Stock Market: Sensex, Nifty trade tepid on US earnings data ahead of Fed meet; Castrol India, Dhanlaxmi Bank stocks gain

Stock Market: Sensex, Nifty trade tepid on US earnings data ahead of Fed meet; Castrol India, Dhanlaxmi Bank stocks gain

The stock market on India ticked higher on US earnings data coming just ahead of the Fereral Reserve’s meet and any positive results in that data may further delay the Fed rate cut plans has put the global bourses in limbo. The BSE Sensex gained 25 points to 38,922 while Nifty 50 index gained 5 points to 11,593 levels. The bank Nifty index was 15 points up to 30,461 levels. KNR Constructions, Dishman Carbogen Amcis, Nava Bharat Ventures, TV18 Broadcast and Rain Industries were the top gaining stocks while DHFL, Manpasand Beverage, Cox & Kings, Tata Metaliks and Reliance Communications or RCom were among the top losing stocks in the intraday trade.

Speaking on the current market outlook Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business online, “Currently, the market is trading in the range of 110-130 points as the Nifty has strong support at 11,500 and has equally strong resistance in between 11,610 to 11,630 levels. But, overall the market is bullish and I suggest stock market investors maintain buy on dips strategy as 11,500 levels are very strong support for the markets.”

Oil and Gas stocks led the bull run on Dalal Street as the BSE Oil and Gas index added around 0.63 per cent in the morning trade session. Oil and Gas major Oil And Natural Gas Corporation or ONGC share price soar 1.63 per cent, Indian Oil Corporation Ltd or IOCL stocks gained 0.75 per cent, Hindustan Petroleum Corporation Ltd or HPCL and Castrol India share rose to the tune of near 0.65 per cent, Bharat Petroleum Corporation Ltd or BPCL shares rose 0.91 per cent while GAIL counter added 0.3 per cent.

Financial stocks had a mixed trade today as financial major Dhanlaxmi Bank Ltd rose 1.1 per cent, Emkay Global Financial Services Ltd added 1.45 per cent, 5Paisa Capital Ltd counter soar 4.82 per cent, Allahabad Bank, Bank of Baroda, Bank of India share prices went up over half a per cent, Capri Global Capital Ltd counter went up 1.63 per cent while HDFC Life Insurance Company shares went up near 1.4 per cent.

Among Asian stocks, the Japanese Nikkei 225 index shed 0.72 per cent, South Korean Kospi ticked 0.31 per cent higher, Hang Seng nudged 0.11 per cent higher while Shanghai index dipped 0.11 per cent.