Stock Market: Sensex, Nifty pare early morning gains; Axis Bank, Coal India, MMTC shares gain

Stock Market: The BSE Sensex lost 131 points and closed at 29,815 levels while the NSE Nifty went up 18 points and closed at 8,660 levels.

Stock Market: The NSE Nifty has managed to maintain above the crucial 8,300 in the last three trading sessions that reflect about the strong support it has at this level, say experts. Photo: Reuters

Stock Market: On account of weekend profit-booking, the Indian indices pared the early morning gains in the last trading hours. The BSE Sensex lost 131 points and closed at 29,815 levels while the NSE Nifty went up 18 points and closed at 8,660 levels. Bank Nifty index lost the crucial 20,000 levels and closed at 19,969 levels — above 355 points from its Thursday closing.

Speaking on the Stock Market of India Prakash Pandey, MD & CEO at Plutus Advisors said, "The NSE Nifty has managed to maintain above the crucial 8,300 in the last three trading sessions that reflect about the strong support it has at this levels. However, I would like to add that the entire world is a global village and any weakness is shown by Wall Street or any negative indicator from the US may hit the Indian and other Asian indices very badly." Pandey said that Monday opening will be crucial if the market opens in the green zone and escalated beyond 8,850 in the next week, then we can expect further upside movement in the market.

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Shares of SBI, Reliance Industries, Axis Bank, IndusInd Bank, Bajaj Finance, ICICI Bank, Yes Bank, HDFC Bank, Tata Motors and Bandhan Bank were among the most trending stocks in the intraday trade session while shares of HDFC Life, Housing Development Finance, Reliance Industries and SBI were among the most active stocks throughout the intraday trade.

After attracting heavy buying in the early morning trade session, they finally succumb to the weekend profit-booking. Axis Bank share price closed 5.65 per cent up from its Thursday close, Federal Bank shares went up 6.46 per cent, shares of SBI added 1.22 per cent, Kotak Mahindra Bank stocks went northward by a whisker 0.5 per cent. However, IndusInd Bank shares that were up around 15 per cent from its Thursday close, went through the profit-booking selloff and ended 5.40 per cent lower from its previous close.

In the metal and mining sector, Coal India share price shot up 6.36 per cent, NMDC shares skyrocketed 5.22 per cent, shares of Hindustan Zinc went up 2.83 per cent while JSW Steel stock price rose 1.1 per cent. Vedanta and Tata Steel share price dipped to the tune of 3.25 per cent while Steel Authority of India Ltd or SAIL shares went off 2.5 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index scaled up 3.88 per cent, South Korean Kospi shot up 1.87 per cent, Hang Seng rose 0.56 per cent while Shanghai Composite Index went up 0.26 per cent.

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