Opening Bell: Sensex, Nifty trade tepid on cautious global cues; Nifty Bank below 30,000 levels
Overall the market is bullish. Right now, the market is range-bound and the range is 11,600 to 11,750. Experts advise investors to adopt buy on dips strategy as any correction of 150 to 200 at the BSE Sensex is a buying opportunity.
On account of oil prices becoming stable and foreign institutional investors becoming neutral awaiting fresh domestic cues, the Indian indices trade sideways in early morning trade session. The BSE Sensex went down 60 points to 38,610 levels while the 50-stock Nifty went down 26 points to 11,577 levels. After witnessing heavy profit booking yesterday, the index Nifty Bank again lost 60 points to 29,782 levels — well below the psychological 30,000 levels that it lost on Monday intraday trade.
Giving an idea about the market behavious Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business online, "Overall the market is bullish. Right now, the market is range-bound and the range is 11,600 to 11,750. I would advise investors to adopt buy on dips strategy as any correction of 150 to 200 at the BSE Sensex is a buying opportunity rather getting panic."
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Oil and gas stock led the slide at Dalal Street. Oil and gas major Bharat Petroleum Corporation went down around 1.2 per cent, Hindustan Petroleum Corporation shares went off more than 1.5 per cent, IOCL counter went down around 1 per cent, GAIL stocks went down around 1.05 per cent while Indraprastha Gas stocks went southward by near half a per cent.
Consumer Discretionary Goods & Services stocks had to witness some profit booking in early morning trade on Tuesday. The BSE Consumer Discretionary Goods & Services index went off near 0.25 per cent. Index major Alok Industries crashed over 4 per cent, Apollo Tyres share went down 1.35 per cent, Asian Paints counter went southward by over 2.5 per cent, BPL and Berger Paints (India) were off near 2 per cent, CEAT counter slide 1.65 per cent while FIEM Industries stocks went down near 1.4 per cent.
Asian shares struggled to make gains in early morning trade on Tuesday as investors braced for key events later in the week, including the start of the US earnings season and a crucial Brexit summit, while broader concerns about slowing global growth checked sentiment.
MSCI's broadest index of Asia-Pacific shares outside Japan was basically flat after brushing its highest since late August last year during the previous session. Japan's Nikkei edged 0.05 percent higher, while Australian shares and Chinese blue chips held steady. E-Mini futures for the S&P 500 lost 0.15 percent. South Korean Kospi dipped 0.1 per cent, Hang Seng went up near 0.4 per cent while Shanghai index rose around 0.15 per cent.
Wall Street shares delivered a mixed performance on Monday, with the Dow Jones Industrial Average losing 0.3 percent while the S&P 500 added 0.1 percent. Concerns over slowing U.S. earnings have undermined U.S. equities in recent sessions, though a strong jobs report last week helped to soothe frayed nerves.
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