Stock Market: Sensex, Nifty dip on weak global cues; MindTree, Yes Bank, Vedanta stocks bleed
BSE Sensex lost 71 points but retained the psychological 39,000 levels while the Nifty 50 index dipped 28 points to 11,658 levels. The Bank Nifty index ticked 12 points lower to 30,719 levels.
Indian indices took a beating on Thursday as investors await US corporate earnings data which may get hit by the SU-China trade standoff. Taking a cue from the Wall Street and other global bourses the BSE Sensex lost 71 points but retained the psychological 39,000 levels while the Nifty 50 index dipped 28 points to 11,658 levels. The Bank Nifty index ticked 12 points lower to 30,719 levels. YES Bank, Hindalco Industries, ONGC, HCL Technologies and Vedanta stocks were the top losing shares in the intraday morning trade session.
Speaking on the current market outlook Simi Bhaumik, a SEBI registered technical equity expert said, "The market has broken the resistance of 11,630 and has sustained above this levels for last three trade sessions and now it is in the range of 11,600 to 11,800. Overall the market is bullish and I suggest stock market investors maintain buy on dips strategy." She said that Ban Nifty is also taken huge support at 30,500 levels and in next few trade session, we can witness the banking index regaining the psychological 31,000 levels.
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Metal stocks took the maximum beating in the morning session as the BSE Metal index went down near 1.2 per cent. Metal major Vedanta share price crashed 1.72 per cent, stocks of Hindalco Industries dipped 1.67 per cent, JSW Steel and Hindustan Zinc shares went down near 0.9 per cent, shares of National Aluminium Company or NALCO went down 1.26 per cent while SAIL and Tata Motors scrips went down over half a per cent.
IT stocks also witnessed heavy selloff today as the IT major MindTree share price crashed 6.51 per cent, shares of HCL Technologies went down 1.55 per cent, Hexaware Technologies stocks went down 1.75 per cent, L&T Technology Services scrip was down 1.18 per cent, Tata Consultancy Services or TCS was down 0.72 per cent, Tata Elxsi counter dipped 1.13 per cent while Wipro scaled 2.46 per cent.
Among Asian markets, the Japanese Nikkei 225 index crashed 1.75 per cent, South Korean Kospi dipped 0.37 per cent, Hang Seng went down 0.48 per cent while the Shanghai index nosedived 0.65 per cent.