Stock Market: On account of short-covering in the F&O expiry today, the indian indices pared its early morning losses but remained in the red zone. The BSE Sensex lost 57 points and closed at 34,817 levels while the NSE Nifty went down 16 points and closed at 10,288 mark. Bank Nifty index added 79 points and closed at 21,506 levels. Buying in healthcare, ban king and finance was the major reason for Indian indices paring its opening bell losses.
Speaking on the current stock market scenario Rohit Singre, Senior Technical Research Analyst at LKP Securities said, “Indian markets is trading in a broader range of 10,100 to 10,500. Mu advice to the share market investors is to maintain buy on dips every time the market comes close to 10,100.” On what should be his suggestion to the traders when the market is exactly in the middle of its broader range Singre advised traders to avoid taking any fresh position at current levels.
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Healthcare stocks led the bull run as the BSE healthcare index shot up to the tune of near 1 per cent in the intraday trade session. Healthcare major Abbott India share price shot up 4.92 per cent, Alembic shares skyrocketed 6.64 per cent, shares of Biocon went northward 3.75 per cent, GlaxoSmithKline Pharmaceuticals counter added 2.38 per cent, Hikal scrip added 3.24 per cent, Lupin added 1.59 while Morepen Laboratories scrip went up 4.39 per cent.
Banking stocks also showed some signs of recovery as the BSE Banking index surged 0.65 per cent after the closing bell. Banking major City Union Bank share price went northward 2.41 per cent, Kotak Mahindra Bank shares added 1.67 per cent, shares of RBL Bank scaled 2.18 per cent while the ICICI Bank counter added 0.79 per cent.
At the major Asian markets, the Japanese Nikkei 225 index crashed 1.22 per cent, South Korean Kospi tanked 2.27 per cent. Singapore and Hong Kong markets are closed today for holiday.
At Wall Street yesterday, Dow Jones sink 2.72 per cent, Nasdaq crashed 2.19 per cent, S&P 500 dipped 2.59 per cent while SmallCap 2000 crashed 2.79 per cent.