Stock Market: Sensex, Nifty pare early morning gains; Wipro, Sterlite Technologie shares gain

Stock Market: On account of heavy profit-booking in energy, telecom, oil and gas stocks, the Indian indices pared early morning gains but closed above the psychological levels. The BSE Sensex closed at 36,051 after making a small intraday gain of 18 points while the NSE Nifty closed 10 points higher at 10,618 mark. Bank Nifty shed 51 points and closed at 21,340 levels.

Speaking on current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "The NSE Nifty is trading in a broad range of 10,500 to 10,850 mark. Bullish or bearish trend in the market can be concluded on breakage of either side of the range. Till then investors can maintain buy on dips strategy." Bhaumik said that banking stocks are showing weakness but Bank Nifty has strong technical support at 21,200 to 21,000 levels.

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Shares of Wipro, Sterlite Technologie, MphasiS, Infosys, Zensar Technologies, Can Fin Homes, HCL Technologies and DHFL were among the leading gainers in the intraday trade session while shares of Sunteck Realty, Vodafone Idea, Ashoka Buildcon, BHEL, Omaxe, Magma Fincorp and SREI Infrastructure were among the major losers in Wednesday trade session.

Telecom stocks witnessed maximum profit-booking as the BSE Telecom index went down 3.63 per cent in the intraday trade. Telecom major Vodafone Idea share price crashed 7.39 per cent, Bharti Airtel shares dipped 4.24 per cent, shares of GTL Infrastructure went southward 4.88 per cent, ITI stock price nosedived 3.47 per cent while Mahanagar Telephone Nigam Ltd or MTNL shares rose 3.70 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index went up 1.59 per cent, South Korean Kospi soared 0.84 per cent, Hong Kong's Hang Seng added 0.01 per cent while the Shanghai index crashed 1.51 per cent in the intraday trade session.

At Wall Street yesterday, Dow Jones skyrocketed 2.13 per cent, Nasdaq rose 0.94 per cent, S&P 500 scaled up 1.34 per cent while SmallCap 2000 rose 1.19 per cent.