Closing Bell: Profit booking pulls down Sensex, Nifty; Yes Bank, RIL, HPCL stocks bleed

Majority of the Indian indices scaling to their all-time triggered the profit booking that pull down Sensex, Nifty and other marjor indices on Wednesday intraday trade. The BSE Sensex lost 179 points before closing at 38,877 levels while the 50-stock Nifty lost 69 points after closing at 11,643 levels. The Nifty Bank index lost 260 points before closing at 30,093 levels, above the psychological 30,000 levels. Stocks of Yes Bank, Reliance Industries and HPCL were among the major stocks that witnessed heavy profit booking in today's intraday trade.

Speaking on the market trend Simi Bhaumik, a SEBI registered technical analyst told Zee Business online, "Overall the market is bullish. any correction of 150 to 200 points at Sensex should be taken as a buying opportunity rather getting panic. Nifty is in the range of 11,600 to 11,750 and an investor can think of taking a buy position at around 11,650-660 levels."

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Oil and Gas stocks led the bear run on the Dalal Street. Oil and Gas major Bharat Petroleum Corporation crashed near 4.5 per cent, Hindustan Petroleum Corporation counter nosedived around 5 per cent, IOCL stocks went down near 2.7 per cent, Petronet LNG went southward 2.05 per cent while the Sensex heavyweight Reliance Industries or RIL went down near 1.25 per cent.

Telecom stocks too witnessed a close bear run with oil and gas index at the Dalal Street. Telecom major Vodafone Idea crashed over 5.6 per cent, Reliance Communications stocks went down near 4.77 per cent, MTNL shares nosedived near 3.1 per cent, ITI stocks went southward by 3.3 per cent while the OnMobile stocks went off near 2.25 per cent.

Energy stocks too followed the Oil and gas counters. Energy major Bharat Petroleum Corporation crashed 4.25 per cent, Deep Industries shares nosedived near 4.14 per cent, Jindal Drilling & Industries counter went off 1.6 per cent while ONGC and OIL India stocks went southward by more than 1.1 per cent.

Asian stocks continued to scale further. Japanese Nikkei 225 rose 0.84 per cent, South Korean Kospi added 1.2 per cent, Shanghai index shot up 1.24 per cent, Hang Seng went up 1.3 per cent while Australian FTSE 100 went down near 0.03 pe cent.