Stock Market: BSE Sensex, NSE Nifty shed in range-bound intraday session; HPCL, HDFC Bank shares dip

Stock Market: On account of neutral foreign institutional investors (FIIs) and domestic institutional investors (DIIs), the Indian indices remained range-bound throughout the intraday trade session and finally ended in the red zone. The BSE Sensex shed 177 points and closed at 37,558 mark while the NSE Nifty dipped 28 points and closed at 11,073 mark. Bank Nifty ticked 6 points lower and closed at 21,640 levels.

Speaking on the current market scenario SEBI registered technical equity analyst Simi Bhaumik said, "Overall market sentiment is bullish till NSE Nifty trades above 11,000 mark. Currently, the NSE Nifty is trading in the range of 11,000 to 11,250 and any dip should be seen as a buying opportunity." Bhaumik said that Bank Nifty is under pressure but it has strong support at 21,200 levels.

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Energy stocks received maximum beating as the BSE Energy index shed to the tune of 1.65 per cent. Energy major and SEnsex heavyweight Reliance Industries Limited or RIL share price crashed 1.98 per cent, Hindustan Petroleum Corporation Ltd or HPCL shares nosedived 3.68 per cent, shares of Castrol India dipped 2.07 per cent, Bharat Petroleum Corporation Ltd or BPCL stock price went down 1.26 per cent while ONGC counter went up 1.09 per cent.

In banking sector, HDFC Bank share pripce dipped 1.69 per cent, Kotak Mahindra Bank shares went down 1.52 per cent, City Union Bank stocks went southward 1.14 per cent while State Bank of India or SBI shares scaled up 2.63 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index crashed 2.82 per cent, South Korean Kospi went off 0.78 per cent, Hong Kong's Hang Seng slippe4d 0.47 per cent while Shanghai index went up 0.71 per cent.

At Wall Street yesterday, Dow Jones nosedived 0.85 per cent, Nasdaq added 0.43 per cent, S&P 500 dipped 0.38 per cent while SmallCap 2000 went off 0.35 per cent.