Sensex fails to retain 38K, Bank Nifty regains 29K; Shriram Transport Finance, Dr. Lal Pathlabs, Bandhan Bank stocks gain

The stock market of India trade cautions and range-bound after four successive days of heavy selloff triggered by the FIIs. The BSE Sensex lost 16 points and closed at 37,830 levels while the Nifty-50 index ticked 19 points down and closed at 11,252. Bank Nifty index scaled 90 points and closed at 29,043 regaining the psychological 29,000 levels. Dr. Lal Pathlabs, Shriram Transport Finance, Reliance Infrastructure and Bandhan Bank stocks were the top gaining stocks today while Future Consumer, GE T&D India, Navkar Corporation, CARE Ratings and Tube Investments were among the top losing stocks in the intraday trade.

Speaking on the current market sentiments Prakash Pandey, Head of Research at Fairwealth Securities said, "The recent tank is caused by the FIIs heavy selloff as the budget surcharge being levied on the FPIs hasn't gone down well among them. But, the Indian Government has already made it clear that they are not going to bow down at the FIIs pressure tactics as the step has been taken to ensure the safety of the domestic small investors in the stock market. So, if the government continues with its stand for coming 8-10 trading sessions, then we can further witness some downside and Nifty 50 index may show 10,750 in coming four to five trading sessions."

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Healthcare stocks led the bull run on Dalal Street today as the BSE Healthcare index scaled 1,7 per cent in the intraday trade. Healthcare major Caplin Point Laboratories share price shot up over 10 per cent, shares of Dr. Lal Pathlabs shot up 6.5 per cent, Cipla counter went up 3.5 per cent, Dr. Reddy's Laboratories rose 2.2 per cent,Glenmark Pharmaceuticals scrip rose to near 2 per cent, Lupin stocks soar 4.33 per cent while Sun Pharma rose 2.53 per cent.

IT stocks also witnessed fresh buying on Thursday. IT major HCL Infosystems share price went up 2.38 per cent, shares of Hexaware Technologies soar near 2 per cent, Infosys stocks added 1.14 per cent, MindTree counter scaled 1.5 per cent, NIIT shares added 1.44 per cent while Rolta India scrip skyrocketed 3.51 per cent today. 

Among Asian markets, the Japanese Nikkei 225 index went up 0.22 per cent, South Korean Kospi dipped 0.38 per cent, Hang Seng rose 0.25 per cent while the Shanghai market aded 0.48 per cent in the intraday trade.