Stock Market: Sensex, Nifty dip on profit-booking; Sobha, TCS, ICICI Bank shares slide
The BSE Sensex went down 173 points and closed at 29,893 levels while the NSE Nifty corrected 43 points and closed at 8,748 levels. Bank Nifty index went off 116 points and closed at 18,946 levels.
Stock Market: On account of profit-booking after huge rally on the previous trade session, the Indian indices closed on the lower side after the intraday trade session. The BSE Sensex went down 173 points and closed at 29,893 levels while the NSE Nifty corrected 43 points and closed at 8,748 levels. Bank Nifty index went off 116 points and closed at 18,946 levels.
Speaking on the current stock market scenario Prakash Pandey, MD & CEO at Plutus Adisors said, "This dip in Indian share market is due to the profit-booking as the market had rose around 9 per cent yesterday. But, major trigger for the market is how US comes out of the coronavirus and how COVID-19 impacts the US society. Any further weakness in the US market may further trigger bearish trend in the global indices that includes Indian stock market as well." Pandey advised traders to continue booking profit on every 6-7 per cent rise in Indian markets.
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Shares of SBI, Cadila Healthcare, Reliance Industries, Cipla, IndusInd Bank, Tata Motors, HDFC Bank, ITC, ICICI Bank and TCS were among the most trending stocks in the intraday trade session while shares of Axis Bank, Hindustan Unilever Limited or HUL, Bajaj Finance, Housing Development Finance and Maruti Suzuki mwere among the most active stocks in the intraday trade session.
Realty stocks led the maxium beating as the BSE Realty index went down around 1.65 per cent in the intraday trade session. Realty major Sobha share price went down 5 per cent, Oberoi Realty shares went down 3.62 per cent, DLF stocks corrected to the tune of 2.72 per cent while Sunteck Realty stock price went southward 2.33 per cent.
IT stocks also went through some profit-booking. IT major Tata Consultancy Services or TCS share price crashed 3.91 per cent, eClerx Services shares went down 2.09 per cent, shares of Tanla Solutions went down 3.60 per cent, MindTree stock price corrected to the tune of 1.35 per cent, Larsen & Toubro Infotech stocks slide 1.32 per cent while Infibeam Avenues counter crashed 9.97 per cent.
In the banking sector, Federal Bank share price crashed 4.33 per cent, ICICI Bank shares nosedived 2.18 per cent, State Bank of India or SBI stock price slide 1.85 per cent, Kotak Mahindra Bank and HDFC Bank shares went down near 0.8 per cent. IndusInd Bank share price rose 3.83 per cent, RBL Bank shares rose 4.17 per cent while City Union Bank scaled 2.35 per cent.
Among the major Asian markets, the Japanese Nikkei 225 index rose 2.13 per cent, South Korean Kospi dipped 0.90 per cent, Hang Seng went off 1.17 per cent while Shanghai market went down 0.19 per cent.
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