Stock Market: Sensex tests 37K resistance, Nifty above 10,900; Thermax, Yes Bank stocks gain

After defying weak global cues on yesterday the Indian stock market finally fell in line with the global cues and slipped from the previous close. The BSE Sensex lost 42 points to 36,934 levels while the 50-stock Nifty went down 17 points to 10,931 levels. Bank Nifty index fell 86 points to 27,936 levels. Jammu & Kashmir Bank, Central Bank, Dilip Buildcon and Yes Bank were among the top gaining stocks while Indiabulls Housing Finance, Lakshmi Vilas Bank, Coffee Day Enterprise or CCD and Cos & Kings were among the top losing stocks.

Speaking on the current market outlook Prakash Pandey, Head of Research at Fairwealth Securities said, "The market is facing resistance at psychological levels as Sensex is at 37,000 levels, Nifty is at 11,000 levels and Bank Nifty is at 28,000 levels. So, all major indices are nera to its psychological resistance and hence we are witnessing some selloff in the markets. Bull or bear trend in the market depends upon whether these psychological levels are broken or not."

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Healthcare stocks led the bull run on Dalal Street as the BSE Healthcare index soared 0.68 per cent in the morning trade session. Healthcare major Ajanta Pharma share price went up 1.5 per cent, Cipla stocks shot up near 2 per cent, Divi's Laboratories shares went northward 1.53 per cent, shares of Fortis Healthcare scaled 2.2 per cent, Granules India added 1.65 per cent while Morepen Laboratories shares skyrocketed 5.76 per cent.

Among Asian markets, the Japanese Nikkei 225 index slipped 0.57 per cent, South Korean Kospi went off 0.08 per cent, Hang Seng dipped 0.38 per cent while Shanghai market went down 0.01 per cent.