Sensex, Nifty Minimized Early Losses on Oil, Gas; Yes Bank, Bharat Petroleum, DLF Stocks Gain
The stock market of India finally minimised its early morning losses after fresh buying in oil, gas and auto stocks. The BSE Sensex after losing over 300 points in the opening bell, finally ended 198 points down after closing at 38,106 levels. The 50-stock Nifty that was down near 100 points in the opening bell, ended 45 points down at 11,314 levels. The Bank Nifty index lost 311 points and closed at 28,414 levels.
Sharing her own perspective on current market scenario SEBI registered technical equity analyst Simi Bhaumik spoke to leading media Zee Business and said, “Overall the market is bullish and every dip should be taken as a buying opportunity. The 50-stock Nifty is curently trading in the range of 11,150 to 11,420. Banking and finance, auto and metal stocks will be the key drivers for the Indian stock market in coming trade sessions.”
YES Bank, Adani Green Energy, Bharat Petroleum, Tata Motors, ITI, Suzlon Energy, DLF, RBL Bank, PC Jeweller and Ashok Leyland were the major gaining shares in the intraday trade while Edelweiss Financial Services, Delta Corp, Piramal Enterprises, Reliance Infrastructure, Vodafone Idea, Lakshmi Vilas Bank and Reliance Communications or RCom shares were the major losing stocks today.
Oil and Gas stocks led the bull run as the BSE Oil and Gas index surged 1.85 per cent after the closing bell session. Oil and Gas major Hindustan Petroleum Corporation Ltd or HPCL share price skyrocketed 4.8 per cent after the closing bell, shares of Bharat Petroleum Corporation Ltd shot up 7.42 per cent, Indian Oil Corporation Ltd or IOCL shares went up 3.03 per cent while Reliance Industries share price added around half a per cent.
However, these gains in Oil and Gas sectoral stocks were not enough to bring the Indian stock market in the green zone but it helped the markets minimise its losses. Metal stocks led the bloodbath at Dalal Street as the BSE Metal index lost around 3 per cent after the closing bell session. Metal major Vedanta share price lost 4.66 per cent, shares of Tata Steel went down 3.36 per cent, National Aluminium Company Ltd or NALCO counter went off 2.41 per cent, Steel Authority of India Ltd or SAIL counter shed around 2 per cent while Hindalco Industries share price crashed 3.69 per cent.
Among major Asian markets, the Japanese Nikkei 225 index crashed over 2.01 per cent, South Korean Kospi nosedived 1.95 per cent, Hang Seng went up 0.26 per cent while the Shanghai market went down 0.92 per cent.