Stock Market News: Sensex, Nifty slide on profit-booking; energy, oil & gas, healthcare stocks dip

Stock Market News: On account of fresh wave of Coronavirus fears, profit-booking trigered in the global indices including Indian stock market as well. The BSE Sensex ended 190 points down at 31,371 levels while the NSE Nifty shed 42 points after closing at 9,196 levels. Bank Nifty continue to show weakness and dipped 87 points after its close at 18,862 levels. Shares of energy, healthcare, oil & gas sector witnessed maximum beating in this profit-bookin trigger.

Speaking on the reason for such dip in the Indian indices; SEBI registered technical equity analyst Simi Bhaumik said, "Profit-booking was widely awaited at the Indian Indices as the NSE Nifty after making its low of 7,500 and closing low of 7,610 had scaled up to around 9,900 levels, which is around 30 per cent rally from the market's low." Bhaumik said that Nifty has strong support range at 8,900 to 9,000 levels while it is facing strong resistance at 9,400 to 9,500 levels. She said that market will remain range-bound in this week and its range will be 9,000 to 9,500 levels while Bank Nifty has strong support at 18,200 levels. She said that Banbk Nifty will continue to remain weak till it is below 20,000 levels.

Deepak Jasani, Head Retail Research, HDFC Securities said, "Indian equity markets ended lower for the second straight day, pulled lower by Reliance Industries ahead of its ex-date May 12. However contrary to the behavior over past few days, post 2 pm, Nifty recovered sharply from the lows to end 0.5 percent lower at 9,196. Aviation, Telecom, Power and Metal stocks rose while Reliance, Pharma and Banks/NBFCs fell." He said that hopes of of announcement of a fiscal package in or after the 8 Pm address by the PM today, raised hopes among market participants. "Technically Nifty has rebounded after breaching the 9140 level. This bounce could take it up towards 9380 in the near term," said Jasani.

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Shares of Reliance Industries, ICICI Bank, SBI, ITC, Bharti Airtel, Vedanta, Axis Bank, HDFC Bank, Bajaj Finance and Tata Motors were among the most trending stocks in the intraday trade while shares of Aurobindo Pharma, Kotak Mahindra Bank, Maruti Suzuki, Asian Paints and Piramal Enterprises were among the most active stocks in the intraday trade session.

The BSE Energy index crashed to the tune of 5 per cent as the energy major and Sensex heavyweight Reliance Industries share price nosedived 5.74 per cent. Among other energy stocks, Panama Petrochem share price crashed 4.96 per cent, Oil India shares diupped around 3 per cent, Deep Industries stock price slide 4.93 per cent, Aban Offshore stocks dipped 4.15 pe cent while Aegis Logistics counter corrected to the tune of 6.16 per cent.

Among healthcare stocks, Ajanta Pharma shares crashed around 2 per cent, Biocon shares dipped 2.35 per cent, Cipla counter corrected around 2.75 per cent, Dr. Reddy's Laboratories scrip went off 2.41 per cent, Fortis Healthcare shares went down 3.30 per cent, Kopran counte went down 3.56 per cent, Mangalam Drugs and Organics scrip went southward 4.96 per cent, Morepen Laboratories stock price went down 3.32 per cent while Novartis India went off 1.41 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index dipped 0.12 per cent, South Korean Kospi went down 0.68 per cent, Hong Kong's Hang Seng crashed 1.45 per cent while the Shanghai index went off 0.12 per cent.

At Wall Street yesteday, Dow 30 went off 0.45 per cent, S&P 500 ticked 0.01 per cent higher, Nasdaq scaled up 0.78 per cent while SmallCap 2000 dipped 0.32 pe cent.