Opening Bell: Sensex, Nifty trade tepid; MosChip Technologies, Ramco Systems, Indian Overseas Bank stocks gain


The stock market of India opened in the red zone on early morning profit booking. The BSE Sensex went down 66 points to 39,750 while the 50-stock Nifty slipped 17 points to 11,892 levels. The index Bank Nifty went down 6 points to 31,276 levels. Manpasand Beverage, Indian Overseas Bank, Bharat Forge, GSFC were among the major gaining stocks today while Cox & Kings, Suzlon Energy, Tata Communications, Graphite India and Aurobindo Pharma were the top losing stocks in the intraday trade.

Speaking about the outlook of Indian indices Simi Bhaumik, a SEBI registered technical equity expert said, “The market is overall bullish and it may show 12,100 to 12,300 levels before budget as pre-budget rally is still expected to continue. The Bank Nifty has taken strong support at 31,100 and the index is expected to remain above this levels till the budget 2019.”

IT stocks witnessed fresh buying in the morning session today as the IT major Genesys International Corporation share price skyrocketed over 11 per cent, shares of MosChip Technologies shot up 3.3 per cent, 8K Miles Software Services scrip scaled near 5 per cent, Cerebra Integrated Technologies counter added 2.6 per cent, D-Link (India) stock went up near 2.5 per cent, Datamatics Global Services rose 2.05 per cent, Ramco Systems share price went northward near 5.3 per cent while TVS Electronics jump around 2.1 per cent.

Telecom index witnessed heavy buying in the intraday morning session as the BSE Telecom index shot up around 0.68 per cent. Telecom major Mahanagar Telephone Nigam or MTNL share price skyrocketed 8.22 per cent, shares of Reliance Communications scaled 4.32 per cent, Optiemus Infracom stocks surge 4.14 per cent, Tata Teleservices (Maharashtra) counter went northward 4.79 per cent while GTL Infrastructure counter added 1.32 per cent.

Among Asian markets, the Japanese Nikkei 225 index went down 0.67 per cent, South Korean Kospi crashed 0.93 per cent, Hang Seng slipped 0.24 per cent while the Shanghai index went southward 0.7 per cent in the intraday trade.