Opening Bell: The stock market of India continued to bleed for third straight trading session post-budget 2019 presentation on Friday. The BSE Sensex lost 228 points to 38,491 levels while the Nifty 50 index 76 points to 11,481 levels. Bank Nifty index went southward 245 points to 30,358 levels. SREI Infrastructure, Voltas, Hindustan Zinc, Dr. Lal Pathlabs Ltd and GAIL (India) were the top gaining stocks in the morning session while Titan Company, Manpasand Beverage, Cox and Kings, REC and JaiprakashAssociates were the top losing stocks in the intraday trading session.
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Speaking on the current market scenario Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "The Nifty witnessed a sharp follow-through weakness on Monday and closed the day lower. A long bear candle was formed on Monday with a gap down opening. Technically, this pattern indicates a sharp downward reversal in the market. The Nifty is currently placed near the upper area of the previous opening upside gap of 20th May at 11591 levels. Further weakness from here is likely to fill this gap around 11426 levels. Hence, the area of 11,600-11,425 levels is going to be a crucial support zone for the market, and one may expect current downtrend to halt around these areas."
Consumer Durable stocks led the blood bath at Dalal Street as the BSE Consumer Durables Index crashed around 4.84 per cent. Consumer Durables major Titan Company share price crashed over 10 per cent, shares of Rajesh Exports nosedived 1.65 per cent, VIP Industries counter went down 1.92 per cent while Symphony scrip was up 4.23 per cent.
Banking and Financial stocks continue to face the wrath of FIIs as they are still fishing out their money from the Indian indices. Banking major City Union Bank share price crashed 2.82 per cent, Kotak Mahindra Bank stock went down 1.45 per cent while Yes Bank continues to soar adding 2.42 per cent in the intraday trade.
Among Asian markets, the Japanese Nikkei 225 nudged down 0.06 per cent, South Korean Kospi went off 0.3 per cent, Hang Seng dipped 0.93 per cent while the Shanghai markets went down 0.57 per cent.
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