Stock Market News: On account of mixed global cues the Indian indices had a tepid session throughout the intraday trade. However, in this cautious trade session, IRCTC share price climbed to its lifetime high and hit Rs 1976 per stock levels while Suzlon Energy share price soared over 9.5 per cent on State Bank of India (SBI) approval to its Rs 12,700 crore debt-restructuring proposal.
The BSE Sensex crashed 152 points and closed at 41,170 levels while the 50-stocks Nifty index went down 45 points after closing at 12,080 levels. Bank Nifty index soared 104 points and closed at 30,942 after the Closing Bell trade session.
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Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, “Nifty has immediate support at 12,050 levels and has strong support at 11,900. Currently, the 50-stock index is trading in the range of 11,900 to 12,250. Once, it breaks 12,250 levels and sustains above 12,300, one can expect it to hit 12,500 levels. Overall, the market is bullish as both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) are positive towards the Indian share market.” He said that any dip in the market should be seen as a buying opportunity but the two support zones have to be kept in mind while taking any buy position.
Shares of IRCTC, SBI, Tata Motors, Reliance Industries, Indiabulls, Tata Consultancy Services or TCS, Bharti Airtel, Yes Bank, IndusInd Bank and Vodafone Idea were among the most trending stocks throughout the intraday trade session while shares of IndusInd Bank, Max Financial, Aurobindo Pharma and Muthoot Finance were among the most active stocks in the intraday trade session.
Energy stocks led the bloodbath as the BSE Energy index went down around 0.95 per cent after the Closing Bell. Energy major and Sensex heavyweight Reliance Industries share price crashed 1.24 per cent, Indian Oil Corporation Ltd or IOCL shares dipped 1.62 per cent, Hindustan Petroleum Corporation Ltd or HPCL stock price went down 1.72 per cent, Castrol India stocks nosedived 3.29 per cent while Bharat Petroleum Corporation Ltd or BPCL scrip went off 0.85 per cent.
Among the major Asian markets, the South Korean Kospi crashed 0.67 per cent, the Japanese Nikkei 225 index went up 0.34 per cent, Hang Seng went off 0.17 per cent while the Shanghai index skyrocketed 1.84 per cent after the Closing Bell trade session.