Sensex, Nifty slide on profit-booking; Indiabulls Real Estate, Rolta India, AB Capital stocks gain
The Indian stock market is overall bullish any dip in Nifty up to 11,800 should be considered a buying opportunity for the share market investors, say stock market experts.
Stock Market News: On account of Indian indices scaling around its all-time high and weal global market cues, the Indian stock market trade range-bound throughout the day and closed in red zone. The BSE Sensex shed 76 points and closed at 40,575 levels while the 50-stock Nifty went down 30 points and closed at 11,968 levels after the Closing Bell. Bank Nifty index ticked 3 points down and closed at 31,349 levels in the intraday trade.
Sumeet Bagadia, Executive Director at Choice Broking said, "The Indian stock market is overall bullish any dip in Nifty up to 11,800 should be considered a buying opportunity for the share market investors. It is facing resistance at 11,050 and once it breaks that resistance and sustains around 12,100 levels to 12,050 levels, we can expect it to scale 150-200 points further." He said that Bank Nifty would also go up and five private bank stocks Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and IndusInd Bank will play a major role in pulling Bank Nifty index at 32,000 levels.
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UCO Bank share price emerged showstopper among the most gaining stocks as the banking sector stock skyrocketed 13.80 per cent in the intraday trade. Shares of Indiabulls Housing Finance, Aditya Birla Capital or AB Capital, Indiabulls Real Estate, DHFL, Reliance Power, Lakshmi Vilas Bank and Jubilant Life Science were among the major gainers in the intraday trade session. Shares of Corporation Bank, MothersonSumiSystems, Shipping Corporation of India or SCI, Vodafone Idea, Hindustan Copper, Bharat Petroleum Corporation Limited or BPCL were among the major losers in the intraday trade.
Real Estate stocks led the bull run on Dalal Street as the BSE Realty index went up 0.46 per cent post-Closing Bell trade session. Realty major Indiabulls Real Estate share price soared 4.99 per cent, shares of Housing Development & Infrastructure shot up 4.89 per cent, DLF shares rose neear 2 per cent while Sunteck Realty shares shed 1.95 per cent.
Among major Asian markets, the Japanese Nikkei 225 index shed 0.48 per cent, South Korea's Kospi nosedived 1.35 per cent, Hang Seng crashed 1.57 per cent while the Shanghai markets went down 0.25 per cent in the intraday trade.