Stock Market Today: Sensex, Nifty dip after range-bound intraday trade; Bharti Airtel, Aurobindo Pharma shares bleed

Stock Market Today: On account of neutral global sentiments, the Indian indices trade sideways throughout the intraday trade and closed around 0.10 per cent lower after the closing bell. The BSE Sensex lost 59 points and closed at 38,310 mark while the NSE Nifty went down 7 points and closed at 11,300 levels. Bank Nifty index went down 67 points and closed at 22,196 mark. Telecom, healthcare, banking and finance and tech stocks were among the sectors that witnessed heavy selloff in the intraday trade session.

Speaking on the current market scenario Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Curent period is of quarterly result announcement and hence there will be more stock specific trends than index specific movement. Hence, the sideways trend in the markets is expected to remain maintained for next few trade sessions as well. Aparft from that, there is second stimulus package expected from the US this week and hence overall trend for the market is bullish."

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Telecom stocks received maximum beating in the intraday trade as the BSE Telecom index went down 1.30 per cent. Telecom major Bharti Airtel share price crashed 2.35 per cent, Reliance Communications shares nosedived 5 per cent, shares of OnMobile Global dipped 4.60 per cent, HFCL stock price slipped 5.04 per cent while ITI stock went down 1.19 per cent.

In healthcare sector, Aurobindo Pharma share price crashed 5.64 per cent, Eris Lifesciences shares dipped 4.84 per cent, shares of Natco Pharma tanked to the tune of 4 per cent, Strides Pharma Science stock price slipped 3.39 per cent while Aster DM Healthcare counter went down 2.18 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index shot up 1.78 per cent, South Korean Kospi added 0.21 per cent, Hang Seng shed 0.05 per cent while Shanghai index added 0.05 per cent.

At Wall Strteet on Wednesday, the Dow Jones surged 1.05 per cent, Nasdaq shot up 2.13 per cent, S&P 500 ended up 1.40 per cent higher while SmallCap 2000 closed 0.49 per cent higher.