The stock market of India dipped after profit-booking in telecom, metal, auto and energy stocks. The BSE Sensex lost 70 points and closed at 40,938 after the Closing Bell while the 50-stocks Nifty went down 32 points and closed at 12,053 levels. Bank Nifty went down 40 points and closed at 31,974 levels after the Closing Bell.
Speaking on the stock market outlook Prakash Pandey, MD & CEO at Plutus Advisors said, "Nifty has strong support at 11,970 levels and has resistance at 12,190 levels. Bull or bear trend at the Indian stock market can be decided on breaking of either side of the range in which Nifty is trading these days." However, Pandey said that after the positive outcome coming in from the US-China trade talks and dollar getting weaker in the forex markets, the commodity-oriented shares like metal, consumer durables, etc. are expected to [erform well at the Dalal Street.
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Telecom stocks led the bloodbath at Dalal Street as the BSE Telecom shed 1.59 per cent in the intraday trade session. Telecom major Vodafone Idea share price crashed 4.48 per cent, shares of Reliance Communications dipped 4.71 per cent, GTL Infrastructure shares nosedived 4.26 per cent, Sterlite Technologies stock price went southward 5.49 per cent while Bharti Airtel shares went off 1.37 per cent.
Metal stocks also witnessed heavy beating in the intraday trade session as the BSE Metal index went down near 1.4 per cent. Metal major Steel Authority of India or SAIL share price crashed 2.96 per cent, National Aluminium Company or NALCO shares went down 2.64 per cent, shares of Tata Steel went down 1.80 per cent, Vedanta counter went off 1.44 per cent, JSW Steel stock price went down 1.77 per cent while Hindalco Industries shares went down 0.84 per cent.
Among the major Asian markets, the Japanese Nikkei 225 index shed 70 points in the intraday trade, Kospi went down 2.1 points, Hang Seng crashed 179 points while the Shanghai markets rose 16 points after the Closing Bell.