Sensex, Nifty trade cautious; Indian Overseas Bank, KEC International, Vedanta stocks gain
The stock market of India opened on the lower side reflecting the investors' cautious behaviour ahead of the Christmas Festival falling on 25th December 2019. The BSE Sensex fell 42 points at 41,639 levels while the Nifty-50 index remained almost unchanged by shedding half points to 12,273 levels. Bank Nifty index was also half points down at 32,385 levels.
Speaking on the current share market outlook Simi Bhaumik, a SEBI registered technical equity analyst said, "The Nifty is trading in the range of 11,970 to 12,250 to 12,300 and bull or bear trend can be said only after the breaking of either side of the Nifty range."
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Shares of Reliance Infrastructure, Reliance Capital, KEC International, Indian Overseas Bank, Titan Company and Indiabulls Housing Finance were among the major gainers in the opening Bell trade session while stocks of Spicejet, Reliance Industries or RIL, DHFL, UCO Bank and PC Jeweller were among the major losers in the morning trade session at Dalal Street.
Metal stocks led the bull run on Dalal Street as the BSE Metal index went down near 1 per cent in the Opening Bell trade session. Metal major Vedanta share price soared 1.87 per cent, Tata Steel shares went up 1.11 per cent, shares of Hindalco Industries went up near 1 per cent, JSW Steel stock price shot up 1.85 per cent while shares of Hindustan Zinc, NMDC, NALCO went down more than half per cent but less than 0.75 per cent in the Opening Bell trad session.
Among the major Asian markets, the Japanese Nikkei 225 index went down 0.13 per cent to 23,847 levels, South Korean Kospi slipped 0.12 per cent to 2,201.59 levels, Hang Seng soared over 39 points to 27,911.00 levels while the Shanghai market crashed 0.47 per cent to 2,990.71 levels.
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