Stock Market News: On account of profit-booking by the stock market investors, the Indian indices went down in the intraday trade. The BSE Sensex dipped 229 points and closed at 40,116 levels while the 50-stock Nifty went down 73 points after closing at 11,840 levels post-Closing Bell. Bank Nifty index crashed 574 points and closed at 30,541 levels.
Speaking on the current market trends Prakash Pandey, MD & CEO at Plutus Advisors said, "The market has gone down due to the profit-booking by the stock market investors. This profit-bookings were awaited as the market has been on the upper side for around a fortnight post-Diwali 2019. I am expecting Nifty to come at around 11,700 as it has strong support at 11,670 levels and on the upper side, it is still looking positive and anywhere around 11,730 will be a good buying option for the target o 12,100."
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Shares of Indiabulls Housing Finance, Vodafone Idea, Yes Bank, Adani Enterprises, Adani Power, Equitas Holdings, Jindal Steel & Power, IFCI and NALCO were among the major losers while stocks of ICICI Securities, Raymond, Britannia Industries, Alkem Laboratories, Dewan Housing Finance Limited or DHFL, ABB India, HAL or Hindustan Aeronautics Limited and Tata Consultancy Service or TCS were among the major gainers after the Closing Bell.
Metal stocks received heavy beating as the BSE Metal index crashed 2.27 per cent in the intraday trade. Metal major Jindal Steel & Power share price crashed 6.2 pre cent, shares of National Aluminium Company or NALCO nosedived 5.97 per cent, Steel Authority of India or SAIL stocks bleed 4.8 per cent, Hindalco Industries scrip went down 3.44 per cent, Vedanta stock price slipped 3.24 per cent while Tata Steel stocks went down over 2 per cent after Closing Bell trade session.
Banking stocks had to witness heavy selloff in the intraday trade as the BSE Banking index went down near 2 per cent. Banking major YES Bank share price crashed 5.55 per cent, shares of State Bank of India or SBI went down 3.66 per cent, Axis Bank and City Union Bank stock price nosedived 3.17 per cent, ICICI Bank stocks slipped 2.122 per cent while the RBL Bank scrip dipped 2.91 per cent.
Among the major Asian markets, the Japanese Nikkei 225 index crashed 0.85 per cent, South Korean Kospi nosedived 0.86 per cent, Hang Seng went southward 1.82 per cent while the Shanghai markets dipped 0.33 per cent in the intraday trade session.