Stock Market: Sensex, Nifty trade tepid on negative FIIs; Metal, banking stocks dip
The BSE Sensex slipped 85 points down at 38,737 while the 50-stock Nifty dipped 25 points to 11,485 levels. The Bank Nifty index nosedived 157 points to 29,722 levels.
Stock Market: On account of netral global indicators and negative FIIs, the Indian indices ticked down near 0.25 per cent in the opening bell session. The BSE Sensex slipped 85 points down at 38,737 while the 50-stock Nifty dipped 25 points to 11,485 levels. The Bank Nifty index nosedived 157 points to 29,722 levels.
Speaking on the current stock market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "The Nifty is trading in the range of 11,420 to 11,850. Overall the market is bullish and any dip should be taken as a buying opportunity and I still stick with my rpediction of 11,200 for Nifty in one month time."
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Metal stocks led the bloodbath at Dalal Street as the BSE Metal index went down more than 1.5 per cent in the opening bell session. Metal major Steel Authority of India Ltd or SAIL share price crashed 3.17 per cent, shares of National Aluminium Company or NALCO dipped 2.05 per cent, NMDC counter went down 2.95 per cent, Tata Steel and Vedanta shares cooled down more than 2.25 per cent while JSW Steel and Hindalco dipped near 2.3 per cent.
Banking stocks also received the beating in the opening bell session. Banking major YES Bank share price crashed 5.23 per cent, shares of IndusInd Bank nosedived 3.59 per cent, RBL Bank shares went down 3.18 per cent, City Union Bank and Federal Bank shares shed to the tune of 1.25 per cent while HDFC Bank and State Bank of India or SBI stocks went down near 0.8 per cent.
Among major Asian markets, the Japanese Nikkei 225 index shed 0.53 per cent, South Korean Kospi went up 0.48 per cent, Hang Seng added 0.31 per cent while Shanghai market lost 0.40 per cent in the morning trade session.
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