Sensex, Nifty trade tepid on disappointing Chinese data; Indiabulls, Bharti Infratel, GTL stocks bleed
The BSE Sensex dipped 52 points to 39,014 while the 50-stock Nifty index lost 24 points to 11,730 levels. Tata Communications and Oberoi Realty stocks bleed in the early morning trade session.
Stock market of India opened sideways as the Chinese data were disappointing for the market investors. The BSE Sensex dipped 52 points to 39,014 while the 50-stock Nifty index lost 24 points to 11,730 levels. Tata Communications and Oberoi Realty stocks bleed around 1 per cent in the early morning trade session on Tuesday. Nifty Bank index lost 229 points to 29,799.
Speaking on the market trend SEBI registered technical equity analyst said, "Overall the market is bullish and it is trading in the range of 11,500 to 11,750. Investors are advised to follow buy on dips strategy."
Telecon stocks bleed maximum as the BSE Telecom index lost around 1.25 per cent in early morning trade session. Telecom major Bharti Infratel crashed around 3.5 per cent, shares of GTL Ltd. dipped around 4.38 per cent, OnMobile Global scrip lost 2.8 per cent, Reliance Communications counter lost 2.87 per cent, Sterlite Technologies stocks went off near 1.8 per cent while Tata Communications counter went off near 1 per cent.
Realty stocks also had to witness heavy sell-off in the early morning trade session. Realty major DLF went off around 2.5 per cent, Indiabulls Real Estate share price crashed around 7 per cent, shares of Oberoi Realty went off near 1 per cent while Sobha Developers counter dipped around 1.25 per cent.
Asian markets also feel the heat of weak Chinese data. Japanese Nikkei 225 lost 0.47 per cent, South Korean Kospi crashed 0.62 per cent, Hang Seng dipped near 0.5 per cent and Shanghai index added 0.43 per cent.
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