Stock Market: Sensex, Nifty tick down on profit-booking; Bharti Airtel, Tata Steel, Corporation Bank stocks gain
Stock Market of India witnessed a range-bound trade through the day though DII and global sentiments were in favour of the market bulls. The Chinese government cut down key interest rates in a surprising move, which is for the first time since 2015 and on Saturday there were reports of positive developments in the US-China trade talks. The BSE Sensex slipped 72 points and closed at 40,284 levels while the Nifty-50 index went down 10 points and closed at 11,884 levels. Bank Nifty index climbed down from the psychological 31,000 levels after closing at 30,992 levels, which is 16 points lower than its Friday closing.
Speaking on the current market trends Prakash Pandey, MD & CEO at Plutus Advisors said, "The Indian markets are around 21 days exponential moving average that indicates profit-booking to further go deep. I am expecting the Nifty to go around 11,770-800 levels and once it touches that levels, it would be an ideal buy position for the stock market investors for the target of 12,100 and may 12,350."
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Shares of Glenmark Pharma, Vodafone Idea, Corporation Bank, Parag Milk Foods, Sanofi India, Bharti Airtel, Bharat Petroleum or BPCL, Aurobindo Pharma and Tata Steel were among the major gainers while the shares of Magma Fincorp, Reliance Capital, Dewan Housing Finance Limited or DHFL, Reliance Power, Yes Bank India Cements and Jamna Auto Industries were among the major losers.
Telecom stocks led the bull run on Dalal Street as the BSE Telecom index shot up 3.42 per cent in the intraday trade session after the Closing Bell. Telecom major Vodafone Idea share price skyrocketed 22.55 per cent, shares of Bharti Airtel shot up 4.6 per cent, GTPL Hathway shares rose 2.6 per cent and Optiemus Infracom stocks added 3.34 per cent. However, Mahanagar Telephone Nigam Ltd share price nosedived 4.97 per cent while Reliance Communications counter crashed 3.39 per cent.
Among the major Asian stock markets, the Japanese Nikkei 225 index scaled 0.49 per cent, Kospi went 0.07 per cent down, Hang Seng shot up 1.35 per cent while the Shanghai market jumped 0.62 per cent.