Stock Market: Sensex, Nifty dip on weekend profit-booking; Oberoi Realty, Axis Bank, NALCO shares crash

Stock Market: On account of neutral domestic DIIs and FIIs, the Indian indices witnessed heavy profit booking on the weekend trade session. The BSE Sensex slide 535 points and closed at 31,327 levels while NSE Nifty crashed 159 points and closed at 9,154 levels. Bank Nifty index nosedived 681 points and closed at 19,586 levels. 

Highlighting the major positions in current stock markets Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "The market is trading in the range of 9,000 to 9,500. If Nifty manages to break the upper range then we can expect it to appreciate up to 10,000 levels at a faster rate. However, 9,000 levels will be make or break for the markets in coming trade sessions." Singre said that if NSE Nifty manges to sustain above 9,500 then auto stocks may shine in the next few trade sessions.

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Shares of Reliance Industries, Bajaj Finance, SBI, Axis Bank, Sun Pharma, ICICI Bank, IndusInd Bank, Tata Motors, HDFC Bank and Cipla were among the most trending stocks throughout the intraday trade session while Lupin, Housing Development Finance, Bajaj Finance and Shriram Transport were among the most active stocks in the intraday trade session.

Realty stocks bleed maximum as the BSE Realty index went down 4.15 per cent in the intraday trade. Realty major Oberoi Realty share price crashed over 11 per cent in the intraday trade sesdsion, DLF shares nosedived 6.31 per cent, shares of Sobha Ltd. dipped 4.96 per cent, Sunteck Realty stock price went off 1.63 per cent, Prestige Estates Projects stocks nosedived 5.10 per cent while Housing Development & Infrastructure Ltd or HDIL counter went off 4.81 per cent.

As both DIIs and FIIs had went neutral today, banking stocks witnessed heavy selloff as the BSE Banking index went down 3.3 per cent today. Banking major IndusInd Bank share pricecrashed 6.58 per cent, Axis Bank nosedived 5.96 per cent, shares of ICICI Bank went off 5,09 per cent, State Bank of India or SBI stock price went down 3.8 pe cent while HDFC Bank scrip went southward 1.79 pe cent.

In metal sector, National Aluminium Company or NALCO share price crashed 6.24 per cent, Jindal Steel & Power shares nosedived 8.33 per cent, shares of Hindalco Industries dipped 6.79 per cent, JSW Steel stock price went off 4.19 per cent whgile NMDC counter slide 4.09 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index went down 0.86 per cent, Hang Seng went southward 0.61 per cent, South Korean Kospi crashed 1.34 per cent while Shanghai index dipped 1.06 per cent.

At Wall Street yesterday, the Dow 30 index scaled 0.17 per cent up, Nasdaq went off 0.01 per cent, S&P 500 corrected 0.05 per cent while SmallCap 2000 index rose 1.70 per cent.