Stock Market: Sensex, Nifty tank on weak global sentiments; Bharti Airtel, Axis Bank shares dip

Stock Market: On account of profit-booking triggered at global indices post-Fed prediction of slow US economic recovery, the Indian indices closed around 1 per cent lower from its Wednesday close.

The BSE Sensex lost 394 points and closed at 38,220 levels while the NSE Nifty nosedived 98 points and closed at 11,309 levels. Bank Nifty index crashed 299 points and closed at 21,999 mark. Photo: Reuters

Stock Market: On account of profit-booking triggered at global indices post-Fed prediction of slow US economic recovery, the Indian indices closed around 1 per cent lower from its Wednesday close. The BSE Sensex lost 394 points and closed at 38,220 levels while the NSE Nifty nosedived 98 points and closed at 11,309 levels. Bank Nifty index crashed 299 points and closed at 21,999 mark.

Speaking on the current market scenario; SEBI registered technical equity analyst Simi Bhaumik said, "The NSE Nifty is trading in a broader range of 11,050 to 11,450. Overall the marekt is bullish and any dip has to be seen as buying opportunity. For intraday traders, imediate supprot for NSE Nifty is at 11,300. If it breaks this 11,300 mark, then it can further go down by 100-150 points."

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Telecom stocks received maximum beating as the BSE Telecom index went down to the tune of 1.78 per cent in the intraday trade session. Telecom major Bharti Airtel share price crashed 1.85 per cent, GTL Infrastructure shares nosedived 4.88 per cent, shares of Vodafone Idea dipped 2.18 per cent, Vindhya Telelinks stocks price went southward 2.98 per cent while ITI counter went off 1.55 per cent.

In banking sector, Axis Bank share price crashed 1.99 per cent, ICICI Bank nosedived 1.98 per cent, shares of IndusInd Bank dipped 1.64 per cent, Kotak Mahindra Bank stock price went off 1.49 per cent, State Bank of India or SBI shares went down 1.12 per cent while HDFC Bank scrip went southward 0.90 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index crashed 1 per cent, South Korean Kospi nosedived 3.66 per cent, Hong Kong's Hang Seng tanked 1.54 per cent while the Shanghai index dipped 1.29 per cent.

At Wall Street yesterday, Dow Jones dipped 0.31 per cent, Nasdaq went off 0.57 per cent, S&P 500 slide43 0.44 per cent while SmallCap 2000 added 0.20 per cent.

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