Stock Market: Sensex, Nifty dip on Budget 2020 eve; SBI, Vodafone Idea, Birlasoft stocks gain

Stock Market News: On account of share market investors going neutral ahead of the budget 2020 (#BUDGET2020ZEE), the Indian indices dipped near half a per cent in the intraday trade. The BSE Sensex crashed 190 points and closed at 40,723 while Nifty dipped 73 points after closing at 11,962 levels. Bank Nifty index scaled 186 points and closed at 30,833 levels.

Speaking on the market trend ahead of the Budget 2020 Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "Market has gone cautions and some profit-booking is expected ahead of the Budger 2020 presentation. I am expecting it to go up to 11,800 levels. From this level, it is expected to bounce back up to 12,100 to 12,200 levels."

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Partially agreeing with Singre's views Simi Bhaumik, a SEBI registered technical equity analyst said, "Market may go down up to 11,800 levels but soon after hitting that level, the market would bounce back and showcase sharp rise up to 12,400 levels." She said that much will depend upon the kind of budget gets presented tomorrow.

Birlasoft shares remained show stoppers throughout the intraday trade as the Birlasoft stock price skyrocketed more than 12 per cent in Friday trade session.

Banking stocks led the bull run as the BSE Bankex shot up 1.28 per cent after the Closing Bell trade session. Banking major SBI share price skyrocketed over 2.5 per cent after the robust third-quarter number. Kotak Mahindra Bank shares shot up 3.87 per cent, IndusInd Bank stock price soared 1.97 per cent, while Yes Bank shares added 0.38 per cent in the intraday trade. But, City Union Bank and Federal Bank shares shed around 1.5 per cent.

Telecom stocks also witnessed fresh buying in the intraday trade as the BSE Telecom index soared over 1 per cent. Telecom major Vodafone Idea share price shot up near 2.5 per cent, GTL Infrastructure shares soared 2.56 per cent, Bharti Airtel stock price went up 1.62 per cent while Reliance Communications stocks shed 2.53 per cent.

Among the major Asian markets, the Japanese Nikkei skyrocketed 0.99 per cent, South Korean Kospi dipped 1.35 per cent, Hang Seng went off 0.52 per cent while Shanghai index went down 2.75 per cent.