Stock Market: Sensex, Nifty open cautious on weak global cues; Telecom stocks rise on Rs 42,000 crore relief package
The BSE Sensex shed 8 points to 40,643 levels while the Nifty-50 index went down 8 points to 11,990 levels. Bank Nifty index went down 55 points 31,298 levels.
Stock Market News: On account of weak global cues, neutral domestic institutional investors (DII) and Future and Options (F&O), the Indian indices opened in a cautious note. The BSE Sensex shed 8 points to 40,643 levels while the Nifty-50 index went down 8 points to 11,990 levels. Bank Nifty index went down 55 points 31,298 levels. Telecom stock led the bull run on Dalal Street on the cabinet decision to give Rs 42,000 crore relief package to the telecom companies like Bharti Airtel, Vodafone, Reliance Jio and others.
Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "Market is overall bullish and has strong support at 11,950 levels. If the market sustains above 12,000 levels then we can expect it to touch 12,100." However, she advised profit booking at 12,100 levels rather than waiting for a further rise in the markets.
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Telecom stocks skyrocketed on Rs 42,000 crore cash flow approval by the Modi Cabinet yesterday. Telecom major MTNL share price soared 4.89 per cent, shares of Reliance Communications skyrocketed 5 per cent, Tejas Networks shares scaled 6.60 per cent while GTL Infrastructure stocks added 2.33 per cent.
Infra stocks witnessed fresh buying as the BSE Infra index went up near 1.2 per cent in the Opening Bell. Infra major Ashoka Buildcon share price surged 7.17 per cent, Dilip Buildcon shares rose 5.23 per cent, GMR Infrastructure counter went up 2.42 per cent, KNR Constructions skyrocketed over 18 per cent, PNC Infratech stock added 2.94 per cent while SREI Infrastructure Finance counter added 1.70 per cent in the Opening Bell trade session.
Among the major Asian markets, the Japanese Nikkei crashed 0.83 per cent, South Korean Kospi dipped 1.25 per cent, Hang Seng nosedived 1.62 per cent while Shanghai markets were down 0.39 per cent in the Opening Bell trade session.