Stock Market: The Indian indices went up on hopes of budget surcharge waiver being levied on the FPIs. The BSE Sensex went down 119 points to 37,462 levels while the 50-stock Nifty went 30 points up to 11,079 levels. The Bank Nifty index went down 311 points to 28,120 levels.
Speaking on the current market outlook Prakash Pandey, Head of Research at Fairwealth Securities said, “Indian stock market is in the range of 11,000 to 11,250. However, a bullish or bearish trend in the future depends upon whether it breaks the 11,300 levels or not. Till then, I would suggest stock market investors maintain buy on dips strategy and keep an eye on the Hong Kong unrest and China-US trade talks.” However, Pandey added that the stock market is rife about the waiver of a budget surcharge being levied on the FPIs that led to huge selloff by the FIIs at Dalal Street.
Metal stocks witnessed heavy selloff as the BSE Metal index went down near 0.85 per cent in the morning trade session. Metal major Vedanta share price went down over 3 per cent, stocks of Jindal Steel & Power went down near 2 per cent, shares of Steel Authority of India (SAIL) went down 1.68 per cent, JSW Steel shares went down 1.45 per cent while Tata Steel corrected to the tune of 1.34 per cent.
Tech stock also witnessed the heavy beating from the bears as the BSE Tech index went down around 0.36 per cent. Tech major Bharti Airtel went down near 4.4 per cent, Infosys share price went down 1.7 per cent, Larsen & Toubro Infotech stocks nudged down 1.67 per cent, MindTree stocks slipped near 2.4 per cent, MphasiS went off around 1.9 per cent while Vodafone Idea crashed near 8 per cent in the intraday trade.
Among Asian markets, the Japanese Nikkei 225 index crashed 1.33 per cent, South Korean Kospi nosedived 0.68 per cent, Hang Seng slipped 1.74 per cent while the Shanghai markets went southward 0.74 per cent.