Sensex, Nifty trade tepid on neutral FIIs; Vodafone Idea, IDBI Bank, SREI Infra stocks bleed
The BSE Sensex went down 76 points to 37,565 levels while the 50-stock Nifty went down 11 points to 11,093 levels. The Bank Nifty index went down 101 points but sustained above the psychological 28,000 levels.
Opening Bell: The stock market of India took a pause from its two days rally in the morning trade session on neutral FIIs. The BSE Sensex went down 76 points to 37,565 levels while the 50-stock Nifty went down 11 points to 11,093 levels. The Bank Nifty index went down 101 points but sustained above the psychological 28,000 levels.
Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "Nifty is facing stiff resistance at around 11,250 but till it sustains above the 10,900 levels, the overall market would remain bullish. Auto, banking and financial stocks would lead the bull run and stock market investors are advised to maintain buy on dips strategy."
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Prakash Pandey, MD & CEO at Plutus said, "As per the time cycle, Nifty will form a durable bottom in next 15-20 days. Till then, I advise share market investors to maintain buy on dips strategy."Pandey said that in downside risk is near 5 per cent while upside potential in the market is around 40 per cent to 80 per cent in next 12 to 24 months."
CG Power and Industries, Jammu & Kashmir Bank, Linde India, PC Jeweller, Monsanto India, Oberoi Realty and IIFL Holdings were the major gaining stocks in the morning trade session while HDIL, Coffee Day Enterprise or CCD, IDBI Bank, Phoenix Mills, Vodafone Idea and NBCC stocks were among the major losing shares in the intraday trade.
IT and tech stocks led the bull run in the opening bell session. IT major Datamatics Global Services share price skyrocketed over 12 per cent, HCL Infosystems shares rose 3.17 per cent, shares of HCL Technologies added around 1 per cent, Kellton Tech Solutions counter added near 2.4 per cent, Majesco scrip jumped around 2.5 per cent while Wipro rose around 0.6 per cent.
Among Asian markets, the Japanese Nikkei 225 index added 0.1 per cent, South Korean index Kospi rose 0.54 per cent, Hang Seng went up 0.02 per cent while the shanghai market went down 0.33 per cent.
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