Sensex, Nifty trades tepid on weak global cues; TVS Motor, Matrimony stocks dip
The BSE Sensex went down 64 points to 38,964 while the 50-stock Nifty slipped 20 points to 11,727 levels.
On account of neutral global and F&O cues, the Indian indices trade sideways in early morning trade session on Thursday. The BSE Sensex went down 64 points to 38,964 while the 50-stock Nifty slipped 20 points to 11,727 levels. TVS Motor company share price crashed over 7 per cent while the Matrimony share price continues to dip and lost over 3 per cent in early morning trade.
Speaking on the future course of action at the Dalal Street Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business online, "The market is range-bound till the Nifty trades in between 11,500 to 11,750 levels. A bull or bear run can be determined on the breaking of either side of the range. Till then, I would recommend stock market investors to follow buy on dips strategy."
Auto stocks led the blood bath at Dalal Street as the BSE Auto index lost more than 1.5 per cent in the early morning trade. Auto major TVS Motor share price crashed 7.3 per cent, Tata Motors stock price dipped 2.78 per cent, Maruti Suzuki India counter went off near 1.5 per cent, Cummins India share price went down 1.89 per cent, shares of Eicher Motors went off 1.86 per cent, Bosch shares went down over 2 per cent while Apollo Tyres counter went down 1.67 per cent.
IT stocks also witnessed some profit booking today as IT major Matrimony.com share price dipped 3.39 per cent, Zen Tech share price went down 1.7 per cent, Wipro was down half a per cent, TCS counter was down near 0.9 per cent, Rolta India stocks crashed 4.97 per cent, Ramco was down near 1 per cent, NIIT went down 1.6 per cent while Hinduja Global Solutions nosedived around 5.5 per cent.
Asian markets marked time on Thursday with two major centers - Japan and China - shut for holidays while the dollar held on to overnight gains after the US Federal Reserve poured cold water on rate cut expectations.
MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.1 per cent, trading in a tight band. Australian shares slipped 0.7 per cent while New Zealand was up 0.4 percent and South Korea's KOSPI index added 0.1 percent. E-Mini futures for the S&P 500 were unchanged. Trading in Japan will resume next Tuesday while China will be back in action on Monday.