Stock Market News: On account of positive domestic institutional investors (FIIs) and domestic institutional investors (DIIs), the Indian share market opened on higher side but finally settled down in the red zone on mixed cues coming in from the Asian markets. The BSE Sensex shed 40 points and hit 41,282 levels while the 50-stocks Nifty went off 14 points at 12,111 levels. Bank Nifty cooled down 62 points to 30,775 levels.
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 Indian share market.” He said that any dip in the market should be seen as a buying opportunity but the two support zones has to be kept in mind while taking any buy position.
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Tata Motors, SBI, Reliance Industries, Aurobindo Pharma, IndusInd Bank, IRCTC, ICICI Bank, Yes Bank and Axis Bank shares were among the most trending stocks in the Opening Bell trade session while shares of Max Financial, HDFC Bank, Bharti Airtel, Housing Development Finance and IRCTC were among the most active stocks in the early morning trade session.
Shares of Lakshmi Vilas Bank, Dr. Lal Pathlabs, Oil India, Adani Green Energy, Phoenix Mills, Reliance Capital, InterGlobe Aviation or IndiGo and Relaxo Footwears were among the major losers in the Opening Bell trade session while shares of Vodafone Idea, JP Associates, Suzlon Energy, Max Financial Service, Dewan Housing Finance Limited or DHFL, IndusInd Bank and Yes Bank were among the major gainers in the early morning trade session.
Energy stocks led the bloodbath in the Opening Bell trade session. Energy major Reliance Industries or RIL share price dipped to the tune of around 0.45 per cent, Oil India share price crashed 2.24 per cent, shares of Hindustan Petroleum Corporation dipped 1.08 per cent, Castrol India stock price went off to the tune of 0.75 per cent while Gujarat Mineral Development Corporation nosedived 1.71 per cent in the intraday trade.
Among the major Asian markets, the South Korean Kospi shed 0.99 per cent, Japanese Nikkei soared 0.40 per cent, Hang Seng dipped 0.94 per cent while the Shanghai markt went up 0.47 per cent.