Sensex, Nifty dip on weak global cues; MTNL, DHFL, Suzlon Energy stocks bleed

Source: zeebiz.com

The stock market of India took a dip in the intraday and went off half a per cent as the share market investors await fresh breakthrough into the US-China tariff talks expected to take place on the sidelines of the G-20 Summit in Japan. The BSE Sensex went down 191 to 39,394 while the 50-stock Nifty slipped 52 points and closed at 11,788 levels. The index Bank Nifty went down 164 points and closed at 31,105 levels. Thomas Cook (I), EID Parry, Corporation Bank, Bombay Dyeing were among the top gaining stocks while DHFL, Deepak Fertilisers, Cox & Kings, Suzlon Energy and SREI Infrastructure stocks were the top losing shares.

Speaking on the market trend Simi Bhaumik, a SEBI registered technical equity expert said, “Market is range-bound between 11,750 to 12,100. I am expecting the markets to touch 12,000 levels in few trading session and maybe we can see the markets at around 12,400 to 12,500 levels in the customary pre-budget rally, which is still awaited at the Indian indices. I would advise investors to maintain buy on dips strategy till budget 2019.”

Energy stocks led the blood bath as the BSE Energy index went down 1.4 per cent. Energy major Asian Oilfield Services share price crashed over 4 per cent, Castrol India shares dipped 2.47 per cent, Coal India counter went off 2.54 per cent, Deep Industries went down 2.48 per cent while the Sensex heavyweight Reliance Industries aka RIL crashed 1.6 per cent.

Telecom stocks also witnessed heavy selloff as the BSE Telecom index went off 1.05 per cent today. Telecom major Mahanagar Telephone Nigam or MTNL share price crashed 4.92 per cent, shares of OnMobile Global dipped 2.27 per cent, Sterlite Technologies scrip went off 2.74 per cent, Tejas Networks counter went down 2.65 per cent while Vodafone Idea counter went down 1.46 per cent.

Among Asian markets, the Japanese Nikkei 225 index went down 0.29 per cent, South Korean Kospi dipped 0.17 per cent, Hang Seng went off 0.28 per cent while Shanghai index crashed 0.6 per cent.