Stock Market: Sensex, Nifty dip on F&O expiry; Bharti Airtel, ITI, BPCL shares dip

Stock Market: The BSE Sensex crashed 365 points and closed at 37,705 mark while the NSE Nifty nosedived 100 points and closed at 11,102 levels. Bank Nifty index slide 429 points and closed at 21,646 mark.

Stock Market: If the Nifty manages to sustain above this 11,250 levels tomorrow, then we can expect it to go up to 11,400 to 11,500 mark in next few trade sessions, says expert. Photo: PTI

Stock Market: On account of squaring off positions in the future & Option (F&O) today, the Indian indices closed in the red zone today. The BSE Sensex crashed 365 points and closed at 37,705 mark while the NSE Nifty nosedived 100 points and closed at 11,102 levels. Bank Nifty index slide 429 points and closed at 21,646 mark.

Speaking on the current market scenario Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "Overall the market trend is bullish. The NSE Nifty has closed below 11,250 once again after breaking the 11,250 levels in the opening bell trade session. If the 50-stocks index manages to sustain above this 11,250 levels tomorrow, then we can expect it to go up to 11,400 to 11,500 mark in next few trade sessions." He said that Bank Nifty is in strong support zone at 21,500 to 22,000 levels and one should continue with buy on dips strategy till NSE Nifty is above 11,000 levels and Bank Nifty is above 21,500 mark.

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Shares of Star Cement, Zensar Technologies, Divi's Lab, Central Bank, Dr. Reddy's Labs, Dishman Carbogen Amics, JaiprakashAssociates and Future Retail were among the major gainers in the intraday trade session while shares of Manappuram Finance, Bharat Petroleum Corporation Limited (BPCL), Indiabulls Housing Finance, IndusInd Bank, Vakrangee, Au Small Finance Bank and Reliance Power were among the leading losers in the intraday trade session.

Telecom stocks were among the leading losers as the BSE Telecom index lost to the tune of 2.25 per cent. Telecom major Reliance Communications share price crashed 4.83 per cent, Vodafone Idea shares dipped near 3 per cent, Bharti Airtel nosedived around 2.38 per cent, ITI stock price dashed 3.28 per cent while GTL Infrastructure counter went off 3.90 per cent.

Among the major Asian indices, the Japanese Nikkei 225 index shed around 0.26 per cent, south Korean Kospi added 0.17 per cent, Hong Kong's Hang Seng crashed 0.69 per cent while the Shanghai index went down 0.19 per cent.

At Wall Street on Wednesday, Dow Jones went up 0.61 per cent, Nasdaq skyrocketed 1.35 per cent, S&P 500 went northward 1.24 per cent while SmallCap 2000 shot up to the tune of 2.03 per cent.

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