Stock Market: Sensex, Nifty dip on neutral global cues; healthcare, metal, telecom stocks slide
Stock Market: The BSE Sensex shed 37 points and closed at 38,369 mark while NSE Nifty lost 14 points and closed at 11,308 levels. Bank Nifty lost 36 points and closed at 22,264 mark.
Stock Market: On account of global sentiments becoming neutral from positive, the Indian Indices ended in the red zone on Wednesday. The BSE Sensex shed 37 points and closed at 38,369 mark while NSE Nifty lost 14 points and closed at 11,308 levels. Bank Nifty lost 36 points and closed at 22,264 mark.
Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "Market has managed to sustain above 11,250 and it can go up to 11,450 mark because the overall sentiment of the market is still bullish." She said that Bank Nifty has also managed to sustain above 22,100 mark. If it manges to break 22,250 mark and sustain above that level, then we can witness some 400-500 points rally at Bank Nifty as well.
Deepak Jasani, Head Retail Research at HDFC Securities said, "Nifty after opening gap down showed a labored rise during the day but failed to close in the positive. It will watch for positive cues from other markets to enable it to register a new recent high above 11,374."
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Healthcare, metal, telecom and realty stocks slide maximum in thee intraday trade session. Metal major Hindustan Zinc share price crashed 6.18 per cent, National Aluminium Company or NALCO shares went down 1.55 per cent, Vedanta stock price nosedived 1.83 per cent, Hindalco Industries stocks went off 1.73 per cent while Tata Steel shares went down 0.41 per cent.
In telecom sector, Reliance Communications share price crashed 4.76 per cent, Tata Communications shares nosedived 3.49 per cent, shares of Sterlite Technologies went off 2.59 per cent while GTL Infrastructure dipped 4.17 per cent.
Among the major asian markets, the Japanese Nikkei 225 index shot up 0.41 per cent, South Korean Kospi went up 0.57 per cent, Hong Kong's Hang Seng shot up 1.42 per cent while the Shanghai index crashed 0.71 per cent in the opening bell trade session.
At the Wall Street yesterday, Dow Jones dipped 0.30 per cent, Nasdaq shed 1.69 per cent, SmallCap 2000 went down 0.46 per cent while S&P 500 crashed 0.80 per cent.
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