Sensex, Nifty close after range-bound trade; Vodafone Idea, Indiabulls Housing Finance stocks gain
The stock market of India remained range-bound throughout the day as the major Indian indices like Sensex, Nifty and Bank Nifty are near its all-time high and traders have gone cautious after the weak GDP numbers announced on Friday evening. The BSE Sensex ticked 8 points higher and closed at 40,802 levels while the 50-stocks Nifty slipped 7 points and closed at 12,048 levels after the Closing Bell trade session.
Speaking on the current stock market condition Prakash Pandey, MD & CEO at Plutus Advisors said, "The 50-stock index Nifty is clearly lacking momentum at the highest levels. It's expected to remain in 11,860 to 12,150 range throughout the week. Some correction from current levels is expected and I would advise share market investors to adopt buy on dips strategy throughout the week."
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Vodafone Idea share price skyrocketed near 14 per cent in the intraday trade. Shares of Trident, Adani Transmission, Magma Fincorp, Indiabulls Housing Finance, Escorts, Bharti Airtel, JSW Energy and Crisil were among the major gainers in the intraday trade session while shares of YES Bank slipped 6.22 per cent, PC Jeweller shares went down 6.14 per cent, Eicher Motors stock price nosedived near 5 per cent, Reliance Power shares crashed 4.99 per cent, Reliance Capital stock price slipped 4.95 per cent while Dewan Housing Finance Limited or DHFL went down 4.83 per cent.
Telecom stocks led the bull run in the intraday as the BSE Telecom shot up 2.64 per cent. Telecom major Vodafone Idea share price soared 14.06 per cent, Bharti Airtel shares went yp 3.67 per cent, shares of Reliance Communications soared 4.94 per cent, HFCL stocks surged 14.91 per cent, ITI counter added 0.88 per cent while the MTNL or Mahanagar Telephone Nigam Limited shares went northward 2.34 per cent in the intraday trade.
Among the major Asian markets, the Japanese Nikkei 225 index soared 1.01 per cent, South Korea's Kospi added 0.19 per cent, Hang Seng shot up 0.37 per cent while the Shanghai market scaled 0.13 per cent.
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