Sensex, Nifty trade tepid ahead of China data; Bank Nifty tests resistance at 31,000 levels
The BSE Sensex opened 10 points lower to 39,730 while the 50-stock Nifty was 15 points down to 11,895 levels. The index bank Nifty was 10 points lower at 30,976, testing resistance at 31,000 levels.
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This banking stock has turned a multibagger! Should you buy and earn hefty money? Find out The stock market of India was trading subdued as investors are waiting for the China trade data. The BSE Sensex opened 10 points lower to 39,730 while the 50-stock Nifty was 15 points down to 11,895 levels. The index bank Nifty was 10 points lower at 30,976, testing resistance at 31,000 levels. Indiabulls Integrated Services, Bharat Financial, Lakshmi Vilas Bank and BHEL stocks were among the top gaining stocks in the early morning trade session while Jet Airways, GRUH Finance, Manpasand Beverage, IndiaBulls Real Estate and Reliance Communications were among the top stocks that crashed in the morning trade session.
Speaking on the current market scenario Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal said, "The market is range-bound and in the current market scenario, it is trading in the range of 11,800 to 12,100. The further trend of the market can be determined on breakage of either sides of this range."
Standing in sync with Chandan Taparia's views on the market Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business online, "Yesterday, market was witnessing resistance at 11,870 but finally closed above this level. If the market sustains above 11,870 today, then one can expect some further upsides up to 11,950-60 levels."
Consumer Durable stocks led the bulk of buying that took place today as the BSE Consumer Durable Index was up 0.27 per cent. Index major PC Jeweller share price shot up over 6 per cent, Rajesh Exports gained over 1.5 per cent while TTK Prestige, VIP Industries and Whirlpool of India share were in the green zone.
Telecom index added around 0.25 per cent in the intraday trade today. Telecom major Bharti Infratel, Himachal Futuristic Communications, Sterlite Technologies, Tata Communications and Vindhya Telelinks stocks were in green territory while GTL share price crashed 6.63 per cent, OnMobile Global shares dipped 5.77 per cent, Reliance Communications went southward 4.55 per cent while Tata Teleservices (Maharashtra) counter went down 4.88 per cent.
Among Asian markets, the Japanese Nikkei 225 index rose 0.35 per cent, South Korean Kospi went down 0.3 per cent, Hang Seng went off 0.42 per cent while the Shanghai market went southward 0.26 per cent.
