Stock Market Closing Bell Today: Sensex, Nifty pare early gains on profit-booking; Vodafone Idea, Reliance Indusries shares gain

Stock Market Closing Bell: On account of profit-booking the Indian indices pared its early morning gains and finally ended in red zone after the closing bell. The BSE Sensex slide 19 points and closed at 51,314 after making an intraday high of 51,829. The Nifty index opened positively and set a new record high at 15257.10 levels but profit booking during the closing hours led to an intraday low at 15064.30 and closed at 15110.60. BankNifty index closed at 36056.50 with marginal gain. On the sectoral front, Nifty Auto, FMCG, IT & Metal witnessed some correction which kept the benchmark index into negative territory. Technically, the benchmark index has formed a bearish candle at the top of the trend on the daily chart, which shows a negative bias. At present, Nifty has strong resistance at 15260 levels while downside support comes at 14850 levels.

Sumeet Bagadia, Executive Director at Choice Broking said, "Market pared early gains in the last leg of trade and settled flat as profit booking was witnessed in metal, pharma and auto stocks. While losses in specific stocks like TCS, ITC and M&M also turned the bourses under pressure. Sectorially, all the indices ended in the red zone except Nifty bank, financial service and private bank; Nifty auto, media and pharma were the top sectoral index laggards in today’s session. On stock specific, SBI life, Asian Paint and HDFC life were the top gainers while JSW steel, Tata motors and M&M remained as the top laggards. Going ahead investors will continue to monitor key corporate results, signs of economic recovery and global cues."

Speaking on the current market trends; Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "Overall the market trend is bullish. Currently, 50-stocks Nifty has immediate support at 15,000 levels and has immediate target of 15,300 to 15,400. The trend won't chagne till the NSE Nifty is above 14,750. I would recommend buy on dips strategy till the Nifty is above 14,750 levels."

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Shares of Balaji Amines, Neuland Laboratories, IIFL Finance, Borosil Renewables and future Retail were among the major gainers while shares of Balkrishna Industries, Hinduja Global Solutions, Torrent Pharmacutical, Star Cement, NCC and Mastek were among the top losers in the intraday trade session.

Telecom stocks led the bull run on Dalal Street as the BSE Telecom index ended 0.99 per cent higher after the closing bell today. Telecom major Vodafone Idea share price skyrocketed 3.76 per cent, Tata Communications shares surged 2.21 per cent, Indus Towers shares added near 7 per cent, ITI stock price went northward 2.52 per cent while GTPL Hathway stocks added 2.45 per cent after the closing bell today.