Sensex, Nifty trades tepid on DHFL Crisis; Indiabulls Real Estate, Vakrangee, Lakshmi Vilas Bank stocks gain
The BSE Sensex slipped 42 points to 39,487 while the 50-stock Nifty went down 7 points to 11,835 levels. Nifty Bank index was 50 points higher at 30,907.
The stock market of India was trading range-bound after correcting heavily on yesterday after the DHFL loan delayed the crisis. The BSE Sensex slipped 42 points to 39,487 while the 50-stock Nifty went down 7 points to 11,835 levels. Nifty Bank index was 50 points higher at 30,907. Indiabulls Real Estate, Vakrangee, Lakshmi Vilas Bank and Deepak Fertilisers were among the top gaining stocks in the intraday trade session while Manpasand Beverage, Dilip Buildcon Ltd, DHFL, Natco Pharma and Reliance Infrastructure were among the top losing stocks today.
Speaking on the current market scenario Prakash Pandey, Head of Research at Fairwealth Securities said, "The market is not moving since yesterday due to the DHFL crisis. The asset book size of the crisis is to the tune of around Rs 1 lakh crore but the SBI has come forward to the rescue of the NBFC and hence we can expect some recovery into the market in next few sessions." He said that the market is range-bound and it's currently trading in between 11,800 to 11,950 citing, "Any dip of around 20-25 points from yesterday close is a good buying option. Stock market investors can take a buy position at that levels for the target of 11,950 but must maintain a stop loss below 11,750 levels."
Realty stocks were the top gaining stocks as the BSE Realty index rose around 0.8 per cent in the intraday trade session. REalty major IndiaBulls Real Estate share price shot up around 6 per cent, Mahindra Lifespace Developers, Sobha Developers and Godrej Properties stocks added over 0.4 per cent. However, Housing Development & Infrastructure stocks lost 2.2 per cent, Oberoi Realty counter was down near 1 per cent, Prestige Estates Projects dipped near 2 per cent while Phoenix Mills crashed round 1.75 per cent.
Healthcare stocks posed major drag to Indian indices. Healthcare major Aurobindo Pharma share price dipped around 1.8 per cent, Biocon went down 1.86 per cent, Cadila Healthcare was down 1.55 per cent, Cipla and Caplin Point Laboratories went off 1.7 per cent, Dr. Reddy's Laboratories share price took a dip of 2.86 per cent while Glenmark Pharmaceuticals crashed 3.15 per cent.
Among Asian markets Japanese Nikkei 225 index was up 0.55 per cent, South Korean Kospi was up 0.52 per cent, Hang Send index was 0.26 per cent higher from its previous close while the Shanghai markets was 1.17 per cent down.