Sensex, Nifty trade tepid ahead of US-China trade deal; PNB Housing Finance, Bharat Forge, ITI stocks gain

Stock Market: Indian indices trade range-bound ahead of the US-China trade deal. The BSE Sensex shed 68 points at 41,791 levels while the 50-stocks Nifty went down 11 points at 12,318 levels. Bank Nifty index dipped 131 points to 32,046 levels.

Sumeet Bagadia, Executive Director at Choice Broking said, "Overall the market is bullish. Nifty has facing string resistance at 12,380 levels while it has taken strong support at 12,230 levels. Bank Nifty is expected to remain range-bound in 31,900 to 32,350 levels."

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Shares of Indiabulls Real Estate, PNB Housing Finance, Cholamandalam Finance, ITI, Tata Elxsi, Steel Authority of India Ltd. or SAIL were among the major gainers in the opening bell trade session while stocks of Adani Green Energy, Reliance Infrastructure, Reliance Power, Yes Bank, Reliance Capital and Star Cement were among the major losers in the morning trade session.

Metal stocks looked turning the tide as BSE metal index went up near 0.65 per cent in the Opening Bell trade session. Metal major Steel Authority of India Ltd or SAIL share price surged 2.70 per cent, shares of Vedanta shot up 1.40 per cent, JSW Steel stocks rose 1.31 per cent while Hindalco Industries stock price rose 1.14 per cent in the morning trade session.

Among the major Asian markets, the Japanese Nikkei 225 index soared 0.50 per cent, Kospi gained 0.46 per cent, Hang Seng dipped 0.12 per cent while the Shanghai market ticked 0.05 per cent on the lower side.