporation Limited or DHFL stocks were among the major losing shares in the Opening Bell trade session.
Banking stocks led the bull run on Dalal Street as the BSE Bankex shot up near 0.75 per cent in the intraday trade. Banking major Federal Bank share price shot up 1.64 per cent, shares of Yes Bank went up 1.8 per cent, Axis Bank stocks rose near half per cent while SBI and HDFC Bank shares added around 0.55 per cent.
Among major asian markets, the Japenese Nikkei index shed 0.07 per cent, South Koran index Kospi went down 0.13 per cent, Hang Seng surged 0.74 per cent while the Shanghai were at the same levels where it had closed yesterday.