Stock Market: Sensex, Nifty dip on weak global cues; power, telecom, banking stocks shed

Stock Market: On account of weak global cues, the Indian indices closed around 0.75 per cent down from its pevious close. The BSE Sensex shed 242 points and closed at 31,443 levels while the NSE Nifty dipped 71 points after closing at 9,199 levels. Bank Nifty crashed 202 points and closed at 19,491 levels. Power, telecom and banking stocks were among the major stocks that witnessed heavy selloff throughout the intraday trade session.

Speaking on the current market scenario; Prakash Pandey, MD & CEO at Plutus Advisors said, "Market is in the range of 8,900 to 9,350. If the NSE Nifty manages to break above 9,400 and sustains above that then we can expect it to head for next top-out klevels for 10,800. However, in case it breaks below 8,900 and sustains below this, then it can furtehr go down up to 8,555 to 8,300 levels."

Deepak Jasani, Head Retail Research at HDFC Securities said, "Technically, although the Nifty is in a downtrend, the pace of fall has slowed and we could soon see a bounce in Nifty. Immediate support is at 9,178 while pullback rallies could find resistances at 9,277-9,347."

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Shares of SBI, Reliance Industries, HUL, Tata Motors, ICICI Bank, HDFC Bank, Axis Bank, Bajaj Finance, Bharti Airtel and RBL Bank were among the most rrending stocks in the opening bell while shares of Housing Development Finance, Hindustan Unilever Limited or HUL, Reliance Industries, HCL Tech, Maruti Suzuki, ITC and United Spirits were among the most actie stocks in the early morning trade session.

Power stocks witnessed maximum beating as the BSE Power index went down around 2.45 per cent in the intraday trade session. Power major NTPC share price crashed 4.49 per cent, Reliance Infrastructue shares nosedived 4.97 per cent, shares of KEC Intenational went down 4.49 per cent, Power Grid Corporation of India stocks went off 2.69 pe cent while Torrent Power and Thermax stocks went down around 2.1 per cent respectively.

Telecom stocks also witnessed heavy selloff in the intraday trade session. Telecom major Reliance Communications share price crashed 4.55 per cent, Bharti Airtel shares nosedived 3.34 per cent, shares of GTPL Hathway tanked 4.66 per cent, Vodafone Idea stock price went down 2.80 per cent while Vindhya Telelinks went southward to the tune of near 2 per cent.

In banking sector, Kotak Mahindra Bank share pice crashed 3.69 per cent, RBL Bank shares went off 2.46 per cent, shares of HDFC Bank went down 2.26 per cent, ICICI Bank stock price slide 1.36 per cent while Axis Bank share price escalated 2.33 per cent.

Amaong the major Asian indices, the Japanese Nikkei added 0.28 per cent, South Korean Kospi went off 0.01 per cent, Hang Seng dipped 0.65 per cent while Shanghai market ticked 0.25 per cent higher.

At Wall Street yesterday, Dow 30 crashed 0.91 per cent, Nasdaq went up 0.51 per cent, S&P 500 dipped 0.70 per cent while SmallCap 2000 went southward to the tune of 0.65 per cent.