Closing Bell: Sensex, Nifty shed early gains on profit booking; Yes Bank, Symphony stocks gain, RIL bleeds

On account of heavy profit booking and neutral global cues, the Indian indices lost its early morning gains. The BSE Sensex lost 100 points before closing at 38,132 levels while the 50-stock Nifty shed 38 points after closing at 11,445 levels. The Nifty Bank index rose 137 points after closing at 30,019 levels around 10 points above its previous all-time high. Banking major Yes Bank and consumer durable stock Symphoney gained over 5 per cent and 4 per cent respectively while the Sensex heavyweight Reliance Industries or RIL lost around 1 per cent.

Advising investors to adopt buy on dips strategy in the Nifty Bank index Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business, "Banking stocks have made their bottom and are expected to remain bullish." She said that stocks like Axis Bank, Yes Bank, ICICI Bank, SBI and Kotak Mahindra Bank would continue to remain a profitable buy option for the equity investors. Standing in sync with Simi Bhaumik's views Prakash Pandey, Director & Head of Research at Fairwealth Securities said, "In March 2019, FIIs have pumped around Rs 30,000 crore in the Indian equity market out of which around Rs 15,000 crores have been invested into the banking stocks. This is the reason for such a rise into the Nifty Bank index." He said that the bull run into the banking stocks are expected to continue as FIIs have started to feel in sycn with the majority of the opinion polls that suggests Narendra Modi led NDA has an advantage in the ongoing Lok Sabha Polls.

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The BSE Consumer Durables index led the bull run on Dalal Street. The index major Symphony jump around 4.25 per cent, VIP Industries stocks rose near 2.5 per cent, Rajesh Exports shares shot up 2.15 per cent while Voltas counter rose near 1.6 per cent.

In banking stocks YES Bank jump over 5.5 per cent, IndusInd Bank counter rose 5.3 per cent, SBi scrip rose around 1.4 per cent while Federal Bank counter rose near 1 per cent. Shares of Andhra Bank jump around 5.4 per cent. In finance stocks Binani Industries, Capri Global Capital and Capital Trust shot up near 4.9 per cent, Bharat Financial Inclusion rose near 3.9 per cent, Edelweiss Financial Services stocks went up 2.28 per cent while GIC Housing Finance stocks skyrocketed around 7.85 per cent.   

Among Asian bourses Japanese Nikkei 225 index shed 0.23 per cent, South Korea's Kospi went down 0.15 per cent but Shanghai index rose around 0.85 per cent while Hang Seng jump 0.56 per cent.