Stock Market: BSE Sensex regains 38K, Bank Nifty above 22,500; Hindalco Industries, Axis Bank shares dip

Stock Market: After witnessing an extremely volatile trade session throughout the intraday trade session, the Indian indices finally manged to bridge its losses at the end of teh session. The BSE Sensex closed at 38,128 levels after losing 11 points. The NSE Nifty lost 21 points and closed at 11,194 mark. Bank Nifty index crashed 421 points and closed at 22,662 levels.

On whether it's a trend reversal for Indian markets; Prakash Pandey, MD & CEO at Plutus Advisors said, "Overall market is bullish till it's trading above 11,000 mark. Currently, the NSE Nifty has strong support at 10,850 and has equally strong resistance at 11,250. Till NSE Nifty is trading above 11,000 levels, buy on dips should be the ideal strategy for traders and investors." Pandey said that till Bank Nifty is above 22,500 one can't say about the trend reversal. Pandey was of the opinion that Bank Nifty is pulling the 50-stocks Nifty and Bank Nifty is positive till it's trading above 22,500 levels.

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Metal stocks received maximum beating in the intraday trade session as the BSE Metal index shed around 2.11 per cent. Metal major Hindalco Industries share price crashed 3.43 per cent, Hindustan Zinc shares nosedived 3.38 per cent, shares of Steel Authority of India Ltd or SAIL tanked 2.28 per cent, NMDC counter went down 1.97 per cent, Tata Steel stocks went off 1.69 per cent while Vedanta stock pirce dipped 1.62 per cent.

In banking sector, Axis Bank share price crashed 3.32 per cent, State Bank of India or SBI shares nosedived 3.23 per cent, shares of ICICI Bank went southward 2.66 per cent, Kotak Mahindra Bank stock price went off 1.71 per cent while HDFC Bank shares went down near 1 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index is closed today. South Korean Kospi shed 0.71 per cent, Hong Kong's Hang Seng nosedived 2.21 per cent while Shanghai index crashed over per cent in the intraday trade session.

At Wall street yesterday, Dow Jones dipped 1.31 per cent, Nasdaq crashed 2.29 per cent, S&P 500 went off 1.23 per cent while SmallCap 2000 tcked 0.01 per cent higher.