Indian Stock markets lost ground on Friday’s trading session as global market outlook turned weak. US Stock market closed with loss on Thursday. BSE Sensex was down by 417 points at 14,481. NSE Nifty was down by 97 points at 4350 at 2.20 pm IST.
Ranbaxy Labs was trading down by 6.8% at Rs 460. Axis Bank was among major losers with stock trading at a loss of 6.5% compared to previous close.
Real Estate counters were trading lower as well. DLF, Unitech, Indiabulls Real Estate and Akruti City were among major losers in Real estate sector.
India’s benchmark index, Sensex soared on Tuesday (Sep 02) to close above 15,000 mark for the first time during the last 12 trading days after the oil prices fell below $109 per barrel.
The 30-share index BSE Sensex closed the day at 15,049.86, up 551.35 points, after hitting a high of 15,106.15 and a low of 14,543.21.
In contrast, the broad-based NSE Nifty made 155.35 points to end the day at 4,504 after touching a high of 4,522.40 and a low of 4,343.10.
Zen Securities Ltd (ZSL), one of the leading financial services company, has announced the launch of a new financial service in the Indian market.
The latest launched service christened Zen Money will offers various products and services like Internet trading, mutual funds advisory and other services.
Apart from this, Zen also launched its online trading initiative on its new website www.zenmoney.com, through which investors can trade online in stocks and futures markets in both the NSE and BSE.
Reliance Money, the securities broking arm of Anil Dhirubhai Amabani's Reliance Capital has launched operations in the UK and Ireland, to tap overseas non-resident Indian-NRI population in Europe.
This is company's first move to reach out to the large base of over two million Indians based in Europe, to offer its wide-range of unique, cost-effective and efficient bouquet of products and financial services to retail investors.
Indian Stock markets opened weak on Wednesday. NSE Nifty touched an intraday low of 4499 within first 2 minutes of trade. Banking, Real Estate and Technology stocks were trading weaker compared to yesterday’s close.
ICICI Bank was major loser among banking shares. Stock analysts Hitendra Vasudeo had recommended sell for ICICI Bank in medium term yesterday. Among other losers in banking stocks were HDFC Bank, Axis Bank, SBI and PNB.
Among real estate counters, Unitech, Omaxe, DLF were trading lower. DLF was trading at Rs 553.
Indian Stock markets closed lower on Tuesday as IIP numbers disappointed traders and technical analysts. Among major losers were Infrastructure, Banking, Technology and Pharmaceutical stocks.
Cipla, Sun Pharmaceuticals, Ranbaxy Labs, Glenmark and Matrix Labs were among major loser in Pharmaceutical sector.
BSE Midcap Index lost 47 points and closed at 5935. Small cap stocks index was also down by 0.7%.
Karvy Stock Broking Limited has maintained ‘Buy’ rating on Oil and Natural Gas Corporation (ONGC) stock with an intraday target of Rs 920.
According to Karvy, day traders can purchase the stock between Rs 865-870 with a strict stop loss of Rs 850. If the stock market remains on positive track, the next target for the day will be above Rs 922.
The 30 share index, BSE Sensex maintained its strength and continued to trade in the positive zone on the back of continued buying action witnessed in key stocks.
Midcap and Smallcap gained 0.29% and 0.06% respectively.
At 11:32 a.m., the BSE Sensex gained 73.98 points at 14,367.30, whereas NSE Nifty stood at 4,282.60, up 16.2 points.
The BSE Sensext experienced 1,183 advancements as compared to 1,136 declinations. All the sectoral indices soared up except BSE FMCG, Auto, Metal and IT.
As per views of stock market analysts, day traders can purchase Reliance Communications stock above Rs 572 to achieve an intraday target of Rs 580.
If the stock market remains positive, the next target for the day will be above Rs 582. The stop loss marked for the suggested stock is Rs 565.
Technical Analyst, Ashwani Gujral is of the view that investors can buy Tata Consultancy Services (TCS) stock to achieve a short term target that lies between Rs 1047-1087.
According to Mr. Gujral, interested investors can purchase the stock on declines with a strict stop loss of Rs 966.