Closing Bell: Sensex, Nifty trade range-bound ahead of Eid holiday; L&T Tech, Rolta India, TCS stocks dip
The BSE Sensex lost 184 points and closed at 40.083 levels while the 50-stock Nifty index went down 66 after closing at 12,021 levels in the intraday trade. The Bank Nifty index went down 64 points and closed at 31,589 levels.
On account of heavy profit booking on the penultimate day of Eid festival, the Indian indices tarade range-bound throughout the day. The BSE Sensex lost 184 points and closed at 40.083 levels while the 50-stock Nifty index went down 66 after closing at 12,021 levels in the intraday trade. The Bank Nifty index went down 64 points and closed at 31,589 levels. IT and tech index were the major losers today as L&T Tech, Rolta India, TCS stocks were among the major stocks that closed after sheding from its previous close.
Speaking on the market outlook Prakash Pandey, Head of Research at Fairwealth Securities said, "Overall the market is bullish as both DII and FII are positive about the market. The correction today in the market is caused by the profit booking by jobbers as tomorrow will be holiday to celebrate Eid. Both, Sensex and Nifty have closed the psychological levels of 40,000 and 12,000 respectively which indicates fresh buying in next session provided the global cues remain the same."
IT stocks led the blood bath today at Dalal Street as the BSE IT index lost around 1.83 per cent. IT major MIC Electronics crashed around 4 per cent, L&T Technology Services shares dipped 3.27 per cent, Larsen & Toubro Infotech stocks went down 1.27 per cent, MphasiS share price went down 2.2 per cent, Rolta India counter nosedived more than 3 per cent, Tata Consultancy Services aka TCS crashed over 2.5 per cent while Ìnfosys shares took a dip around 1.34 per cent.
Tech stocks also witnessed heavy profit booking and helped bear grip Dala Street today. BSE Tech index went down around 1.5 per cent in the intraday trade. Tech major Just Dial share price crashed over 3 per cent, MindTree stocks went down over 1 per cent, MphasiS dipped around 1.73 per cent, Reliance communications aka RCom went down around 1 per cent while Tech Mahindra and Vodafone Idea counters went down near 1.2 per cent.
Among Asian markets Japanese Nikke 225 index lost 0.11 per cent, South Korean Kospi slipped 0.04 per cent, Hang Seng dipped 0.61 per cent while the Shanghai index crashed 0.96 per cent.